Economic Integration Committee reviews its efforts & achievements in strengthening national economic legislation in 2023

H.E. Bin Touq: The UAE has succeeded in developing a leading legislative climate needed to stimulate sustainable economic growth

The Economic Integration Committee held its first meeting of 2024 under the chairmanship of H.E. Abdulla bin Touq Al Marri, Minister of Economy, and with the participation of H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The meeting was attended by representatives of local economic development departments from all emirates.

The meeting reviewed progress on the implementation of the Committee’s 2023 agenda, and its efforts to develop the country's legislative environment according to global best practices. These include the development of the ultimate beneficiary legislation system, consumer protection, intellectual property and the anti-money-laundering system, with the aim of enhancing the national economy's global leadership. The Committee meeting also explored ways to strengthen cooperation and communication between relevant governmental, federal and local entities in this regard.

The Minister of Economy said: "The UAE, in line with the wise leadership’s directives, consolidated its new economic model based on knowledge and innovation, through the development of a comprehensive, integrated, flexible and stable legislative system, creating a leading and exemplary economic climate. This has contributed to strengthening the country's position as a leading global economic, investment and financial hub, providing all the ingredients for success to businesses, investors and startups from all over the world. It further contributed to creating an innovative environment that contributes to building the future and a diverse knowledge economy that provides the necessary support to national companies to grow into global corporations."

H.E. Bin Touq emphasized that the Economic Integration Committee is one of the most important tools for promoting integration, dialogue and coordination between the federal and local levels. He further highlighted the Committee's role in following up and coordinating economic development policies and programs in the country, working to ensure harmonization of legislative regulations, executive procedures and drafting proposals for the sustainability of economic sectors thereby enhancing the country's overall economic competitiveness at regional and global levels.

In detail, the meeting reviewed the Committee's annual report detailing its efforts to develop seven legislations in cooperation with stakeholders. All of these are aimed at supporting private sector growth, particularly the one concerning the real beneficiary procedures system, the intellectual property system, consumer protection, the common system of consumer protection complaints, trade through modern technical means, arbitration and development of the national economic register and the achievement of its objectives.

The Committee emphasized that such legislation and policies are an important element in enhancing the competitiveness of the national economy and the achievement of national economic targets, especially in the sectors of the new economy. They further contribute to strengthening the UAE's position as a regional and global economic hub through achieving the ‘We the UAE 2031’ vision goals, the most important of which is to raise national GDP to 3 trillion AED by the end of this decade.

The report noted that during the past year, the Committee had successfully held six meetings, supported 10 policies, formed six task forces and issued nearly 50 different recommendations, all of which contributed to the development of an integrated environment for economic action among various stakeholders.

During the meeting, the Committee underlined its continuing efforts to develop a sustainable national action framework for countering money-laundering and combating the financing of terrorism. This is being done in coordination with all corporate registrars in the country to strengthen the real beneficiary system, in compliance with legislation and resolutions and in line with international standards and best practices, in preparation for the FATF 2026 assessment.

The Committee also reviewed member authorities' efforts to develop the National Economic Register and the stages of linking it to the data of all types of licenses from all registrars and free zones. This contributes to strengthening the UAE economy’s ability to become more competitive and integrated through building an integrated database of companies registered in the country and developing sectoral economic policies based on comprehensive, accurate and current data.