(MENAFN- Khaleej Times) In the period total number of 2536 licenses were issued against 2438 licenses issued in the same period last year.
Abu Dhabi — The number of new companies starting doing business in Abu Dhabi has risen by four per cent in the first quarter of the year.
In the period total number of 2536 licenses were issued against 2438 licenses issued in the same period last year.
With the increase the total number of business licenses registered in Abu Dhabi at the end of the first quarter of this year reached 108016.
“A four per cent growth in business licenses is not a small thing at a time when the region is experiencing lower oil prices it’s a good growth” said Khan Zaman a member of the board of directors of Abu Dhabi Chamber of Commerce and Industry.
Following lowering oil prices last month IMF revised its projections for the UAE second time in six months to 3.2 per cent from 3.5 per cent against its January forecast.
In October the IMF projected growth of 4.5 per cent — 1.3 percentage points higher than its current projection. The fund said the emirate’s non-oil segment should fare far better forecasting a 5.5 per cent increase for this year and the next. The total number of licenses registered at the end of first quarter was 86480 licenses for carrying out business activities 2526 for professional activities and 19010 for trading business.
Mohammed Rashid Amer Al Romaithi acting executive director of the Abu Dhabi Business Centre confirmed the continuous progress of business license mobility in Abu Dhabi. “It indicates that Abu Dhabi enjoys a business environment that attracts investments and the expansion of trade activities in different fields.”
According to the Abu Dhabi 2014 development indicators results there is a rise in the total number of new licenses. This reflects continued improvement in the attractiveness of businesses and investment environments in the emirate and indicates that the performance of business facilities has improved in 2014 in light of government efforts and private sector efforts aimed at enhancing domestic demands for goods and services.
Al Romaithi added that according to the results of many sector performance indicators the economy of Abu Dhabi is still witnessing an improvement since 2014. This improvement has had an impact on confidence levels and optimism toward current and future economic situations for all parties involved in the economy process including consumers businessmen and businesswomen and investors.
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