The Ministry of Economy in the UAE has launched an important new initiative called the National Economic Registry (NER) – Growth. This is a unified platform that aims to make business operations across all seven emirates easier and more efficient. The platform brings together everything needed for setting up businesses and running economic activities into one single portal, which will help the government provide better services to businesses and individuals alike. The launch of this platform marks a major step forward for the UAE’s economy and is expected to make things much smoother for businesses operating in the country.
What is the National Economic Registry (NER)?
The NER is a platform that contains a comprehensive database of business-related information from across the entire UAE. It is created to streamline the procedure of starting and managing businesses. Instead of dealing with different procedures in each of the seven emirates, business owners can now access everything they need in one place. This saves time, reduces paperwork, and makes the process much easier for everyone involved.
Announced on Tuesday, the NER is part of a larger effort by the UAE to use digital solutions to improve business services. During the launch event, Abdullah Bin Touq Al Marri, the UAE’s Minister of Economy, praised the platform as a crucial phase forward for the nation. He said, “The Growth forum is a great accomplishment in promoting the national economy. It removes bureaucratic limitations and provides positively effective government services, confirming the UAE presents the most useful government services globally.”
The NER provides a wide range of services to business owners, decision-makers, investors, and even research centers. It offers information on more than 2,000 different types of economic activities. This means that anyone interested in doing business in the UAE can easily find out what kinds of businesses they can start and what they need to do to operate legally in the country.
One of the key benefits of the NER is that it helps businesses find important information like business licenses, investment opportunities, and market trends. This can help companies make better decisions about where to make an investment and the ways to expand their businesses. The platform is powered by artificial intelligence (AI) technologies, which make it easier for businesses to get the details they require rapidly and precisely.
Another important feature of the NER is that it connects 46 different entities across the country using a unified economic number. This permits companies to access a broad spectrum of government services without having to deal with multiple agencies. It also makes it easier for the government to keep track of business activities, which helps improve transparency and boost the UAE’s global credit rating.
NER and the ‘We the UAE 2031’ Vision
The launch of the NER is part of the UAE’s larger plan for the future, known as the ‘We the UAE 2031’ vision. This vision focuses on making the UAE one of the best countries in the world by 2031, and the NER plays a key role in achieving that goal. By making it easier for businesses to operate, the platform helps boost the national economy and attract more investment into the country.
The Ministry of Economy has big plans for the NER. They aim to continue improving the platform over time by adding more services and making it even easier to use. One of their goals is to link the NER with 100 different federal and local government entities. This will help integrate more data and reduce the amount of documentation companies require to finish. The Ministry also plans to expand the number of services offered through the platform to 500 within the next two years. Additionally, they want to make these services faster, cutting down on delivery times significantly.
Reducing Bureaucracy and Paperwork
One of the biggest advantages of the NER is that it cuts down on bureaucracy and paperwork. In the past, businesses had to deal with different procedures and requirements in each of the UAE’s seven emirates. This made it complicated and time-consuming to start a new business or manage an existing one. Now, with the NER, everything is centralized in one place, making it much easier to navigate.
This also benefits the government. With all the business-related data in one platform, it is easier for government agencies to track business activities and monitor the economy. This helps improve transparency, which is important for attracting foreign investment. It also supports the UAE’s efforts to improve its global credit rating, which is an important factor in attracting international businesses to the country.
A Step Towards a Knowledge-Based Economy
The NER is not just about making things easier for businesses today; it’s also about preparing for the future. The platform is a major step in the UAE’s transition to a knowledge-based economy, where information and innovation drive economic growth. By using advanced digital technologies like AI, the NER helps businesses make smarter decisions and operate more efficiently.
The platform will also be continuously updated with new features and services to meet the needs of businesses and investors. This is part of the UAE’s commitment to providing world-class government services and maintaining its position as a global leader in business and innovation.
Launch Ceremony and Notable Figures
The launch of the NER was attended by several important figures, including Abdullah Bin Touq Al Marri, Minister of Economy, and Alia bin Abdullah Al Mazrouei, Minister of State for Entrepreneurship. Their presence at the ceremony highlighted the importance of the NER to the UAE’s economic future and its role in supporting business growth and innovation.
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