Dubai: Business licensing authorities across the UAE have launched the National Economic Register, a method for them to share businesses’ licence details among themselves under the supervision of the Ministry of Economy.

Sultan Bin Saeed Al Mansouri, Minister of Economy, said the register would provide easy access to economic data, which would improve the capabilities of the “enablers of the knowledge economy”.

As well as information on business licences, Al Mansouri said the register includes the data of economic activities approved globally and unified in the country, and provides a variety of statistical reports useful to scholars and researchers in their studies, and would serve the interests of government, entrepreneurs, investors and customers.

The Telecommunications Regulatory Authority (TRA) said the register was launched following the signing of Memorandums of Understanding (MoUs) between the Ministry of Economy and local licensing authorities in Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, Fujairah Municipality and Dibba Al Fujairah Municipality.

The MoUs were signed during a meeting held at the Government Accelerators in Emirates Towers, in Dubai, by Ahmad Al Hosani, director of the Economic Registration Department in the Ministry of Economy, and by officials and executive directors from the licensing departments.

The project aims to improve the needed time to exchange accurate and instant data between the local and national registers, and increasing the number of users’ inquiries in the National Economic Register by 55 per cent within 100 days.