In an effort to stimulate business growth and economic development of the country, Abu Dhabi executive council has sanctioned a resolution to exempt all the new economic licenses issued in Emirates from all the local fees for 2 years. The approved resolution is effective from the date of issue i.e. from 1st December 2018.
The executive council has also sanctioned yet another resolution which aims at exempting and reducing the fees of 98 basic services charged by the Municipalities of Abu Dhabi on the private sector. Under this, the authorities are set to cancel the fees of 75 basic services provided by the Abu Dhabi Municipality and lessen the fees of 23 services by 10-15 percent of the total fees of each service.
The move comes under the directives of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and the Deputy Commander of the UAE armed forces. These measures are said to reduce the short-term cost pressures on corporates and help to strengthen the competitiveness of the economy.
The two aforementioned resolutions are aimed to smooth out the progress of the economic activities in Abu Dhabi. The two resolutions are the part of Abu Dhabi Governments accelerator program “Ghadan 21” which is planned to improve the competitiveness of Abu Dhabi in business, investment, society, knowledge innovation, and lifestyle. This intent of exempting new licenses from the local government fees includes all the commercial activities in Abu Dhabi.
The move reaffirms to the investors and businessman around the world that Abu Dhabi effectively addresses various variables with a forward-looking vision by appointing best practices and regulations. It has likewise evacuated worries among entrepreneurs and business visionaries hoping to grow their business in Abu Dhabi.