Students from the Institute of Applied Technology and Abu Dhabi Centre for Technical and Vocational Education and Training. Innovation is one tenet of the Dh50 billion programme. Image Credit: Ahmed Ramzan/Gulf News Archives

Abu Dhabi: The Abu Dhabi Executive Council’s Executive Committee has revealed the details of the business and investment encouragement tenet as part of the Abu Dhabi Government Accelerators Programme “Ghadan 21”.

The Dh50 billion three-year development programme was approved two days ago by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.

The development plan includes four main tenets, including business and investment, society, knowledge and innovation, and lifestyle. The first phase includes over 50 initiatives that reflect the priorities of citizens, residents and investors.

The business and investment tenet includes 30 initiatives spanning four areas: improving the competitiveness of business environment, empowering and supporting small and medium-sized enterprises (SMEs), and supporting private companies operating in tourism and industrial sectors.

A Dh20 billion has been allocated to the 2019 development package, while a budget of Dh500 million has been allotted to the promotion of Abu Dhabi regionally and globally over the next three years.

The initiatives, which aim to boost the competitiveness of Abu Dhabi’s business, include the new economic licensing services (TAM), an integrated system to accelerate the processing and issuance of business licenses. The system was launched earlier this year and more than 500 companies have so far benefited from it. It enables 91 per cent of business activities to obtain the trading licence in less than five minutes.  The system aims to accelerate the pace of Abu Dhabi’s economic development over the next three years.

Under the programme, the scope of the “Abu Dhabi Trade” licence has been expanded to include all nationalities and cover more than 1, 000 business activities that can be practiced without the need to have a headquarter or office.

Other initiatives are designed to facilitate procedures and cut cost in the building and construction sector and accelerate the process to issue building permits within 10 days.

Under the programme, a new draft law regulating the building sector is currently underway and will be issued soon.

Work is underway to launch a Credit Guarantee Scheme to ease access of small and medium companies to financing opportunities. The scheme is expected to provide more than Dh10 billion from local banks in the next three years.

A new law governing the public-private partnership will be issued soon to support local and international investment opportunities.

Finance funds will also be established to support development sectors.