Picture used for illustrative purpose only.

The Economic Integration Committee held its second meeting of 2024 on Wednesday under chairmanship of Abdullah Bin Touq Al Marri, Minister of Economy.

The meeting was attended by Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as well as representatives from local economic development departments in all UAE emirates.

The committee has proposed new trade licence regulations in the UAE, which include a silver licence for trade with a validity period of 5 years and a golden licence for trade with a validity period of 10 years.

These licences will be available at competitive prices. The proposal aims to increase government revenues, ensure business continuity, and promote economic growth in the country.

The committee also reviewed the progress made in implementing the outcomes of the first meeting for 2024, which was held in February.

For his part, Abdullah Bin Touq stated that the UAE has adopted flexible and competitive economic policies and legislation under the guidance of the prudent leadership. This has created a competitive climate for conducting and establishing business and economic activities in the country's markets.

Additionally, it has provided various opportunities and enablers for businessmen, investors, entrepreneurs and venture capitalists from around the world. 

This contributed to increasing the number of companies in the country to over 788,000 by the end of 2023. This growth has also led to an increase in foreign direct investment flows to the country's markets, enhancing the growth and sustainability of the national economy.

“The Economic Integration Committee has significantly improved the UAE business environment by developing an economic legislative structure that adheres to international best practices. Our proposed policies and recommendations are designed to accelerate business growth and enhance the country's attractiveness to investors, talent, and bright minds. Furthermore, we maintain an integrated database of companies operating in the country's markets using modern technologies,” Bin Touq added.

The Committee was also briefed on the successful efforts to strengthen control over building material prices and address any unjustified increases. This follows the Cabinet's directive to postpone the application of Decision No. (138) of 2023, which concerns the weights and dimensions of heavy vehicles and the administrative penalties for violating them. These measures effectively prevent monopolistic practices and ensure stable and balanced prices for consumers.