In a bid to enhance economic vitality and attract sustained investment, the UAE is contemplating the introduction of groundbreaking long-term business licences. These licenses include the coveted 10-year golden licences and the five-year silver licences, poised to invigorate government revenues while fostering enduring business activities, propelling the nation towards sustainable growth and prosperity.
Economic Integration Committee
The visionary proposal surfaced during the inaugural 2024 Economic Integration Committee meeting held on Wednesday, under the leadership of Abdulla bin Touq Al Marri, Minister of Economy. The esteemed gathering, graced by the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, alongside representatives from each emirate’s economic development sectors, delved into strategies aimed at fortifying economic initiatives and nurturing collaborative efforts across the nation.
Central to the discussions was the prospect of ushering in new regulatory frameworks for trade and business operations within the UAE. The committee, cognizant of the pivotal role played by such measures, contemplated the issuance of a five-year silver license and a 10-year golden license, strategically priced to encourage uptake and maximize their impact.
‘We are the UAE 2031’
These forward-thinking measures are meticulously aligned with the overarching vision encapsulated in the “We are the UAE 2031” blueprint, underscoring the nation’s unwavering commitment to propelling economic progress while fostering an environment conducive to sustained business operations.
Moreover, the committee conducted a comprehensive review of the progress achieved since its inaugural gathering in February 2024. Minister bin Touq reiterated the resilience and adaptability of the UAE’s economic policies, meticulously crafted under the sagacious guidance of the nation’s leadership. These policies have not only cultivated an ecosystem ripe for entrepreneurial ventures but have also served as a beacon, attracting a diverse array of opportunities, investors, and capital on a global scale.
Foreign direct investment
Highlighting the meteoric rise in the number of registered companies, surpassing a staggering 788,000 by the culmination of 2023, Minister bin Touq underscored the pivotal role played by foreign direct investment inflows in bolstering the nation’s economic landscape. These developments, he emphasized, are instrumental in fortifying the national economy and positioning the UAE as a global economic powerhouse.
In reaffirming the indispensable role of the Economic Integration Committee, Minister bin Touq emphasized its commitment to elevating the UAE’s competitive edge in the global business arena. Through the formulation of robust economic and legislative frameworks adhering to international standards, the committee endeavors to streamline business processes, enhance investor appeal, and leverage cutting-edge technologies to maintain an exhaustive database of companies operating within the UAE.
As the UAE charts its course towards economic resilience and prosperity, the proposed long-term business licenses stand poised to serve as a catalyst, driving sustained growth and propelling the nation towards unprecedented heights of prosperity and innovation.
tanvir@dubainewsweek.com
