UAE President Issues New Law on Development of Industry
(WAM) President His Highness Sheikh Mohamed bin Zayed Al Nahyan, issued Federal Decree-Law No. 25 of 2022 regarding the regulation and development of the industry.
The new law was introduced to support the organisation and development of the national industrial sector by increasing the flexibility to adopt more supportive policies and provide incentives.
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The new law will become effective as of January 2023, and will be applied to all industrial activities in the country, including free, economic, and specialised zones.
The decree-law will replace Federal Law No. 1 of 1979 on industry regulation. It will enhance integration between MoIAT, local economic departments and licensing authorities in free, economic, and specialised zones by standardising the process for issuing industrial licenses.
Through the industrial registry, the law will support a number of sectors including, medicine, food, and medical and agricultural technology. It will also strengthen some of the nation’s most competitive industrial sectors, such as petrochemicals, iron, aluminium and plastics, while stimulating future industries, most notably the hydrogen and aerospace sectors.
The decree also supports the “Make it in the Emirates” initiative launched by MoIAT to enhance the role of the private sector, and attract industrial investors through various incentives and competitive advantages such as legislative and regulatory frameworks, logistical capabilities, financing solutions, export opportunities, comprehensive economic partnership agreements, bilateral trade agreements, and advanced technology adoption.
The decree created a national industrial registry that includes a database detailing how much each industrial project contributes to the national economy.
The data also helps companies and investors to evaluate potential investment opportunities. The registry’s data is protected, and it is prohibited to circulate the data, except in accordance with the conditions specified by the relevant authorities. The registry also outlines a set of obligations that support the performance of industrial facilities, and enhance industrial licensing procedures, permits, and exemptions.
This article was previously published on UAE Moments.To see the original article, click here