The Ministry of Financial system introduced the launch of the Nationwide Financial Registry (NER) – Progress – the most important unified and dependable database of enterprises and corporations’ enterprise licenses throughout the seven emirates. This registry combines the procedures and necessities for establishing companies and conducting financial actions within the nation right into a single nationwide portal, enhancing the supply of presidency companies to the general public by many folds.
In the course of the ceremony, H.E. Abdulla bin Touq, Ministry of Financial system, affirmed that the UAE, due to the imaginative and prescient and steerage of its smart management, has adopted an revolutionary and pioneering initiative to advertise sustainable digital readiness of presidency entities and improve the federal government companies ecosystem, making it extra versatile and aggressive.
Progress: A exceptional addition to the nationwide financial system
H.E. Bin Touq stated: The ‘Progress’ platform is a exceptional achievement in enhancing the nationwide financial system and advancing the nation’s financial improvement efforts. It’s a new milestone in our endeavour to strengthen the digital infrastructure of the nationwide financial system, eradicate authorities paperwork, and ship extremely environment friendly authorities companies with excellent high quality, guaranteeing the supply of finest authorities companies globally.”
Information on greater than 2,000 financial actions within the UAE
H.E. added: ‘The brand new platform offers proactive companies and correct and dependable info to a broad section of society, which incorporates decision-makers, businessmen, traders, entrepreneurs, analysis and research centres, specialist corporations, and the media. It permits them to inquire about any enterprise license within the nation; discover info on greater than 2,000 financial actions throughout the seven emirates; and entry funding alternatives in varied financial sectors within the nation. Furthermore, it might probably assist enterprise house owners in getting ready research and analyses on market developments, thus supporting their development and allow authorities entities to handle financial actions digitally by counting on newest AI applied sciences.”
‘Progress’ platform hyperlinks 46 entities within the nation
The Minister of Financial system added: “At this time, the Nationwide Financial Registry connects greater than 46 entities within the nation. It makes use of the nationwide id of the unified financial quantity (ERN), which is a federal quantity, to offer extra info on enterprises and corporations within the nation via the combination of information between federal and native authorities entities and licensing authorities. It marks a exceptional step ahead within the digital transformation of presidency companies and in offering on-line companies eliminating using hardcopies or papers, supporting the achievement of the nationwide goal to boost the UAE’s management within the supply of presidency companies, consistent with the ‘We the UAE 2031’ imaginative and prescient.
NER to be frequently up to date
H.E. identified that the ‘Progress’ platform contributes to recurrently updating the database of economic licenses and corporations within the nation, offering most correct outcomes to its customers. It additionally helps the nation’s world credit standing with worldwide classification our bodies by way of transparency of enterprise performances, via adherence to the Worldwide Customary Classification System (ISIC4) for the classification of financial actions. Thus, it enhances the success of decision-makers in learning market developments and growing needed methods, selling sustainable development of varied strategic sectors.
Highlights the nation’s new financial mannequin
H.E. emphasised that the NER will play an important function in highlighting the UAE’s new financial mannequin based mostly on innovation and data, and in consolidating its place as a worldwide hub for the brand new financial system by the following decade. It’s going to obtain this aim via the alternatives and extra sources that it offers to traders and enterprise house owners, facilitating the procedures for doing enterprise digitally. NER at present encompasses a complete of 1.5 million energetic and cancelled business licenses.
‘Progress’ platform to be linked to 100 federal and native authorities
H.E. added: “The nationwide efforts to additional improve the ‘Progress’ platform will proceed, making it extra complete and aggressive. Over the following two years, our purpose is to hyperlink it with 100 federal and native entities and licensing authorities within the nation, enhance the variety of companies supplied to 500, cut back service supply instances, and eradicate all pointless standards and necessities.”
The platform will assist the competitiveness of the UAE’s financial legislative atmosphere, in addition to the ‘final useful proprietor’ knowledge system for the personal sector, for the reason that platform was developed consistent with many financial legal guidelines in power, together with Federal Decree-Legislation No. 32 of 2021 relating to business corporations, Federal Decree-Legislation No. 37 of 2021 on business register, and related anti-money laundering and combating the financing of terrorism laws. The record of companies supplied by NER may be considered by visiting https://www.development.gov.ae/G2C/
The launch ceremony organized by the Ministry was attended by H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, H.E. Omar Suwaina Al Suwaidi, Undersecretary of the Ministry of Trade and Superior Expertise, H.E. Khalil Ibrahim Al Khoori, Undersecretary of the Ministry of Human Sources and Emiratisation for Human Sources Affairs, H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Financial system, H.E. Hanan Mansour Ahli, Director of the Federal Competitiveness and Statistics Middle, H.E. Mohammed Saeed Al Shehhi, Secretary-Normal of the UAE Media Council, H.E. Ghannam Al Mazrouei, Secretary-Normal of the Emirati Competitiveness Council (NAFIS), and H.E. Dr. Bushra Al Mulla, Director-Normal of the Abu Dhabi Household Care Authority. As well as, representatives from 34 federal and native entities and nationwide corporations, and 180 specialists and specialists have been current.
Growth phases of NER
H.E. Abdulaziz Al Nuaimi, Assistant Undersecretary for Entrepreneurship sector and Financial Affairs in UAE Ministry of Financial system, gave an in depth presentation on varied levels of NER’s improvement and the way business institutions within the nation can profit from its companies, in addition to the technical hyperlink with federal and native authorities and licensing authorities within the nation.
Panel discusses nationwide efforts to advance digital transformation
The launch occasion hosted a dialogue session titled ‘Digital Transformation for Data Trade between Federal and Native Authorities within the Nation,’ which highlighted the nationwide efforts to advance digital transformation within the nation and improve cooperation between federal and native authorities in knowledge integration for NER.
Companions of ‘Progress’ platform honoured
Moreover, H.E. Bin Touq felicitated the companions of the ‘Progress’ mission, most notably the Ministries of Protection, Inside, Finance, Vitality and Infrastructure, Trade and Superior Expertise, Neighborhood Growth, Human Sources and Emiratisation, the Federal Tax Authority, the Federal Authority for Identification and Citizenship, Customs and Ports Safety, the Telecommunications Regulatory Authority and the Digital Authorities, the Division of Financial Growth in Abu Dhabi, the Division of Financial system and Tourism in Dubai, Sharjah Financial Growth Division, the Division of Financial Growth in Ajman, the Division of Financial Growth in Umm Al Quwain, the Division of Financial Growth in Ras Al Khaimah, the Ras Al Khaimah Tourism Growth Authority, the Fujairah Municipality, and the Dibba Al Fujairah Municipality.
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