The Abu Dhabi Business Center of the Abu Dhabi Department of Economic Development (ADDED), is set to implement ‘Economic Establishments Data Capturing Project’ aimed at establishing an integrated database which would provide essential information for evaluating the developments in the business sector in Abu Dhabi. The data would also be used in the preparation of studies and indices designed to aid decision makers concerning business and investments in the emirate.
The Abu Dhabi Business Center of the Abu Dhabi Department of Economic Development (ADDED), is set to implement ‘Economic Establishments Data Capturing Project’ aimed at establishing an integrated database which would provide essential information for evaluating the developments in the business sector in Abu Dhabi. The data would also be used in the preparation of studies and indices designed to aid decision makers concerning business and investments in the emirate.
H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said that the data capturing project will be implemented in mutual cooperation with investors and businessmen as they provide the required data and information when renewing their trade licenses.
H.E. Al Balooshi highlighted that the ‘Economic Establishments Data Capturing Project’ will help provide a timeline of the most important data about licensed establishments in Abu Dhabi and help economists analyze 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.
H.E. the Undersecretary said that 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 emphasized the importance of having reliable data in setting development and growth plans and further urged all licensed companies and organizations licensed under ADDED to ensure accuracy, clarity, and transparency when providing information, noting its value in assessing businesses in Abu Dhabi which will also form part of the preparation for economic studies and indices.
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 (GDP), he added.
H.E. reiterated that the data which will be collected will be of importance as well to private sector companies and organizations 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.