New Database To Help Investors Evaluate Business Climate In Abu Dhabi
The Abu Dhabi Business Centre of the Abu Dhabi Department of Economic Development, ADDED, is set to launch the ‘Economic Establishments Data Capturing Project’ which is an integrated database that will provide essential information to help investors 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, the department said in a statement on Monday.
Rashed Abdul Karim Al Balooshi, Under-Secretary of ADDED, said that the project will be implemented in mutual cooperation with investors and businessmen as they provide the required data and information when renewing their trade licenses.
Al Balooshi highlighted that the new data capturing project will help provide a timeline of the most important data about licensed establishments in Abu Dhabi and help economists analyse the status of these establishments, monitor the development of their activities, and identify the impact of the fees and taxes system on their performance.
He added that it will help decision makers formulate policies and directions which could enhance economic diversification and growth to achieve sustainable development.
Al Balooshi explained that it further seeks to establish a database for economic indices and variables, which will be done in coordination with relevant entities in the emirate as sources of the required data and latest updates, enabling ADDED to report and update the economic indices periodically.
"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," he added.
Al Balooshi cited 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 emphasised the importance of having reliable data in setting development and growth plans and further urged all licensed companies and organisations 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 offer a clear view of the capacities in vital sectors, enabling experts to establish forecast for its development and growth, while helping policy makers 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.