Page 468 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 4:55 PM UAE cements economic cooperation with Azerbaijan
During the meeting, Bin Touq reviewed the opportunities and

advantages offered by the UAE’s business environment, most notably

the amendments made to the Commercial Companies Law to allow 100

percent foreign ownership. The amendment led to the registration of

more than 275,000 new companies in the UAE within a year and a half.

Thus, the total number of companies operating in the UAE exceeded

788,000 by the end of 2023.

In addition to this, visa and residency systems were revamped, and

self-employment and green residency routes were introduced, thereby

promoting the country’s attractiveness to talents, competencies, and

entrepreneurs in various strategic sectors.

Bin Touq urged the Azerbaijani private sector to capitalize on the

flexible and competitive policies offered by the UAE’s business

environment, which facilitate the establishment and launch of new

ventures. Bin Touq noted that the recent updates made to various

legislations, including the family businesses law, commercial agencies,

cooperatives, and trade through modern technology means, have

contributed to ensuring a more supportive business climate.

Furthermore, he emphasized the UAE’s commitment to driving

sustainable economic growth through promoting a circular economy,

particularly highlighting the ‘UAE Circular Economy Agenda 2031.’ The

agenda is key to enhancing sustainability in the country’s development

journey through the next decade.

In detail, both parties agreed to establish joint work teams consisting

of members from relevant entities from both sides to explore further

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