In the midst of the government’s efforts to draw in more companies and strengthen the economy, the number of UAE business licenses related to creative activities registered in the nation reached 932,000 by the end of the first half of 2023.
According to a statement released by the Ministry of Economy on Sunday, the most recent data was made public after the fifth meeting of the economic integration committee, which was presided over by Minister of Economy Abdulla bin Touq.
The comparative figure for the total number of business registrations for the first half of last year was not provided by the ministry.
“The UAE has established itself as a leading global financial hub that offers all enablers for success for the business sector, investors, and start-ups from around the world,” said Mr. bin Touq.
“This was made possible by a resilient economic legislative ecosystem, a competitive, attractive, and stable business environment and the further development of infrastructure to be among the best globally.”
The minister also mentioned the advantages and incentives provided by the UAE market as well as the nation’s special position at the center of international trade.
The UAE has implemented a number of initiatives to increase foreign direct investment in recent years.
This entails lowering visa requirements, granting incentives to small and medium-sized businesses, permitting foreign ownership of corporations up to 100%, and enacting legislation to increase investor transparency.
By 2030, the nation hopes to bring in Dh550 billion ($150 billion) in foreign direct investment, and by 2051, it hopes to have reached Dh1 trillion.
According to the statement, the economic integration committee also spoke about advancements in the nation’s intellectual property ecosystem and the encouragement of innovation.
In the statement, it was mentioned that the meeting also covered the operational action plan for the Financial Action Task Force’s field visit to the Joint Group of Africa and the Middle East in January, which may “enhance the UAE’s global position in implementing global AML (anti-money laundering) standards”.
FATF announced last month that the UAE has been granted approval for inspection after it “substantially” implemented compliance measures to fight money laundering.
The UAE must take the necessary steps to be taken off the FAFT list of nations that are subject to closer surveillance.
According to the watchdog, the UAE has made strides in areas like supporting investigations into money laundering, enforcing penalties for financial institutions that fail to comply, and stepping up prosecutions.