Abu Dhabi reports 21.5% growth in new economic licences in 2021
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Abu Dhabi reports 21.5% growth in new economic licences in 2021

Abu Dhabi reports 21.5% growth in new economic licences in 2021

There were 24,077 commercial sector licences issued in 2021, up 21.4 per cent year-on-year

Abu Dhabi

Abu Dhabi issued 25,427 new licences in 2021, an increase of 21.5 per cent compared to the previous year’s figure of 20,925 licences, according to the 2021 Business Activity Report published by the Abu Dhabi Business Center at the Abu Dhabi Department of Economic Development (ADDED).

The report showed that that renewed economic licenses increased 15.8 per cent to 83,484 in 2021, from 72,070 in 2020.

Of the 25,427 new economic licences issued last year, commercial sector licences made up 24,077, up 21.4 per cent from 19,839 in 2020, with 711professional sector licences issued, up 35.7 per cent from 524 licenses the previous year.

There were 64 agricultural, livestock and fisheries sector licences issued last year compared to 70 in the previous year.

Tourism sector licences grew to 126 in 2021 from 89 in 2020, up 41.4 per cent year-on-year, while the number of industrial sector licences issued increased to 206 in 2021 from 180 licenses, a 14.4 per cent growth over 2020.

The number of occupational sector licences rose 9 per cent from 223 in 2020 to 243 licences in 2021. ‘Tajer Abu Dhabi’ new licences issued in 2021 reached 7,106 compared to 7,087 in 2020, while the number of instant licences issued came in at 2,653 for 2021, compared to 2,159 in 2020.

New licenses for foreign Investors grew from only 6 in 2020 to 273 in 2021; freelance licenses issued in 2021 increased to 1,749 from 279 in 2020, with 11 virtual licenses non-resident foreign investors as part of an initiative launched in Q4 2021.

“Initiatives such as the Investor Journey programme which was responsible for driving a 71 per cent reduction in business set-up requirements in coordination with 26 local and federal government entities, and the lowering of ADDED setup and renewal fees by 90 per cent, have facilitated ease of doing business for investors and entrepreneurs,” said Rashed Abdulkarim Al Blooshi, Under-Secretary of ADDED.

According to figures released earlier this week, Abu Dhabi’s GDP at constant prices grew 1.9 per cent in 2021 compared with 2020, while its non-oil GDP at constant prices grew by 4.1 per cent. Non-oil activities contributed 49.7 per cent of the GDP at constant prices last year.

Read: Abu Dhabi’s non-oil real GDP grew 4.1% in 2021

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