Abu Dhabi has announced the launch of a virtual licence to allow non-resident foreigners to invest in the emirate.
The Abu Dhabi Department of Economic Development (ADDED) said the move will encourage investors to obtain an economic licence for doing business in the emirate without any prior residence procedures and from any location outside the UAE.
The announcement was made on the sidelines of the Department’s participation at GITEX Global Dubai 2021 and it follows a similar announcement by Dubai in 2019.
Mohamed Ali Al Shorafa, chairman of ADDED, said the virtual licence would target more foreign direct investments (FDIs) and is in line with the UAE government’s efforts to enable cross-border digital trade.
Al Shorafa (pictured below) underlined the keenness of the Abu Dhabi government to increase the attractiveness of business in the emirate and boost its competitiveness in the commercial and service sectors.
He added that the virtual licence covers 13 economic sectors targeted by the Abu Dhabi government to attract more FDI. These include agriculture, manufacturing, repair, contracting, maintenance, and installations, retail trade, transport, services, leasing services, health and entertainment event organisation and management and provision of the supporting services, wholesale trade, and import and export.
In 2019, Dubai launched the region’s first virtual company licence.
Launched by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, the initiative is expected to eventually attract more than 100,000 companies.
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