UAE Ministry of Economy: A clear roadmap to regulate markets and promote sustainable development prospects

14/04/2025 Finance and investment | Ministry of Econoy

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Under the guidance of its wise leadership, the UAE has placed great emphasis on enhancing the business environment and improving the efficiency of economic policies through a transparent and collaborative institutional approach. In this context, the Ministry of Economy holds periodic meetings to discuss strategic files and explore ways to promote economic growth and strengthen the foundations of effective governance. These meetings play a pivotal role in the development of working mechanisms - be it through enhancing oversight or ensuring compliance with financial standards, supporting Emirati cadres and elevating customer experience. This approach reflects the Ministry's vision of providing the right tools to ensure sustainable economic growth and diversification. The year 2024 saw a series of large-scale meetings organized by the Ministry, which addressed vital issues to improve institutional performance and enhance economic competitiveness. A notable example is the Certificate of Origin meeting that was held on February 28 in the presence of representatives from 55 factories, aimed at familiarizing UAE producers with the services of origin, facilitating the process of registering them on the site and issuing Certificates of Origin through it. The meeting touched upon several topics and themes and answered factory representatives' queries, briefing them on the working mechanisms adopted in this regard. The meeting also elaborated on the applicant's journey in obtaining trial services for Certificate of Origin, as well as the differences between existing and trial services, highlighting improvements in the trial services site. The meeting further discussed the eligibility criteria that need to be met by local products to reduce the most prevalent errors that disqualify them for the certificate. An exhaustive explanation of the solutions that customers can apply to solve the problems they face while applying for the service was also presented. Furthermore, the Ministry held a meeting on March 15, regarding the enhanced price monitoring plan ahead of the holy month of Ramadan, with the aim of developing the monitoring plan for Ramadan 2024. The meeting saw the presence of 18 experts, advisers, and representatives of government agencies, including economic development departments in Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, and Ras Al Khaimah, in addition to the Government communication Office in Ajman and the Health Control Department in Dibba Municipality - Fujairah. During the meeting, the economic development departments reviewed measures to control markets and prevent price manipulation, in response to increased complaints and inquiries. In this regard, the Ministry underlined the need to document the regulation procedures, conduct a weekly evaluation, and verify the validity of promotions. The meeting also addressed oversight and monitoring challenges in assessing frozen poultry prices and reviewed plans for consumer protection inspection and media campaigns throughout the year, while promoting inter-agency media coverage. It also discussed the Ministry of Economy Circular No.1 of 2024 on preventing any increase in the price of building materials and transportation, and the need to return prices to their pre-February 2024 rates, with tighter control to ensure compliance. The meeting concluded with several recommendations aimed at intensifying oversight to ensure legal compliance, taking necessary actions upon detecting violations and submitting the monitoring and inspection plans of 2024 to the Ministry, within an implementation timeline. Additionally, it emphasized devising a unified national regulatory oversight plan, providing the Ministry with contact coordinator details to facilitate information exchange. The recommendations also included notifying companies of the decision to postpone the implementation of regulations governing vehicle dimensions and weights while preventing any increase in construction and transportation material prices. In addition, the commitment to adhering to the ministerial circular on this matter was highlighted. As part of these efforts, the Ministry organised several meetings, including one between auditors and the Ministry of Human Resources and Emiratization and the Emirati Talent Competitiveness Council. This meeting provided a platform to present the findings of a joint study and discuss key policy items formulated based on its results. Conducted in collaboration with the Nafis program, the study encompassed a set of recommendations that the Ministry of Economy is responsible for implementing. Among these recommendations was ensuring an increasing Emiratisation rate, proposing that companies with fewer than 25 skilled employees maintain a fixed annual target of hiring one citizen as the first tier, while those with 26 to 50 skilled employees hire two per year as the second tier. The recommendations also included the Department of Health in Abu Dhabi regarding the Emiratisation policy within the emirate's healthcare sector. The meeting further explored the potential of organising workshops and training programs in collaboration with Nafis. A preliminary approval was granted for the budget required to implement the policy, along with an agreement that the Ministry of Economy would impose and collective administrative penalties, with the enforcement mechanisms detailed in the decision text. The meeting agreed on a two-week deadline to finalise the policy and draft decision and a four-week timeframe for Nafis, in coordination with the Ministry, to assess the potential of making its training programs available to nationals interested in the profession. Additionally, the series of meetings included a session of the Customer Council for the Trademark Service, attended by eight representatives from the intellectual property (IP) sector, government services management, and trademark management, along with 12 representatives from relevant offices outside the Ministry. The meeting covered various topics, with participants discussing challenges, solutions, and potential improvements. The Ministry highlighted the importance of such meetings in addressing customer needs and enhancing service quality through dialogue and exchange of perspective. Furthermore, the meeting presented an IP protection initiative, and discussed the concept of the 'One-Day Trademark' initiative and the conditions for its implementation. The UAE remains steadfast in its commitment to enhancing the business environment by adopting an approach based on effective collaboration and transparency. This approach supports the wise leadership's vision of strengthening governance principles and shaping a prosperous future for the national economy.

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