Abdullah Bin Touq Al Marri, Minister of Economy, chaired the second 2024 meeting of the Economic Integration Committee on Wednesday. Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives from economic development departments across all UAE emirates attended.
The committee proposed new trade licensing regulations in the UAE, introducing a silver licence valid for 5 years and a golden licence valid for 10 years, both offered at competitive rates. These proposals aim to bolster government revenues, support business continuity, and foster national economic growth.
Additionally, the committee assessed progress in implementing resolutions from the earlier 2024 meeting held in February, according to Gulf today.
Abdullah Bin Touq highlighted the UAE’s adoption of flexible and competitive economic policies, attributing this to prudent leadership. This approach has attracted entrepreneurs, investors, and venture capitalists globally, resulting in over 788,000 companies in the UAE by the end of 2023, accompanied by increased foreign direct investment inflows, bolstering national economic growth and sustainability.
Bin Touq emphasized the committee’s role in enhancing the UAE’s business landscape through robust economic legislation aligned with international standards. The proposed policies aim to expedite business expansion and bolster the nation’s appeal to investors and skilled professionals, supported by a modernized database of companies operating in the UAE.
Furthermore, the committee received updates on efforts to regulate building material prices and curb unjustified hikes, following the Cabinet’s decision to postpone the application of Decision No. (138) of 2023, which pertains to heavy vehicle weights and dimensions and associated penalties for violations. These measures aim to prevent monopolistic practices, ensuring stable and equitable prices for consumers.
