2023-09-11 11:14:00
Monday, September 11, 2023 – 3:14 p.m
From George Ibrahim
Dubai, September 11 / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the UAE government seeks to increase the number of commercial agencies in the country to 10,000 or 15,000 from its current number, which exceeds 4,000 agencies.
His Excellency told the Emirates News Agency, WAM, on the sidelines of a session on the recent amendments to the new Commercial Agencies Law, organized by the Ministry in cooperation with a legal consulting office, in Dubai today: “Under the directives of the wise leadership, the goal has been clear in the last three years and focuses on the process of accelerating growth and doubling the economy.” In the UAE, in the last three years, 40 legal pieces of legislation have been amended, including ten in the economic sector, the most important of which are the Family Business Law, the Consumer Protection Law, the Cooperatives Law, the Competition Law, and other major laws that are beneficial to the national economy.”
Al Marri added: “The amendments that were approved gave momentum and growth to the registration of new companies, as 275,000 companies have been registered since 100% direct foreign ownership was made possible, and the main goal is to register one million companies in the United Arab Emirates, and today we have reached between 740 and 750.” One thousand companies registered in the UAE National Economic Register.
Regarding the new commercial agencies law, His Excellency Abdullah bin Touq Al Marri stated that this law gave and consolidated the principle of the contract as the law of the contracting parties, which protects the local agent and the foreign principal in the contracting and agreement process.
He pointed out that the law gives both parties flexibility in the contracting process or in terminating it, stressing that the main goal of this law is to increase the number of commercial agencies. He said: “The number of commercial agencies in the country exceeds 4,000, a number we seek to increase to 10,000 or 15.” A thousand agencies, especially in light of what characterizes the UAE’s economy.”
He explained that the law still maintains that the citizen is the main bridge in the agency contract process, and therefore the law will contribute to increasing the number of citizens in new agency contracts.
Regarding measuring the impact of the new law, His Excellency said that clarifying the impact of economic policies and laws requires between two to three years, and therefore we look forward, within a year or two, to coming up with numbers and statistics related to the results of this law and its amendments on society.
Ibrahim Nuseirat/George Ibrahim
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