The Economic Integration Committee held its second meeting for the year 2024, chaired by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, and attended by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of local economic development departments in all Emirates of the country.
The committee discussed a proposal to issue new regulations for commercial licenses in the country, including a silver commercial license valid for 5 years, and a golden commercial license valid for 10 years, at competitive prices, to contribute to increasing government revenues, enhancing the continuity of businesses and economic activities in the country, assisting in its growth and prosperity, and aligning with the vision of “We Are the UAE 2031” to become the most pioneering and superior system in the country. The committee also discussed the progress made in implementing the outcomes of the first meeting for the year 2024, which was held in February of last year.
His Excellency Abdullah bin Touq emphasized that thanks to the wise leadership’s directives, the UAE has adopted flexible and competitive economic policies and legislations, contributing to creating a competitive environment for practicing and establishing businesses and economic activities in the country’s markets, providing diverse opportunities and facilities for businessmen, investors, entrepreneurs, and capital holders from all over the world. This has led to an increase in the number of companies in the country to more than 788 thousand companies by the end of 2023, and an increase in foreign direct investment flows to the country’s markets, enhancing the growth and sustainability of the national economy.
His Excellency bin Touq said, “The Economic Integration Committee has played a pivotal role in enhancing the competitiveness of the UAE’s business environment by contributing to the development of a distinguished economic legislative framework according to the best global practices, proposing policies and recommendations that accelerate the pace of business activities in the country, enhance the country’s attractiveness to investors and talented minds, and building an integrated database of companies operating in the country’s markets, based on the latest modern technologies.”
The committee reviewed the efforts of its member entities in enhancing control over the prices of building materials and addressing any unjustified increases, following the Cabinet’s directive to postpone the implementation of Resolution No. (138) for the year 2023 regarding the weights and dimensions of heavy vehicles and the administrative penalties resulting from their violation, to avoid any monopolistic practices and ensure stable and balanced prices for consumers.
Among these efforts, the Ministry of Economy held a series of intensive meetings with local economic development departments, chambers of commerce, contractors’ associations, and a large group of building materials factories and transportation companies in the country, to cooperate and coordinate for the implementation of the Cabinet’s directive, continuously monitor the prices of building materials and goods, and transportation costs, and ensure the cancellation of any increases in building materials prices and a return to their normal levels. Additionally, the ministry has requested all relevant companies affected by this decision to provide them with a periodic list of prices for building materials and transportation costs to prevent any price increases.
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