To Support Business Environment in Sharjah SEDD Introduces Real Beneficiary Procedures

Sharjah Economic Development Department “SEDD” organized a specialized workshop to introduce the participants about real beneficiary procedures applied in the country. This workshop was held for the Commercial Officers at SEDD with the aim to increase their legislative and regulatory awareness and ensure the implementation of best practices that support the business environment in the emirate.

This workshop is part of a series of training programs implemented periodically by the Department, with the aim of enhancing the efficiency of its human resources and providing them with legal and procedural knowledge related to the mechanisms for real beneficiary, in line with the federal laws and regulations governing this field.

Also, the workshop aimed to raise awareness about compliance with UAE laws against money laundering through the anti-money laundering awareness plan, raising commercial officers’ awareness of real beneficiary violations and the legal and regulatory frameworks related to its requirements under UAE legislation. Likely, it aimed to empower commercial officers with the required information to increase awareness of their responsibilities and role in ensuring compliance.

Furthermore, the workshop provided a comprehensive explanation of the most important laws and regulations in the field of real beneficiary and the mechanisms for their implementation in economic establishments. It also reviewed the role of commercial officers in monitoring companies' compliance with disclosure requirements, thus contributing to enhancing transparency and protecting the business environment.

Commenting on that, Hamad Omar Al Midfa, Director of Legal Affairs Department at SEDD, emphasized that organizing such workshop reflects SEDD’s concerns to provide its employees with the needed knowledge and skills necessary to keep pace with legislative developments and to establish the principle of transparency in commercial transactions, thus enhancing Sharjah's position as an attractive investment destination and a safe and sustainable economic environment.

Likewise, Al Midfa added that SEDD aims to provide an ideal climate for investment and business continuity that contributes to encouraging companies to enhance their work, facilitate and attract more investments, and enhance the competitive business environment. He also emphasized that the Department will carry on its role to develop its services to enhance all economic sectors, in cooperation with all local and federal authorities, therefore to improve the level of services provided to investors. Moreover, Al Midfa stated that these periodic training programs contribute to developing the professional capabilities of the Department's human resources and affirm its commitment to enhancing the sustainability of the business sector and its commitment to ensuring the integrity of all economic practices in Sharjah.