UAE reveals a proposal for a 10-year golden trade license
Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi presided over the second meeting of the Economic Integration Committee in 2024, which was also attended by officials from regional economic development offices in each of the emirates.
The idea to implement new commercial license systems that would provide competitively priced five-year silver and ten-year gold licenses was a major topic of discussion. In order to achieve national leadership, the goal is to increase government revenue, sustain economic growth, and promote growth in line with the "We Are the Emirates 2031" vision. The progress made since the February meeting was also reviewed at this meeting.
Minister Al Marri emphasized the UAE's adoption of flexible and competitive economic policies, facilitated by visionary leadership, which has fostered a conducive environment for business and economic ventures. This environment has attracted global businessmen, investors, entrepreneurs, and capital, resulting in a notable surge in the number of companies operating in the country, surpassing 788 thousand by the end of 2023, alongside increased foreign direct investments, fortifying the national economy.
He emphasized how the Economic Integration Committee, by creating strong economic laws that adhere to international norms, has significantly improved the competitiveness of the UAE's business environment. The group is working to create a comprehensive database of businesses using cutting-edge technologies, speed corporate processes, and improve investor appeal.
Additionally, efforts were made to control building material prices in order to prevent unjustified price increases. Aiming to prevent monopolistic practices and maintain consumer price stability, member agencies postponed the implementation of Resolution No. (138) of 2023 concerning heavy vehicle weights and dimensions.
The Ministry of Economy spearheaded initiatives such as extensive consultations with economic development departments, chambers of commerce, the Contractors Association, and stakeholders in the building materials and transportation sectors. These endeavors aimed to enforce price controls, prevent unjustified price hikes, and provide periodic updates to concerned entities to thwart any deviations from normal pricing levels.
Additionally, the summit reaffirmed the UAE's dedication to maintaining economic growth, creating a business-friendly climate, and guaranteeing fair market practices, all essential components in pursuing the country's economic plan.
