The Economic Integration Committee held its second meeting of the year 2024 under the chairmanship of H.E. Abdulla bin Touq Al Marri, Minister of Economy. The meeting was attended by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of the local economic development departments from across the UAE.
The meeting saw the committee deliberate on a proposal to introduce new commercial license regulations in the country. These include a five-year silver commercial license and a 10-year golden commercial license, both offered at competitive rates. The initiative aims to boost government revenues, support the continuity of businesses and economic activities, foster growth and prosperity – all in line with the ‘We the UAE 2031’ vision aimed at transforming the UAE into a leading hub for innovation. Furthermore, the committee reviewed the progress in the implementation of the resolutions from the first meeting of 2024, held in February.
The Minister of Economy emphasized that the UAE, under its visionary leadership, has implemented flexible and competitive economic policies and legislation, fostering a competitive environment for conducting and setting up businesses and economic activities in its markets. These developments unlocked diverse opportunities for businessmen, investors, entrepreneurs from around the world, leading to a rise in the number of companies operating in the UAE to over 788,000 by the end of 2023. Additionally, there has been a growth in inward FDI flows into the country, which boosted the growth and sustainability of the national economy.
H.E. Bin Touq said: “The Economic Integration Committee’s efforts are key to boosting the competitiveness of the UAE’s business landscape. They have helped the development of a unique economic legislative structure in line with global best practices by recommending policies to expedite business processes, attract investors, talented individuals, and innovators. Additionally, it established a comprehensive database for companies in the local markets by harnessing cutting-edge technology.”
The committee reviewed the initiatives of its members to strengthen supervision over construction material prices and combat any unjustified price hikes, following the Cabinet’s decision to delay the enforcement of Resolution No.138 of 2023 concerning the specifications and penalties related to violations of heavy vehicle regulations. The move aims to prevent monopolistic practices and ensure stable, fair prices for consumers.
One of the prominent efforts in this regard is the Ministry of Economy conducting a series of meetings with the economic development departments, chambers of commerce, contractors association, a numerous building materials factories, and transport companies in the country. The purpose is to collaborate and coordinate efforts to implement the Cabinet’s directives, continuously monitor building material prices, goods, and transportation costs, and prevent any price hikes. Moreover, the Ministry has urged all relevant companies to provide them with regular updates on the prices of building materials and transportation costs to maintain price stability.
