The UAE’s Telecommunications Regulatory Authority (TRA) has completed a high level cooperation and coordination between concerned government entities as part of its mandate to manage the National Economic Register.

The TRA also oversaw the signing of memorandums of understanding (MoUs) between the Ministry of Economy and the local licensing authorities in Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, Fujairah, and Dibba Al Fujairah.

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

This MoU is in line with the directives of the Prime Minister’s Office within the third batch of government accelerators, and falls within the path of smart services, one of the tracks of action emanating from the government meetings of September 2017.

The government’s efforts in the context of the National Economic Registry aim to enhance the UAE’s efforts in shaping the future as well as enhancing the economic competitiveness of the UAE and ensuring its leadership in the economic field, thus, attracting more investments.

Sultan bin Saeed Al Mansoori, Minister of Economy, said that the challenge of the National Economy Register is one of the pioneering projects that the Ministry of Economy is working to accomplish within the challenges of the third batch of the government accelerators in cooperation with TRA and a number of federal and local entities.

Al Mansoori added that the project contributes to enhancing the capabilities and enablers of the knowledge economy in the country by providing easy access to economic data, through a federal electronic platform that includes comprehensive and accurate information on economic licenses and entities, as well as the data of economic activities approved globally and unified in the country.

Moreover, it provides a variety of statistical reports useful to scholars and researchers in their studies, in order to serve the interests of all involved parties at the government level, as well as entrepreneurs, investors, and customers.

Al Mansoori indicated that the availability of accurate and updated economic data and information is one of the high priorities, which most of government entities are working to develop at this stage. The National Economic Register is a key step in this process. It provides a convenient mechanism for sharing accurate and instant information between local and national registers, as well as providing a database on licensed economic sectors in the country, the size and capital invested, and then provides accurate statistics and reports to support decision-makers.

 Al Mansoori added that the Ministry of Economy is keen to coordinate with various entities at federal and local levels to apply best practices according to the latest international economic standards. 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 of the challenge.

Hamad Obaid Al Mansoori, TRA director general, said: “Signing of memorandums of cooperation on the National Economic Register reflects the teamwork spirit among the participating entities, as well as the dedication to realizing the vision of our wise leadership to make a bright future for our generations.”

“It is an important step in the process of integration and flawless share of data between government entities, leading to the realization of the principle of a comprehensive government to serve customers of various segments. I want to seize the occasion to salute the brothers in the Ministry of Economy and the local economic departments for setting an example of consolidating the concept of joint national work. We are all partners in the challenge of the National Economic Register, and we are aware of its importance and impact on future projects in the process of a comprehensive digital transformation,” he added.

This MoU aims to develop the investment environment through the establishment of a system that includes data of licensed economic establishments in the country, in order to simplify and facilitate access to data for new investors, researchers, government and private entities, and institutions concerned with national and international economic statistics.

The MoU also aims to enhance the business environment, research, and data science by providing economic data, improving the time taken to obtain accurate and instant data in the National Economic Register, as well as sharing and synchronizing data between the systems of concerned authorities, the ministry and other stakeholders. It also allows access to accurate statistics to serve decision-making, provide information and reports on economic activities and their development, and activate the unified guide for economic activities, according to the latest international classification of economic activities.

 Under the MoU, all parties will work on the data integration of economic establishments in the systems of the concerned entities with the data of the National Economic Register, with the support and coordination of the TRA, in accordance with the applicable policies and legislation, and maintain its accuracy at all times.

Moreover, the Ministry of Economy will supervise the process of linking the systems of the concerned authorities, and the entities contributing in the National Economic Registry, in addition to providing registry services to the concerned authorities, participating entities, federal and local governments, as well as the public.

The National Economic Register serves as a national electronic platform for the exchange of accurate and instant data on the licenses of economic establishments among licensing entities, under the supervision of the  Ministry of Economy. The platform aims to adopt the tools of knowledge economy, by providing accurate comprehensive and instant data on economic licenses issued in the UAE.

The National Economic Register serves various groups of stakeholders from different categories such as government entities, entrepreneurs, investors, and customers inside and outside the UAE. The National Economic Register is expected to become the first online destination to access data and economic information in the UAE. – TradeArabia News Service