The issuance of dual licences for companies in Abu Dhabi free zones to allow them to work outside the free zones and participate in government tenders will help the economy to grow, according to an economic expert.

Abu Dhabi Global Market (ADGM), the capital’s international financial centre, follows a similar system allowing ADGM registered entities to apply for a licence issued by the Abu Dhabi DED (Department of Economic Development), which authorises them to conduct business activities outside the borders of ADGM without the need to maintain additional office space in mainland Abu Dhabi.

“It’s a very good move that will benefit the economy. Companies operating in free zones can bid for businesses in the mainland. This will encourage more companies to set up businesses in the UAE,” said Mohammad Ali Yasin, chief executive officer at First Abu Dhabi Bank Securities.

He also said that a lot of new measures which were announced in the last one month or so are very positive for the UAE’s economy, be it 100 per cent foreign ownership or granting of 10-year visa or increasing the loan for locals.

“All of this shows that there is a master plan that is being put into action to boost the growth of local economy and make UAE a very attractive place to do business and live,” Yasin added.

Abu Dhabi Global Market and Khalifa Industrial Zone Abu Dhabi (Kizad) did not get back to Gulf News when requested for a comment.

At least 10,000 jobs will be created for Emiratis in the private and public sectors in Abu Dhabi over the next five years. This was ordered by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.

The move comes as part of a Dh50 billion stimulus package to accelerate the capital’s development and economic growth.

It will boost job opportunities for citizens, empower them and raise their competitiveness in the labour market in keeping with the UAE National Agenda 2021.

Shaikh Mohammad launched on Tuesday a slew of initiatives and incentives to facilitate business and to support and encourage new sectors and small and medium enterprises (SMEs) and industrial projects.

The initiatives also aim to stimulate tourism and local economic development, create new job opportunities and provide unique and complementary investment environment to strengthen Abu Dhabi’s competitiveness.

In February, the minister in charge of human resources development announced several initiatives and policies aimed at accelerating Emiratisation, empowering citizens and raising their competitiveness by 2021.

Nasser Bin Thani Al Hameli, Minister of Human Resources and Emiratisation, said these initiatives will contribute to the creation of 15,000 jobs suitable for citizens in 2018 in strategic economic sectors, in addition to enabling the participation of national human resources in the labour market and raising their competitiveness.

Members of the Federal National Council have overwhelmingly passed a motion to empower the Ministry of Human Resources and Emiratisation to control Emiratisation in both the private and public sectors.

The suggestion was made after a member of the House demanded the UAE Labour Law be firmly enforced to ensure that eligible Emirati jobseekers are given top priority in employment, before applying for a work permit for non-Emiratis.

Al Hameli told the House as per the UAE’s Emiratisation targets, 50 per cent of all Emirati workers must be employed in the private sector by 2021 and six per cent of the total UAE workforce must be Emiratis.

Al Hameli said these initiatives will contribute to the creation of 15,000 jobs suitable for citizens in 2018 in strategic economic sectors, in addition to enabling the participation of national human resources in the labour market and raising their competitiveness.

Al Hameli said 400 selected professions in 2,000 private companies will now have to give priority to Emiratis when recruiting.

The ministry has been able to employ 6,862 citizens in the private sector in 2017, an increase of 22 per cent over 2016, during which 5,608 citizens were employed.

Source: Gulf News