Abu Dhabi Department of Economic Development (DED) has inked a Memorandum of Understanding (MoU) with Abu Dhabi Chamber of Commerce and Industry (ADCCI) to develop business environment, and regulate commercial, industrial and economic activities and attract more investments with an aim to bring benefits to the public sector and investors alike.
The MoU, was signed by HE Mohamed Omar Abdullah, Undersecretary of the DED, and HE Mohamed Rashed Al Hameli, the Director General of ADCCI , was signed in presence of H.E. Khalfan Saeed Al Ka’abi, First Vice-chairman of ADCCI and key officials from both sides.The Mou has defined six key cooperation areas: developing and upgrading requirements and procedures of economic activities licensing in Abu Dhabi, integrating data and exchange of information and documents related to business sector and commercial and industrial activities of companies and corporations, and mitigating and solving all issues and problems facing private sector companies and entities in Abu Dhabi.
Other disciplines of joint work will cover providing the suitable investment atmosphere and working towards attracting national and foreign capitals to elevate commercial activity, enhancing commercial activity legislations, rules and laws in line with the changes of local and international business environment, and promoting Abu Dhabi at all levels with an aim to be an international example of catalyst for commercial boom.
Commenting on the MoU, HE Mohamed Omar Abdullah said, “This agreement is a strategic step to boost cooperation between two of the most influential entities on commercial and industrial sectors in Abu Dhabi. Besides, today’s MoU embodies the directions of our wide Leadership to promote constructive cooperation between economic players in the Emirate.”
“The MoU set an advanced legal framework for the existing cooperation between the DED and ADCCI, where both parties will reap the benefits of technological sophistications to expedite works and initiatives and exchange information and documents smoothly”, HE added.
He also reiterated that one of the key benefits of this agreement is to achieve the strategic goals of 2030 Economic Vision, namely economic diversifications of GDP-generating activities, which can be achieved through joint efforts to raise the profile of Abu Dhabi internationally and work to attract more investments.
HE Mohamed Rashed Al Hameli said, “The DED is of one of key strategic partners of ADCCI as both parties work together to thrive economic prosperity in the Emirate. Such a partnership is highly important as the DED represents the government and the ADCCI represents the private sector, which Abu Dhabi Government is keen to grant a greater role in the Emirate business boom as per the Economic Vision.”
“The agreement is an embodiment of our constant partnership which we look forwards to develop”, he concluded.