Economic integration

Emirates news agency – Economic Integration Committee holds 7th virtual meeting

ABU DHABI, August 17, 2021 (WAM) – The Economic Integration Committee held its seventh virtual meeting, chaired by Abdulla bin Touq Al Marri, Minister of Economy.

The meeting was attended by Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of development departments economy of all emirates.

During the meeting, the committee approved the initial procedures for amending the Commercial Register Law aimed at increasing the efficiency of the Register in providing distinctive services to traders and investors, such as the absence of duplicates of trade names, the development of trade databases and the linking of the register of commercial companies to the National Economic Register.

The committee was also briefed on the results of the work of the technical and legal team working on the Commercial Register Bill, in cooperation with the UAE Cabinet, and agreed to consult with the relevant authorities to complete all the requirements.

Al Marri said the committee continues to maintain the highest levels of local and federal coordination and integration in terms of drafting plans and initiatives that will ensure the growth of the business community and enhance its diversity and competitiveness, as well as the post-COVID-19 economic recovery, in line with the United Arab Emirates Economic Vision and the United Arab Emirates Centenary 2071.

“The past period has seen an intensification of national efforts in various economic fields. During the seventh meeting of the committee, we focused on highlighting these efforts and drafting mechanisms and frameworks for deliberate action. The meeting produced several important recommendations, including the adoption of several amendments to the commercial register. Law, such as lowering registration fees to support the business community, adopting an evaluation mechanism and evaluating indices to update policies that encourage companies to be more productive, in addition to develop plans to combat money laundering and the financing of terrorism, ”he added.

The committee was also briefed on the implementation of the recommendations of its sixth meeting regarding the High Value-Added Knowledge Index, which is a tool for the government to develop policies and procedures that will increase productivity. of the country in priority areas, in accordance with its long-term development vision.

The committee also discussed the country’s efforts to regulate real-time beneficiary information and improve the level of compliance of the local business community with Federal Legislative Decree No. 20 of 2018 on Combating Money Laundering. money and terrorist financing.

The committee adopted a new mechanism to develop licensing systems for non-financial businesses and professions across the country, which should not include other economic activities outside of their core business in order to ensure transparency in the non-financial business sector, such as real estate agents, precious metals dealers and auditors.

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