Over the last two decades, the United Arab Emirates has seen growth and development, unlike any other modern country. However, when people think of UAE they mainly think of Dubai, which at this point has become synonymous with UAE, and only a few notice the achievements of Abu Dhabi.
The Emirate of Abu Dhabi is not only the largest in terms of size but also contains Abu Dhabi city, the capital of the United Arab Emirates. By sharing a border with Saudi Arabia a major economic power in the region and having a major port Abu Dhabi has seen economic growth that is only second to Dubai.
A major driver in Abu Dhabi’s growth is its Department of Economic Growth (DED). Today we will look at what Abu Dhabi DED (ADDED) does, what kind of services it provides, its history, its objectives for the future, and its impact on Abu Dhabi and UAE’s economy as a whole.
What is DED Abu Dhabi?
DED or Department of Economic Development was established in 2009 and its aim is to increase Abu Dhabi’s economic growth, foster business development, increase foreign investment in the emirate, and transform Abu Dhabi into a major business hub in the region.
DED Abu Dhabi is achieving its long-term economic goals through several innovative and traditional ways and in the short term it is regulating businesses, providing support to them, and creating a thriving and sustainable business environment in Abu Dhabi.
Services that DED Abu Dhabi Provides
From handing out trad licenses and registering businesses to regulating them, Abu Dhabi’s Department of Economic Development provides a number of different services. Here is a brief look at some of the important services it provides.
Issuing Trade Licenses
To set up any business in Abu Dhabi, whether on the mainland or in any of the free zones you need to register it and get a trade license and permits. DED Abu Dhabi is the main body responsible for issuing these licenses and permits and to get these licenses you will need to pay a fee.
Before issuing these licenses, it ensures that the business meets all the requirements and has a solid business plan with strong financial backing and then it issues these licenses and permits.
Registering Trademarks
Every business needs a unique name and trademark. These are also issued by DED Abu Dhabi, which ensures that any name suggested by the business meets the standards set by the Department. This way not only does it issue these names but also curbs trademark infringements and safeguards businesses.
Business Support and Consulting
Issuing licenses and helping set up businesses is only one part of the job. The Department of Economic Development is also responsible for providing support to these businesses and providing consulting services where needed.
It helps guide these businesses through problems they may face and navigate new business ventures and opportunities. Especially to new entrepreneurs and start-ups that are making Abu Dhabi their home thanks to its friendly business practices.
Enforcing Rules and Regulations
One way it helps businesses is by enforcing the rules and regulations set forth by the government. It helps regulate businesses by ensuring that they are up to code and that their business practices are up to the letter of the law and following all the guidelines.
Administering Freezones
Free zones play a major role in the economic development of Abu Dhabi and UAE as a whole as they are a primary destination for most foreign investment into the emirates. While most free zones and business parks have some kind of governing body it is the DED Abu Dhabi that handles all the primary administration.
Bring in Foreign Investment
As mentioned before the Department for Economic Development is responsible for bringing in a huge chunk of foreign investments. It does so by partnering up with major firms and companies and providing them with economic incentives and benefits.
Economic Initiatives and Programs
Among the many economic initiatives and programs set up by the DED Abu Dhabi are the following.
- Abu Dhabi Business Center: It is the Abu Dhabi Business Center that issues all the licenses and permits and registers new business on behalf of the DED.
- Tajer Abu Dhabi: This program directly helps small and medium-sized businesses by making the licensing process easier for them and then provides any additional support that they may need.
- Abu Dhabi Investment Office: This is the main body that is responsible for attracting foreign investment into the emirate and helping them set up their businesses.
- Khalifa Fund for Enterprise Development: From providing funds and loans to small and medium-sized businesses to providing mentorship and training, this initiative does it all.
- Abu Dhabi SME Hub: This initiative is responsible for connecting SMEs with larger companies and creating an effective means of collaboration between different businesses and the government.
- Industrial Development Bureau (IDB): IDB is directly responsible for industrial investment and the creation of new industries, as well as the regulation of existing industries in the emirate.
Its Objectives for the Future
The Abu Dhabi Department of Economic Development is not only working on what is in the present but is also working on the future through many great initiatives and programs set up by the Abu Dhabi government.
- Abu Dhabi Economic Vision 2030: Abu Dhabi Economic Vision 2030 is a massive undertaking by the government to create a comprehensive global business environment in Abu Dhabi that is both effective and efficient, as well as long-term sustainable.
- UAE Energy Strategy 2050: Through UAE Energy Strategy 2050 Abu Dhabi hopes to achieve climate neutrality by moving away from coal power for greener alternatives and in the process of doing so create 5000 new jobs and add 30% clean energy by 2030.
- The Industry 4.0 Strategy: This is a multi-tier strategy with focus on innovation and development in sectors like Artificial Intelligence, the Internet of Things, and Blockchain. While also focusing on reducing carbon footprint and adding AED 25 billion to the economy by 2031.
- Smart & Autonomous Vehicle Industries (SAVI): Abu Dhabi recognizes that smart vehicles are the future and is already investing in this sector and hopes to generate AED 90 to 120 billion in the future, while also creating 30k to 50k new jobs.
