Saturday 04 December 2021 - 12:27:57 pm

Economic Integration Committee holds 7th virtual meeting

ABU DHABI, 17th August, 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 economic development departments from all emirates.

During the meeting, the committee approved the initial procedures for amending the Commercial Register Law aimed at increasing the register’s efficiency in providing distinctive services to merchants and investors, such as ensuring there are no trade name duplicates, developing commercial databases and linking the commercial company register to the National Economic Register.

The committee was also briefed about the outcomes of the work of the technical and legal team working on the draft commercial register law, in cooperation with the UAE Cabinet, and agreed to consult with relevant authorities to complete all requirements.

Al Marri said the committee is continuing 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 reinforce its diversity and competitiveness, as well as post-COVID-19 economic recovery, in line with the UAE's economic vision and the UAE Centennial 2071.

"The past period saw intensified national efforts in various economic areas. During the committee’s seventh meeting, we focused on highlighting such efforts and drafting deliberate action mechanisms and frameworks. The meeting produced several important recommendations, including the adoption of several amendments to the Commercial Register Law, such as decreasing registration fees to support the business community, adopting an assessment mechanism and gauging indexes to update policies that motivate companies to be more productive, in addition to developing plans aimed at countering money laundering and terrorist financing," he added.

The committee was also briefed about the implementation of the recommendations of its sixth meeting concerning the High-Value Knowledge Added Index, which is a tool enabling the government to draft policies and procedures that will boost the country’s productivity in priority areas, in line with its long-term development vision.

The committee also discussed the country’s efforts to regulate real-time beneficiary information and enhance the level of compliance of the local business community with Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism.

The committee adopted a new mechanism aimed at developing licensing systems for non-financial businesses and professions around the country, which should not include other economic activities outside the framework of their main activities to ensure transparency in the non-financial business sector, such as real estate agents, precious metal merchants and auditors.

WAM/Amjad Saleh