UAE, 5 September 2017- Only a week after rolling out its International Standard Industrial Classification System of All Economic Activities Revision 4 (ISIC4) system, the Department of Economic Development – Ajman (DED-Ajman) recently announced that a record 4 per cent of the total economic licenses issued in Ajman are already compatible with the international reference classification of the UN Secretariat's Department of Economic and Social Affairs. The positive results have further boosted the department's efforts to enhance its electronic communication with other local and federal entities and achieve government integration to streamline business procedures and attract bigger investments. Additionally, the DED-Ajman's ISIC4 forms part of its initiatives to help raise Ajman's competitiveness and systematically contribute to the emirate's economic diversification and sustainable development plans.
A report on the first week of the system's implementation shows that the number of applications to confirm the license compatibility with ISIC 4 reached 1,190 applications. About 959 of these are now in full compatibility with ISIC4, while a total of 231 are still being processed. The sizeable number of applications at the early stage of deployment reflects the public's high trust and confidence in the new system, which was developed to enable investors to accurately identify and facilitate more than 3,700 economic activities. This will fuel new value-added economic opportunities and enhance the performance of vital sectors that are fundamental to Ajman's overall sustainable development.
Abdulaziz bin Hamdan Al Nuaimi, Head of Economic Licenses, Department of Economic Development – Ajman (DED-Ajman), added that, as per the report of the department's customer service staff, there is no negative feedback on the system designed to classify various economic activities. This reflects local investors' satisfaction over ISIC4's facilitation of faster transactions and simpler licensing and registration procedures.
Al Nuaimi noted that the 4 per cent rate achieved during the first week of ISIC4's deployment is the latest addition to the department's numerous achievements, which represent its continuous efforts to develop action plans to improve the quality of its services and ensure customer satisfaction in line with best global practices.
Al Nuaimi said: “The successful launch of ISIC4 illustrates the system's pivotal role in accelerating transactions and streamlining licensing and registration procedures to increase the competitiveness of Ajman and the rest of the UAE. We are confident that this move will yield tangible and positive results, especially in simplifying procedures and attracting investments to boost Ajman's economic diversification policy and make it one of the most attractive destinations for local and regional investments.”
The DED-Ajman is one of the UAE's first government agencies to introduce the ISIC4 system, which aims to categorize economic activities with high accuracy; consolidate all socio-economic activities, indicators, and concepts; and facilitate data exchange among local institutions. The system significantly contributes to Ajman's capability to keep abreast of global developments; share international experiences; follow up on the latest global economic developments; and produce accurate reports for the department's partner organizations and companies.