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UAE Considers Introduction of 10-Year ‘Golden Licence’ to Boost Business Confidence

UAE Considers Introduction of 10-Year 'Golden Licence' to Boost Business Confidence

The UAE government is contemplating a groundbreaking proposal to introduce new commercial licence regulations, including the introduction of a 10-year “golden licence” and a five-year “silver licence,” aimed at fostering business activities across the Emirates.

Industry analysts and top executives anticipate that the proposed commercial licences, if implemented, will significantly boost investor confidence and enhance the appeal of the UAE for businesses seeking to establish their operations in the region.

According to Naeem Aslam, chief investment officer at Zaye Capital Markets, the introduction of such licences signals the UAE’s openness to international companies, encouraging them to make the Emirates their primary business hub.

The proposal was discussed during the second meeting of the year by the Economic Integration Committee, chaired by Minister of Economy Abdulla bin Touq, indicating the government’s commitment to stimulating economic growth and prosperity.

Hisham Al Gurg, CEO of the Seed Group and the Private Office of Sheikh Saeed bin Ahmed, emphasized that the introduction of long-term commercial licences would not only bolster business confidence but also empower start-ups, positioning the UAE as their permanent base of operations.

Seed Group, known for supporting global start-ups expanding into Dubai and the wider Middle East, anticipates positive outcomes from the proposed licences, enhancing continuity for SMEs and start-ups and attracting foreign direct investment (FDI).

Ranjith Kaippada, managing director of Cloud Box Technologies, highlighted the potential of extended licences in alleviating administrative burdens for entrepreneurs, allowing them to focus on business development and innovation.

The UAE’s proactive approach to regulatory reforms and its initiatives to attract capital and talent, including permitting 100% foreign ownership and flexible visa programmes, underscore its commitment to fostering a conducive business environment.

Sam Blatteis, CEO of The Mena Catalysts, emphasized the UAE government’s role as a catalyst for growth, driving strategic agendas and fostering innovation. The proposed licences reflect the government’s commitment to fueling economic expansion and attracting global investment.

The UAE’s ambitious economic growth targets, including attracting Dh550 billion ($150 billion) in foreign investment by 2031, demonstrate its determination to diversify the economy and strengthen its position as a global business hub.

Adam Ridgway, founder and CEO of One Moto, an electric bike-maker in Dubai, expressed enthusiasm about the proposed licences, highlighting their potential to streamline business operations and contribute to the UAE’s progressive business landscape.

The proposed introduction of 10-year “golden licences” represents a significant stride towards enhancing business confidence and attracting investment, reinforcing the UAE’s reputation as a dynamic and forward-thinking business destination.

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