It was on Wednesday that the Economic Integration Committee held its second meeting for the year 2024. The meeting was presided over by Abdullah bin Touq Al Marri, the Minister of Economy, and it was attended by Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, as well as representatives of local economic development departments from all of the emirates of the country.
To contribute to increasing government revenues, enhance the continuity of business and economic activities in the country, and assist it in growing and prospering, the committee discussed a proposal to issue new trade license regulations in the United Arab Emirates (UAE). These regulations would include a silver trade license with a validity period of five years and a gold trade license for a period of ten years, both of which would be offered at competitive prices. This proposal was made in accordance with the vision of "We are the Emirates 2031," which is to become the most innovative and superior system. Additionally, the committee discussed the progress that has been achieved in the implementation of the outcomes of the first meeting of 2024, which took place in February of last year.
Practicing and establishing business and economic activities
Because of the directives of the wise leadership, the United Arab Emirates (UAE) has adopted economic policies and legislations that are flexible and competitive. These policies and legislations have contributed to the creation of a competitive climate for the practice and establishment of businesses and economic activities in the UAE markets. Additionally, they have provided diverse and enabling opportunities for businessmen, investors, entrepreneurs, and capital owners from all over the world. This has resulted in an increase in the number of companies in the country, which is expected to reach more than 788 thousand companies by the end of 2023. Furthermore, there has been an increase in the amount of foreign direct investment flows to the UAE markets, which has contributed to the growth and sustainability of the national economy.
Enhancing the competitiveness of the business environment
According to Bin Touq, "the economic integration committee has played a pivotal role in enhancing the competitiveness of the UAE business environment." That is because the committee has contributed to the development of a distinctive economic legislative structure in accordance with international best practices, proposed policies and recommendations that will accelerate the pace of business in the country, and enhanced the attractiveness of the country to investors and owners of talents and bright minds. Additionally, the committee has built an integrated database of companies operating in the UAE markets, based on the most recent modern technologies.
Following the directive to delay the implementation of Resolution No. 138 of 2023 regarding the dimensions and weights of heavy vehicles and the administrative penalties for violations, the committee was apprised of the member authorities' endeavors to better regulate the costs of construction materials and tackle any unreasonable price hikes. This move will help keep prices stable and balanced for consumers and put an end to any monopolistic practices.
One of the most notable initiatives was the series of intensive meetings organized by the Ministry of Economy with various entities, including chambers of commerce, economic development departments, contractors, and a large group of building materials factories and transportation companies in the state.
The goal of these initiatives
The goal was to establish cooperation and coordination to carry out the directive from the Council of Ministers. The ministry will continue to monitor the prices of building materials, goods, and transportation costs. It will confirm the cancellation of any increases in building material prices and return them to normal levels. Additionally, the ministry has requested all companies involved in this decision to provide a price list for building materials and transportation costs on a periodic basis. This will help avoid any unanticipated spikes in prices.
