Economic Integration Committee meeting highlights new developmental vision for National Economic Register

• New vision to promote business competitiveness & digital transformation

H.E. Bin Touq: The Committee has made great progress in promoting country’s transformation towards a new economic model in line with the principles of the 50

 H.E. Abdulla bin Touq Al Marri, Minister of Economy, chaired the latest Economic Integration Committee meeting in the presence of H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; which was attended by the representatives of economic development departments from all emirates. H.E. Bin Touq stated that the Committee has made great progress in supporting and enhancing the country’s economic legislative environment in the past stage, accelerating its transition to a new economic model based on flexibility, competitiveness, and sustainability, in line with the principles of the 50 and the UAE Centennial 2071. He further reflected on the recent recommendations and resolutions of the Committee, which played a key role in strengthening the national economy and enhancing the integration of national efforts aimed at promoting the UAE’s position as a leading global destination for investment and business.

The Minister of Economy said: “The Committee has dedicated its efforts for the successful implementation of economic strategies, agendas, and proposals that support the national economy. This is set to expedite the implementation of economic initiatives in all emirates, and resolve business challenges, apart from promoting the business and investment environment, and enhancing resilience in the face of future economic disruptions.”

During the meeting, the Committee underlined the discussions with the Federal National Council regarding the legislative articles of the Commercial Agencies law and the Cooperatives law. H.E. Bin Touq emphasized that the New Draft Commercial Agencies Law is a big step forward in supporting new businesses in the UAE, attracting investments, enhancing the services and products of agencies, and enabling the participation of more Emiratis in the agencies’ activities. This is set to add more diversity and vitality to the Commercial Agencies Law, considering its pivotal role in the business environment in offering a legislative framework; upholding the best practices and creating a balanced relationship between the agent and client; and guaranteeing the protection of agencies’ investments and the continuity of their services, in line with the best international standards.

The Committee further highlighted the UAE’s new development vision for the National Economic Register in line with the Federal Decree-Law No. 37 of 2021 on Commercial Registry. It further reviewed the efforts to link it with the Economic Register and the Federal Government Revenue system in all licensing entities, hence contributing to the influx and availability of more precise, comprehensive, and direct data, and supporting the national investment environment.

Moreover, H.E Bin Touq noted that linking the Economic Register is a vital step in the implementation of future economic policies, promoting the competitiveness of business community, and expediting digital transformation in governance. This would further consolidate the registration, monitoring, and follow-up procedures of companies’ activities, promote the activation and implementation of economic legislations, facilitate the national efforts to enhance digital services based on Artificial Intelligence (AI) and technology, and boost its efforts to establish a new economic model based on knowledge, innovation, and technology.

The Committee additionally reviewed the recent developments in Anti-Fronting law and the Ministry of Economy’s vision regarding it, which asserts the significance of combating commercial fronting, especially after the issuance of various economic legislations including 100% foreign ownership and the Ultimate Beneficial Owner procedures. This emphasizes the importance of keeping up with these legislative developments by setting an integrated law to combat commercial fronting and promote the security and competitiveness of the investment and business environment.

Furthermore, the Committee reviewed the progress of the operational action plan for the Committee of Corporate Registrars through a collaboration between the federal governmental and local entities to enhance the system of ultimate beneficiary owner data submission by the private sector corporates. This further achieves compliance with the legislations, resolutions, and regulations concerning anti-money laundering and combating the financing of terrorism and illegal organizations in line with international best practices and standards and the requirements and recommendations of the Financial Action Task Force (FATF).

The meeting also highlighted the national efforts supporting the structure of GCC’s joint economic action to increase intraregional trade and customs cooperation between them, ensure the influx of goods and products between the member states, and contribute to promoting the Gulf economies and the development of business and trade opportunities in their private sectors.