Abu Dhabi (Etihad) held Economic Integration Committee Its seventh virtual meeting, chaired by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, and in the presence and membership of His Excellency Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, and His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in addition to Their Excellencies representatives of the local economic development departments in the Emirates of the State.
During the meeting directly, the committee approved procedures for amending the Commercial Registry Law, as it approved the requirements of local federal coordination to achieve this step in a manner that provides more motivation and support for the business sector, and increases the efficiency of the registry in providing services to traders and investors from individuals and companies in the country, such as preventing duplication of trade names And the development of commercial databases by linking and integrating the commercial registry with the national economic registry system.
The committee reviewed the results of the work of the technical and legal team for the draft commercial registry law in cooperation with the Office of the Presidency of the Council of Ministers, provided that it will be discussed with all concerned authorities to take their views, ensure that the various aspects of the required modernization are met and address all related challenges, in preparation for completing the legal procedures for issuing the amendments.
Coordination and integration
His Excellency Abdullah bin Touq Al Marri, Minister of Economy, affirmed that the committee continues its efforts to ensure the highest levels of coordination and integration at the federal and local levels to formulate plans and initiatives that contribute to the growth of the business environment, increase its diversity and competitiveness, enhance the economic recovery process and accelerate the transition to the post-Covid-19 stage. And push the long-term economic development process in the country, in line with the vision of the wise leadership for the future economy, and in line with the determinants of the UAE Centennial 2071.
His Excellency added: “The last stage witnessed intense national efforts in various fields of economic work, and during the seventh meeting of the committee we focused on reviewing an important aspect of those efforts, and developing mechanisms and frameworks to enhance their results, as the meeting came out with important recommendations that will have a positive impact in many areas. During the next stage, foremost of which is the Commercial Register Law by adopting a number of amendments, including reducing registration fees to encourage the business environment, evaluation mechanism and measurement indicators to update policies that stimulate the productivity of companies operating in the country, as well as the continuous development of efforts and plans to counter money laundering and combat the financing of terrorism. in the state.”
The committee was briefed on the progress of work in implementing the recommendations of its sixth meeting regarding the development of an indicator to measure the knowledge value added by companies operating in the country. With the aim of measuring its productivity “The High-Value Knowledge Added Index”, where the index will serve as a tool to enable the government to develop policies and procedures that stimulate the country’s productivity and economy and contribute to directing it towards priority sectors, in line with the country’s long-term development vision, the fifty-year economy plan, and the goals and determinants that It was approved by the national strategies approved by the UAE government for the next phase.
The committee also reviewed the state’s efforts in the file of organizing the data of the real beneficiary, and enhancing the level of compliance in the national business environment with the requirements of Federal Decree-Law No. 20 of 2018 in the matter of countering money laundering crimes and combating the financing of terrorism and the financing of illegal organizations, its executive regulations and related decisions, in order to raise the readiness of The state to achieve positive results ahead of the relevant international assessments and indicators.
Counter money laundering
The committee was briefed on the latest results of the national assessment of risks, in which the various government agencies concerned with the file of anti-money laundering and combating the financing of terrorism in the country participated. Standards and requirements set out in the national risk assessment.
In addition, the committee approved a new mechanism to develop licensing systems for businesses and designated non-financial professions in all emirates of the country, so that the single license does not include other economic activities outside the scope of the basic activity, which leads to more specialization and transparency in the business sector and specified non-financial professions, including Its four main activities are: real estate agents and brokers, precious metals dealers, corporate service providers, and auditors.
The mechanism will also raise the efficiency of the government’s control measures to counter money laundering and combat the financing of terrorism and the financing of illegal organizations, in a manner that serves the country’s file globally in this regard.