The UAE Ministry of Economy will sign agreements with government agencies for the formal implementation of the Uniform Commercial Register (UCR) project.

Sheikha Lubna Al Qasimi, the UAE Minister of Economy will sign the agreements on January 17 at the Ministry of Economy, Dubai.

The inter-government UCR project, a first-of-its-kind in the UAE in terms of technical scope and implementation, will link the electronic systems of the economic chambers, chambers of trade and commerce, and emirate municipalities to the ministry of economy’s centralised system.

The system will optimise nationwide registration procedures and ensure that trade names are not repeated, thus providing a uniform register for UAE investors.

The decision comes only weeks after the ministry unified nationwide business activities as a crucial first step in implementing the project and signed memorandums of understanding with the same parties on the standardisation of the UCR at the national level.

“More than a business mechanism, the UCR system will become an important tool in formulating policies for our sustained economic growth. The investor data it generates will helps us design strategies that will further optimise the country’s business processes. This system is also proof of the unity expressed by the UAE towards a shared goal of creating a world-class business environment,” said Sheikha Lubna.

The UCR project is of major relevance to nationwide economic development as it will aid in developing a centralised database that will allow the ministry to quickly and accurately extract data on pertinent investor demographics.

 “The UCR project is an affirmation of our commitments to modernised governance, business excellence, and quality public service. I commend our local governments for acting swiftly and positively on this landmark program. The ministry will continue to explore innovative methods to integrate technology into future development initiatives,” she added.-TradeArabia News Service