Abu Dhabi has announced the launch of a virtual license to allow non-resident foreigners to invest in the emirate before proceeding with their residence permits.
The virtual license covers 13 economic sectors targeted by the Abu Dhabi government to attract more FDI. These include agriculture, manufacturing, repair, contracting, maintenance, and installations, retail trade, transport, services, leasing services, health and entertainment event organization and management and provision of the supporting services, wholesale trade, and import and export.
Foreign investors can apply for a license in any of these economic sectors and own the business outright by choosing one of two approved legal forms – a limited liability company and a sole proprietorship LLC.
The announcement was made on the sidelines of Abu Dhabi Department of Economic Department’s participation at GITEX Global Dubai 2021 and it follows a similar announcement by Dubai in 2019.
The move came as part of Abu Dhabi government's keenness to increase the attractiveness of business in the emirate and boost its competitiveness in the commercial and service sectors.
Abu Dhabi’s economy is expected to grow between 6 per cent and 8 per cent over the next two years, driven by the oil sector, government spending, financial services and foreign direct investment.
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