Page 836 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/15/24, 9:31 AM PRESSR: Ministry of Economy launches National Economic Registry ‘Growth’ — TradingView News
H.E. pointed out that the ‘Growth’ platform contributes to regularly

updating the database of commercial licenses and companies in the

country, providing most accurate results to its users. It also supports the
country’s global credit rating with international classification bodies in

terms of transparency of business performances, through adherence to the

International Standard Classification System (ISIC4) for the classification of

economic activities. Thus, it enhances the success of decision-makers in

studying market trends and developing necessary strategies, promoting
sustainable growth of various strategic sectors.

Highlights the country’s new economic model

H.E. emphasized that the NER will play a vital role in highlighting the

UAE’s new economic model based on innovation and knowledge, and in

consolidating its position as a global hub for the new economy by the next

decade. It will achieve this goal through the opportunities and additional

resources that it provides to investors and business owners, facilitating the
procedures for doing business digitally. NER currently features a total of

1.5 million active and cancelled commercial licenses.

‘Growth’ platform to be linked to 100 federal and local authorities

H.E. added: “The national efforts to further enhance the ‘Growth’
platform will continue, making it more comprehensive and competitive.

Over the next two years, our aim is to link it with 100 federal and local

entities and licensing authorities in the country, increase the number of

services provided to 500, reduce service delivery times, and eliminate all

unnecessary criteria and requirements.”

The platform will support the competitiveness of the UAE’s economic
legislative environment, as well as the ‘ultimate beneficial owner’ data

system for the private sector, since the platform was developed in line

with many economic laws in force, including Federal Decree-Law No. 32 of

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