Advanced stages of economic development in the UAE

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The Economic Integration Committee, chaired by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, met in the presence and membership of His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of local economic development departments in all emirates of the country.

Bin Touq said: The committee has reached advanced stages in supporting the development and improvement of the country’s economic legislative environment during the final phase, which has helped consolidate its efforts to move to a new economic model, based on flexibility, competitiveness and sustainability, in accordance with the principles of the fiftieth and the determinants of the UAE Centenary 2071.

He pointed out that the recommendations and decisions recently taken by the committee played a prominent role in consolidating the strength and sustainability of the national economy, and strengthened support for joint national efforts aimed at consolidate country’s position as a leading global investment and business destination. .

Take on all challenges

He added: “The committee continues its tireless work to achieve economic plans, objectives and proposals that support the country’s economy, contributing to the acceleration of the pace of procedures for implementing economic initiatives in all emirates. of the country, addressing all challenges and issues related to the market and business sector, improving the business and investment environment, and confronting future economic turmoil.

Commercial agencies and cooperatives

At the beginning of its meeting, the committee reviewed discussions with the Federal National Council on the legislative provisions of the “Commercial Agencies” Act and the “Cooperatives” Act.

Bin Touq emphasized in this context that the new commercial agency bill will bring about a qualitative shift in supporting new industries in the UAE, attracting quality investment to the state, improving agency services and products, and the entry of larger numbers. citizens in the agency’s activity, giving viability and a diversification of the commercial agency model, as it is one of the key drivers of the business environment, in particular by providing a legislative framework that takes best practices into account, and a create a balanced relationship between the agent and the principal, while ensuring the protection of agencies’ investments and the continuity of their services, in accordance with the best specifications.

National Trade Register

The committee reviewed the UAE’s new vision in the development of the national trade register, in accordance with the provisions of Decree-Law No. 37 of 2021, regarding the trade register, and the efforts of the relevant authorities to link it with the economic register, and the system of collecting federal government revenue from all licensing authorities, which contributes to the flow and availability of information and data for companies with higher accuracy, more comprehensiveness and directness, in a way that supports the investment environment of the country.

He explained that the new linkage system for the economic register represents an important step in supporting the achievement of the country’s future economic policy, improving the competitiveness of the business environment, and supporting and accelerating the process of digital transformation in its management, as it contributes to unifying frameworks for registration, control and monitoring of companies’ activities, thus improving the activation and application of legislation. on artificial intelligence and technology.

Anti-commercial cover-up

In another direction, the committee discussed the latest developments in the draft law on combating commercial cover-ups and revised the vision of the Ministry of Economy in the law, which included the need to remove all cases of commercial concealment, especially after the state has issued a lot of economic legislation, such as allowing foreign ownership of investments, and legislation regulating real beneficiary data. It emphasizes the importance of keeping up with these legislative changes, by drafting an integrated law to combat commercial concealment, and to protect and compete the investment and business environment.

The committee followed the workflow of the operational plan for the registrars of companies, which testifies to a joint national effort between federal and local government agencies, to improve the system of procedures for the real beneficiary of private sector institutions, in a way which achieves compliance. with the legislation, decisions and regulations related to the fight against money laundering and the fight against the financing of terrorism, and the funding of illegal organizations in the country International best practices and standards, results and requirements of the Financial Action Task Force (FATF ).

Golf joint action

The Economic Integration Committee reviewed the role of the relevant authorities in supporting the joint Gulf economic work system, in particular in the commercial and customs aspects, in order to increase intra-Gulf trade, the flow of goods and goods between the GCC ensure states, contribute to strengthening the Gulf economies, and develop business and trade opportunities at sector level.private in all GCC countries.

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