ABU DHABI, Dec 4 Reuters Abu Dhabi, the capital of the United Arab Emirates UAE, set out measures on Wednesday to simplify processes for businesses as it strives to diversify its economy away from oil.

The oilrich city emirate, which holds more than 90 of the UAE39;s oil reserves, announced a centralised business registry authority the Abu Dhabi Registration Authority ADRA that will be the single point for business registration, a statement said.

In common with other oil exporters in the region, Abu Dhabi has accelerated efforts to diversify into sectors including tourism, logistics, manufacturing and industry, to seek future economic growth as the world pursues efforts to wean itself off fossil fuels.

The ADRA will form part of Abu Dhabi39;s Department of Economic Development ADDED that has a central role in streamlining government strategy to diversify the economy, attract foreign investment and spur local businesses.

We want to make business easier and simpler, Ahmed Jasim Al Zaabi, chairman of ADDED, said at the opening session of Abu Dhabi Business Week.

He said centralising Abu Dhabi39;s business registration processes would also ensure compliance with UAE and international regulations.

Abu Dhabi39;s economy grew 4.1 in the second quarter of 2024, according to preliminary government estimates, but nonoil GDP surged 6.6 in the same period, led by increases in construction, manufacturing, and finance and insurance activities.

Competition, however,…