President HH Sheikh Khalifa bin Zayed Al Nahyan, has issued in his capacity as a Ruler of Abu Dhabi, law number 2 of year 2009, on setting up the Economic Development Department.
As per article 2 of the law, the new department will replace the current Department of Planning and Economy (DPE). All assets, rights and obligations of the DPE will be transferred to the new department.
The newly established department will work to achieve sustainable economic development in the emirate of Abu Dhabi through adopting principles of the knowledge-driven economy, streamlining of business sector and economic affairs through policies and regulations, preparation of programmes, plans and developmental projects based on the best economic and administrative practices, as well as employment of highly qualified human resources. Introduction of technology and international experiences to ensure the economic interests of the emirate are met through cooperation with specialised regional and international organisations in this respect. The department will create sound economic environment based on accurate information and transparency to enable companies and corporations benefit from the Information Technology effectively.
To achieve all these the department will exercise all its functions in regard to the economic activities, control and supervision. It will also set rules and regulations to issue licences for the economic activities in coordination with competent authorities in licensing of certain activities.
The new department will prepare data on the economic index and changes in the emirate of Abu Dhabi. It will also study and analyse the world’s economic indices and forecasts in this respect. The department will also study their effects on the emirate’s economy. It will also strike economic deals, follow up activities of the economic bodies, hold regional and international exhibitions as per the current laws and regulations in coordination with the competent authorities. The department will develop and support industry sector in the emirate in coordination with the competent authorities.
It will hold symposiums and economic conferences to educate investors about variety of economic activities in the emirate. The department will take part at the symposiums and conference to be held inside and outside the emirate in coordination with the competent authorities.
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