Abu Dhabi in the United Arab Emirates is laying out measures to help companies move away from oil

ABU DHABI (Reuters) – Abu Dhabi, the capital of the United Arab Emirates (UAE), unveiled measures on Wednesday to simplify processes for businesses as it seeks to diversify its economy away from oil.

The oil-rich urban emirate, which owns more than 90% of the UAE’s oil reserves, announced a centralized business registration authority – the Abu Dhabi Registration Authority (ADRA) – which will be the one-stop shop for business registration, a statement said.

Joining other oil exporters in the region, Abu Dhabi has accelerated efforts to diversify into sectors such as tourism, logistics, manufacturing and industry to pursue future economic growth as the world makes efforts to wean itself off fossil fuels.

The ADRA will be part of Abu Dhabi’s Department of Economic Development (ADDED), which plays a central role in streamlining the government’s strategy to diversify the economy, attract foreign investment and boost local businesses.

“We want to make doing business simpler and easier,” said Ahmed Jasim Al Zaabi, chairman of ADDED, at the opening session of Abu Dhabi Business Week.

He said centralizing business registration processes in Abu Dhabi would also ensure compliance with UAE and international regulations.

According to preliminary government estimates, Abu Dhabi’s economy grew 4.1% in the second quarter of 2024, but non-oil GDP rose 6.6% over the same period, led by gains in construction, manufacturing, and financial and Insurance activities.

However, competition is growing, especially with its larger neighbor Saudi Arabia, which is opening up economically and socially.

Other initiatives announced include a strategic roadmap for the Abu Dhabi Chamber of Commerce and Industry to support private sector growth and the launch of a Family Business Council to support family businesses.

(Reporting by Rachna Uppal, Editing by Barbara Lewis)