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Creative industries flourish in UAE nearing 1 million business license milestone

The UAE allows 100% foreign ownership, eases visa rules, offers SME incentives, and enhances investor transparency.

Creative industries flourish in UAE nearing 1 million business license milestone
[Source photo: Anvita Gupta/Fast Company Middle East]

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The UAE’s business sector, marked by innovative ownership regulations and a flourishing entrepreneurial ecosystem, is an appealing opportunity for global investors seeking productive ground for their ventures. As part of efforts to boost the economy and attract businesses, the UAE has experienced a surge in creative business licenses, reaching 932,000 by mid-2023.

According to the Ministry of Economy, this revelation emerged after the economic integration committee’s fifth session, chaired by Economy Minister Abdulla bin Touq.

“The UAE has established itself as a leading global financial hub that offers all enablers for success for the business sector, investors, and start-ups from around the world,” Mr bin Touq said.

The minister highlighted the UAE’s position as a global financial hub, attributing its success to a robust legislative framework, an inviting business landscape, and top-tier infrastructure.

The UAE has enacted several reforms to amplify foreign direct investment, including allowing full foreign ownership, easing visa restrictions, and implementing laws to enhance investor transparency.

The country aims for a robust economic trajectory to attract $150 billion in foreign investment by 2030 and increase to $272 billion by 2051.

The committee’s discussions delved into bolstering the nation’s intellectual property realm, fostering innovation, and strategizing for the upcoming Financial Action Task Force visit, slated for January, aiming to fortify the UAE’s global standing in adhering to anti-money laundering standards.

Recognized for substantial compliance efforts against money laundering, the UAE received approval for inspection from FATF, showcasing progress in aiding investigations, enforcing penalties for non-compliance in financial institutions, and boosting prosecutions.

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