Abu Dhabi issues more than 25,000 new economic licences in 2021 amid recovery

The number of new economic licences issued in Abu Dhabi rose about 22 per cent in 2021 to 25,427 as the emirate’s economy continued to recover from the effects of the coronavirus pandemic on the back of new government initiatives.

Nearly 16 more economic licences (83,484) were also renewed last year, indicating “continued post-pandemic recovery, growth, and development”, Abu Dhabi Department of Economic Development (Added) said in its Business Activity Report released on Thursday.

Foreign investor licences in the emirate surged to 273 in 2021 compared with six in 2020, while freelance licences increased to 1,749 from 279 in 2020. The department also issued 11 virtual licences for non-resident foreign investors last year.

“As a result of the emirate’s pre-emptive approach towards tackling the effects of the pandemic while prudently driving the macro-economy forward, Abu Dhabi was able to forge ahead successfully with its growth and diversification roadmap,” said Rashed Al Blooshi, undersecretary of Added.

Abu Dhabi was quick to respond to the economic challenges posed by the pandemic and launched a number of new projects to support the business sector. It cut business set-up fees by more than 90 per cent and introduced a professional licence offering 100 per cent foreign ownership of businesses related to 604 activities.

Abu Dhabi scraps 20,000 requirements for business set-up to attract investors

Abu Dhabi's non-oil economy grew 4.1% in 2021

Abu Dhabi's non-oil economy grew an annual 4.1 per cent last year, driven by the government’s robust economic policies and the emirate’s speedy recovery from the pandemic, data from the Statistics Centre — Abu Dhabi (SCAD) showed.

“Initiatives such as the Investor Journey programme which was responsible for driving a 71 per cent reduction in business set-up requirements in co-ordination 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,” Mr Al Blooshi said.

The emirate issued 25,427 new licences last year, up 21.5 per cent from the previous year.

Among the 25,427 licences issued in 2021, commercial sector licences accounted for 24,077, up more than 21 per cent annually, while professional sector licences rose nearly 36 per cent to 711. Tourism sector licences also grew more than 41 per cent to 126 in 2021.

Industrial sector licences increased more than 14 per cent to 206 and occupational sector licences rose 9 per cent to 243 last year, Added said.

“We are witnessing the gradual and calculated growth of businesses across all sectors and industries and this is testament to the efforts made towards taking Abu Dhabi’s economy through to the next level of its evolution,” said Mohammed Al Mansouri, executive director of the Abu Dhabi Business Centre.

CHINESE GRAND PRIX STARTING GRID

1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)

3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)

4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)

5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)

6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)

7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)

8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)

9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)

10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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UAE currency: the story behind the money in your pockets

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

RESULT

Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')

Man of the Match: Rodrigo Moreno (Leeds)

Mobile phone packages comparison

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

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Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

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