Abu Dhabi to be more 'investor-friendly'

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INVESTOR FRIENDLY: Abu Dhabi is to overhaul legislation to encourage the flow of investments to the emirate. (Getty Images)

Abu Dhabi will over the next five years seek more liberal economic policies, boost its industrial infrastructure and provide more support to small and medium-sized businesses, Department of Planning and Economy (DPE) officials said on Tuesday.

A new five-year strategic plan includes measures to ease the processing of licensing, in order to shape the emirate into a leading business and trade hub, DPE Chairman Nasser Ahmed Al-Suweidi told reporters.

“The entire legal regime will be revamped as to encourage the flow of investments to the emirate. This overhaul will cover aspects such as licensing, transparency, free competition and incentives,” he said.

“In other words, the entire business climate will be made investor-friendly.”

The plan, which takes the emirate to 2012, has three main objectives, Al-Suweidi said, beginning with the achievement of a “rapid and sustainable” gross domestic product (GDP).

It will also seek to further diversify the economy by reducing dependency on oil and increasing the share of the non oil sector, and thirdly will aim to speed the integration of Abu Dhabi into the global economy by showcasing it as an investment hub, he added.

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