The Abu Dhabi Department of Economic Development affirmed its keenness to benefit from the application of the foreign direct investment law at the level of the Emirate of Abu Dhabi by issuing a “foreign direct investment license”.
Which allows the foreign investor to own 100% of projects in the Emirate of Abu Dhabi within 122 diversified economic activities in sectors including agriculture, industry and services, and targets a capital ranging between 2 million to 100 million dirhams or more.
Mohamed Ali Al-Shurafa, head of the department, said that the issuance of the foreign direct investment license comes according to the provisions of Federal Law No. 19 of 2018 regarding foreign direct investment, as part of the department’s efforts to enhance the investment climate and achieve sustainable economic development in the Emirate of Abu Dhabi.
He stressed the department’s keenness to enhance the investment climate in the Emirate of Abu Dhabi and enhance the competitiveness of the local economy of the emirate by providing more investment opportunities in various non-oil economic sectors and strengthening the legislative environment to ensure the rights of the foreign investor in a way that enhances the directions of the Abu Dhabi government’s leadership in attracting more foreign investments to Emirate during the next stage.
The head of the department also stressed the importance of the foreign direct investment license in strengthening Abu Dhabi’s position as a global center for investment and business establishment, pointing out that defining investment lists for the sectors and activities in which foreign investment is permissible contributes primarily to creating a safe investment environment that stimulates and encourages investors and ensures the continuity and success of foreign companies to In addition to attracting industries based on advanced technology, in order to enhance the paths of economic diversification by creating promising investment opportunities.
Muhammad Ali Al-Shurafa added that the application of the Foreign Direct Investment Law at the level of the Emirate of Abu Dhabi through the issuance of a foreign investment license contributes to expanding the base of foreign investments, increasing the volume of capital, enhancing and diversifying local production, and increasing the emirate’s exports of goods and services.
For his part, Rashid Abdul Karim Al Balushi, the Undersecretary of the Department, explained that the beneficiaries of the foreign investment license are foreign investors who are not citizens, residing in the UAE, and foreign investors outside the country, including individuals or legal persons and foreign companies that engage in foreign direct investment projects.
He pointed out that the current foreign investors in the Emirate of Abu Dhabi can benefit from this law by owning their projects by 100%, with the aim of strengthening the efforts of the Abu Dhabi government in stimulating the private sector by launching the foreign direct investment license.
He added that the procedures for issuing a license for “foreign direct investment” through the Abu Dhabi Business Center of the department are easy and fast and require three basic steps, starting with submitting the license application through approval and approval after fulfilling the conditions, completing all documents and procedures, and ending with paying fees and issuing the license associated with the name “Foreign Direct Investment.” .
Rashid Al Balushi revealed the activities covered by the foreign investment license, as it includes a range of diverse activities in the agricultural sector, including the cultivation of grains and leguminous crops, the cultivation of vegetables, fruits, citrus and others, in addition to support activities for crop and livestock production, seed treatment activities for reproduction and other activities within This sector is vital.
He pointed out that the industrial sector activities within the foreign investment license include the manufacture of food and beverages, the manufacture of clothing and leather products, the manufacture of wood and cork products, as well as the manufacture of plastics and synthetic rubber in its primary forms, and the manufacture of fertilizers, pesticides and other agricultural chemical products, among others.
List
Rashid Abdul Karim Al Balushi said that the list of service activities within the applicable legislation and included in this license includes legal consulting offices, accounting and auditing activities, tax advice, architectural and engineering activities, medical and dental clinics activities, veterinary activities, computer programming activities, consulting experience, scientific research activities, and others.
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