Abu Dhabi sees 16 percent growth in new economic licenses during 2024

The Abu Dhabi Registration Authority (ADRA), an affiliate of the Abu Dhabi Department of Economic Development (ADDED), recently announced significant growth in the number of business licenses and compliance indicators within Abu Dhabi's mainland and non-financial free zones in 2024. This growth fully demonstrates Abu Dhabi's important position in the business sector and its attractiveness as a global hub.

The number of new economic licenses in Abu Dhabi's mainland increased by 16%, highlighting Abu Dhabi's appeal as a center for local and international business and investment. This increase is attributed to Abu Dhabi's friendly business ecosystem and high standards of transparency and governance, fostering a conducive environment for business growth.

In addition, the number of valid licenses in Abu Dhabi's non-financial free zones also increased by 22%. The number of Ultimate Beneficial Owner (UBO) requests reached 47,291, indicating the significant effectiveness of the measures implemented in recent years to improve compliance with local and international standards, thereby enhancing Abu Dhabi's economic competitiveness and attracting foreign investment.

ADRA reported a significant 27% increase in the number of renewed licenses in Abu Dhabi's mainland, reflecting Abu Dhabi's efforts to improve the ease of doing business and create promising opportunities. The number of valid licenses increased by 9% compared to 2023, demonstrating a stable and growing business environment.

His Excellency Mohamed Munif Al Mansouri, Executive Director of ADRA, stated: "The high growth rate of economic licenses is further proof of Abu Dhabi's attractiveness to investors and entrepreneurs who want to benefit from Abu Dhabi's thriving economy and its promising opportunities. We will continue to be committed to meeting the needs of the business sector, and continuously strengthen the supportive and stimulating environment for growth and prosperity," aiming to further enhance the business landscape.

"In the past year, our initiatives to improve the ease of doing business, empower women, and expand economic activity have significantly increased the number of certain license categories, such as Tajer Abu Dhabi (Abu Dhabi Trader), Freelancer, and Mobdea. We reiterate our unwavering commitment to providing an ideal environment for entrepreneurs and investors, in line with Abu Dhabi's initiatives for accelerated growth and diversification, and continuously developing the legislative and regulatory framework, while advancing digital transformation," showcasing a proactive approach to economic development.

The Mobdea license, which aims to empower Emirati women to transform their creative passion into commercial ventures, increased from 1,456 in 2023 to 2,503 last year, a growth of 72%. This increase is attributed to Abu Dhabi's ongoing efforts to enhance women's empowerment in the economy, enabling them to operate businesses without a physical location, covering more than 50 economic activities, promoting gender equality in business.

Freelancer licenses also saw a significant increase, from 1,013 in 2023 to 2,065 in 2024, a growth of 104%. Among them, the number of licenses issued to Emirati nationals surged by 371%, from 84 in 2023 to 396 in 2024. The growth rate of new licenses issued to other nationalities ranged from 20% to 107%. Freelancer licenses allow Emirati nationals and residents with professional skills to engage in more than 100 economic activities at minimal cost, thereby promoting the development of a knowledge-based and innovation-driven economy.

Tajer Abu Dhabi licenses grew by 20%, with 7,187 licenses issued last year, compared to 5,989 in 2023. Recently, 12 new economic activities were added to this license category, enabling entrepreneurs, micro, small, and medium-sized enterprises to operate businesses without a physical location for the first three years. The number of economic activities covered by this license has expanded to more than 1,200, compared to only 30 when it was first launched in 2017, indicating significant progress in supporting small businesses.