In a significant move toward economic diversification, Abu Dhabi has introduced measures to streamline business operations and reduce its reliance on oil. The emirate, which holds over 90% of the UAE’s oil reserves, unveiled the Abu Dhabi Registration Authority (ADRA) as a single-point registry for business activities.
The ADRA, a part of the Abu Dhabi Department of Economic Development (ADDED), is designed to centralise business registration processes, ensuring efficiency and compliance with both UAE and international regulations. Ahmed Jasim Al Zaabi, chairman of ADDED, emphasised the authority’s role during the opening session of Abu Dhabi Business Week. “We want to make business easier and simpler,” Al Zaabi stated, highlighting the government’s commitment to fostering a business-friendly environment.
Abu Dhabi’s economy grew by 4.1% in the second quarter of 2024, according to preliminary government data. However, the non-oil sector showed even more robust growth, surging by 6.6% during the same period. This growth was driven by gains in construction, manufacturing, and finance and insurance sectors, underlining the emirate’s focus on diversification.
The establishment of ADRA is part of Abu Dhabi’s broader strategy to attract foreign investment and stimulate local entrepreneurship. This initiative is complemented by a roadmap introduced by the Abu Dhabi Chamber of Commerce and Industry to support private sector growth. Additionally, a Family Business Council has been created to assist family-owned businesses, a vital component of the local economy.
As global efforts to transition away from fossil fuels intensify, Abu Dhabi has accelerated investments in sectors such as tourism, logistics, manufacturing, and industry to secure long-term economic stability. The emirate faces growing competition from neighbouring Saudi Arabia, which is aggressively opening its economy and attracting international investors.
Through initiatives like ADRA and strategic partnerships, Abu Dhabi aims to position itself as a hub for innovation and sustainable development. With these measures, the emirate continues to move closer to achieving its vision of a diversified and resilient economy.
