Ajman boosts business competitiveness with new reporting standard
Ajman DED implements ISIC 4 system to facilitates government integration and electronic communication with federal bodies
Analysis of economic activities in Ajman has received a major boost after the deployment by the Department of Economic Development – Ajman (DED-Ajman) of the ISIC 4 system.
The new system seeks to reinforce the electronic communication between DED-Ajman and other local and federal bodies and to streamline government procedures. It is also capable of processing large amounts of data from various locally based institutions, enhancing the competitiveness of Ajman, and the UAE.
The International Standard Industrial Classification of All Economic Activities (ISIC) provides a comprehensive framework within which economic data can be collected and reported in a format that is designed for purposes of economic analysis.
The ISIC-4 system helps to facilitate over 3,700 economic activities by investors, and is seen as an important tool to enhancing business competitiveness in Ajman.
Saud Al Shammari, director of economic registration & licensing department at DED-Ajman, described the ISIC system as an important strategic tool, as it enables investors to identify and conduct over 3,700 economic activities with greater efficiency, enhance business activities and creating an ideal environment for investments.
“The new system will play a fundamental role in streamlining transaction, licensing and registration procedures, by introducing new licenses all over the emirates. The system will have positive impact which will be the key element required to promote investments, and boost economic diversification,” Al Shammari added.
In addition, the ISIC4 system is capable of collecting and analysing statistics according to the nature of each activity, to help unify all economic activities according to each specific. The system will strengthen DED-Ajman’s ability to keep pace with international developments, exchange expertise, and follow up with the latest developments, while constructing accurate reports recording the activities of the institutions and companies it works with.