Abu Dhabi is granting a 1-year lease exemption for businesses in 1,200 economic activities, as part of the emirate’s push to ensure ease of doing business and incentivise entrepreneurship.
A lease agreement is mandatory for businesses to get their economic licenses in the UAE, but the exemption gives them “more time to focus on the business and eventually select the best location,” state news agency WAM has reported.
The Abu Dhabi Business Centre (ADBC), which is part of the emirate’s Department of Economic Development, announced the move, saying it is part of its “commitment to enhancing business environments and ensuring ease of setting up and doing business.”
“This new initiative is a testament to ADDED’s commitment to enhancing the ecosystem and its proactive approach will enable businesses to benefit from growth opportunities in Abu Dhabi. Offering investors the option to obtain economic licenses without a lease agreement reflects our positive, pre-emptive response to the market’s current needs,” Mohammed Munif Al Mansouri, executive director ADBC, said.
By the end of 2021, there were around 4,060 economic activities that are licensed and regulated by the Abu Dhabi Department of Economic Development (ADDED), which in recent months have launched initiatives to promote ease of doing business.
These initiatives included slashing business set-up and renewal fees by over 94 percent, reducing over 71 percent in business set-up requirements.
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