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UAE home to over 1.5 million trade licenses

The UAE continues to solidify its role as a leader in sustainable economic development and innovation.

By Staff Report
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By Staff Report  

The UAE now boasts more than 1.5 million registered trade licenses, highlighting its position as a global hub for business and investment. The milestone was highlighted during the seventh meeting of the Economic Integration Committee for 2024

Key discussions and initiatives:

  1. Economic policy advancements: Abdulla bin Touq Al Marri, the UAE Minister of Economy, attributed the surge in trade licenses to the UAE’s forward-looking economic policies, flexible legislative framework, and innovation-friendly environment. These initiatives align with the “We the UAE 2031” vision, which focuses on transitioning to a knowledge- and innovation-based economy.
  2. Legislation updates: The Committee reviewed updates on various economic legislations aimed at enhancing competitiveness and aligning the UAE with global best practices. Emphasis was placed on creating a proactive legislative environment to support emerging sectors and attract foreign investments.
  3. Data management excellence: The Ministry of Economy achieved a 95.7% score on the Government Data Maturity Index, reflecting its adherence to global best practices in data management. This accomplishment supports strategic decision-making and strengthens the country’s comprehensive economic database.
  4. Telemarketing and consumer protection: Recommendations to regulate telemarketing practices were discussed to safeguard consumer rights, aligning with the UAE Cabinet’s directives.
  5. Geographical indications (GI) initiative: The Committee explored initiatives to protect UAE products with geographical indications, such as dates, honey, dairy and fish. This aims to:
    • Strengthen global competitiveness and market access.
    • Preserve the national heritage and promote traditional industries.
    • Support adherence to intellectual property standards.
  6. Economic diversification: The Committee emphasised ongoing efforts to attract investments, expand SMEs, and develop new economic sectors, ensuring the UAE remains an attractive destination for local and foreign businesses.