Integrated database to help Investors proposed by Abu Dhabi

By Rahul Vaimal, Associate Editor
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ADDED Building UAE
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Abu Dhabi Department of Economic Development (ADDED)’s Abu Dhabi Business Centre is expected to unveil the ‘Economic Establishments Data Capturing Project’ to create an integrated database that will provide vital information to assist investors to evaluate developments in the business sector in Abu Dhabi.

The data will also be used in the preparation of studies and indices designed to aid decision-makers concerning business and investments in the emirate.

Rashed Abdul Karim Al Balooshi, Under-Secretary of ADDED, said that the project will be implemented in mutual cooperation with businessmen and investors as they provide the required data and information when renewing their trade licenses.

ADDED’s Under Secretary highlighted that the new data capturing project will help present a timeline of the most crucial data about licensed organizations in Abu Dhabi and support economists analyze the status of these firms, monitor the development of their activities, and identify the impact of the fees and taxes system on their performance.

He also proposed that it will help decision-makers form policies and directions which could improve economic diversification and growth to achieve sustainable development.

The project further attempts to establish a database for economic indices and variables, which will be done in coordination with related entities in the emirate as sources of the required data and latest updates, enabling ADDED to report and update the economic indices periodically, Mr. Al Balooshi explained.

Rashed Abdul Karim Al Balooshi
Rashed Abdul Karim Al Balooshi

“ADDED will notify owners of businesses who registered via their mobile number or e-mail to start providing all the required data when renewing their trade licenses which is done annually. The required data comprise the total capital, annual revenues, number of employees, wages, salaries, rents, water and power expenses.”

Mr. Al Balooshi provided further information by saying that the total number of licensed businesses in Abu Dhabi has reached to 179,048, out of which 147,580 are commercial licenses, 1,918 in industrial, 2,237 in tourism, 3,609 have professional licenses, 23,461 for craftmanship, and 243 in agriculture and fisheries.

He emphasized the importance of having reliable data in establishing development and growth plans and further requested all licensed companies and organizations licensed under ADDED to ensure accuracy, clarity, and transparency when providing information, noting its value in assessing businesses in Abu Dhabi.

The data needed include the size of the commercial establishments, as well as their financial, technical, and human resource capabilities, which would provide a clear view of the capacities in vital sectors, enabling experts to establish forecast for its development and growth, while helping policymakers adopt new initiatives that support these companies in their role to boost contribution to the emirate’s gross domestic product.

Al Balooshi reiterated that the data, which will be collected, will be of importance as well to private sector companies as they are going to be used for providing economic indicators and offer better understanding for making the right policies and decisions concerning businesses’ needs and requirements.

Essential data will be immediately obtained from investors following the filing of licenses applied electronically, noting that the target segment focuses on current establishments and not the new ones, and thereby will not affect indices for economic competitiveness.