The pace of regulatory reforms continues unabated in the UAE. The latest decision by the UAE Cabinet to amend and waive fees for a number of federal services is likely to promote economic growth, reduce costs to business owners and increase competitive edge. More than 1,500 government services provided by the Ministry of Interior, Ministry of Economy, Ministry of Human Resources and Emiratisation will come under the purview of this decision. The decision also balances the revenue system of the government in parallel with the tax system.
Over the last few years, the UAE has taken huge strides in areas such as ‘ease of doing business’ by jumping to the 11th position (in 2018) from 21st (in 2017) as per the World Bank’s Ease of Doing Business report. The report makes a special mention of the UAE’s progress in introducing reforms and its entry into the top 20. This success is in perfect alignment with the UAE’s Competitive Knowledge Economy and forms part of the six pillars of the Vision 2021 National Agenda.
Looking ahead investors, small, medium and large will choose the UAE for its ‘ease of doing business’, and innovators, influencers and idea merchants shall flock here owing to our massive appeal as an incubator of talent.
Pertinently, the UAE’s push for creating a world-class knowledge economy is predicated on strengthening the regulatory framework for key sectors. Innovation, competitiveness, and ‘ease of doing business’ are among the Key Performance Indicators (KPIs) that will benchmark this progress. The country is pursuing all these imperatives unwaveringly. The new visa rules announced this month, that offer five or 10-year visas for certain categories of expatriates (including outstanding students, domain experts and specialists) along with the lowering of fees, and entering the bracket of top five countries in the world for competitive excellence in the IMD World Competitiveness rankings, released on Tuesday, are all accelerators that the UAE is putting in place to reach its goal as a world-class country and the top destination of choice globally.
Noteworthy that each of these strategies has an integral role to play in strengthening the knowledge economy at the grass-roots level. Looking ahead investors, small, medium and large will choose the UAE for its ‘ease of doing business’, and innovators, influencers and idea merchants shall flock here owing to our massive appeal as an incubator of talent. As a result of this influx of talent, the spirit of competitiveness, that is innate to such a kind of fostering, will continually thrive, as will the happiness index of the UAE as its residents enjoy the advantages of living in a thriving and dynamic society.