Economic Integration Committee’s latest meeting reviews UAE’s economic legislative ecosystem to support business sector’s sustainable growth

H.E. Bin Touq: The committee is moving forward with its efforts to enhance the UAE’s investment & trade environment

The Economic Integration Committee held its eighth meeting for the year 2022, headed by HE Abdulla Bin Touq Al Marri, Minister of Economy, and with the participation of HE Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, and representatives of local economic development departments in all emirates.

The latest meeting discussed a number of key topics and reviewed several new economic legislation, most notably the legislation supporting the growth of the new economic sectors in the country, as well as the collaboration between relevant entities in their implementation. The Committee further discussed enhancing Ministry of Economy’s and its federal and local partners’ efforts in order to achieve the goals and projects under the Quality of Economic Life 2022 – 2026 strategy.

HE Bin Touq emphasized the vital role played by the economic development departments and the relevant local authorities in enhancing the UAE’s business environment, as well as their outstanding efforts in developing and executing the economic legislation and their effective and swift implementation. These efforts are in line with the wise leadership’s vision and directives in creating a competitive, flexible, and sustainable business environment and strengthening the UAE’s position as a global destination for business, investment, and trade.

HE said: “The Economic Integration Committee is moving forward with its efforts to develop and update more economic, trade, and investment legislation in the country in accordance with the international best practices, in order to accelerate the transition towards the new economic model. Through these efforts, we are working to establish a sustainable investment structure, and enhance the confidence of global investors and businessmen in our national economy in line with the goals and principles of the 50.”

The Minister of Economy added: "Today's meeting discussed a set of new economic legislation, most notably the legislations that support the growth of the new economic sectors in the country. These will contribute to enhancing the UAE’s business and trade environment based on modern technology and significantly improving the competitive economic climate in a way that enhances the overall resilience and sustainability of the national economy.”

Furthermore, he pointed out that the economic legislation and policies issued by the UAE during the last stage had notable positive impact on the GDP in 2022, as well as on the early indicators of economic growth for the next year, which was confirmed by specialized international and global bodies.

The Committee also reviewed a new operational plan submitted by the Ministry of Human Resources and Emiratisation, which aims to enhance national efforts to reduce labor law violations and set rules for companies and commercial establishments in the country.

Moreover, H.E. Bin Touq issued directives to form a joint task force comprising federal and local competent authorities during the next phase. The team will evaluate the standards of owners of commercial establishments and the criteria for granting commercial licenses in a way that limits the rise in the number of establishments that violate labor laws in the country.

The Committee further reviewed the objectives and projects of the Economic Wellbeing Strategy 2022-2026 launched by the Ministry of Economy as part of its collaborative efforts with other federal and local government entities and bodies. The strategy complements the vision and objectives of the National Strategy for Wellbeing 2031, aimed at creating a prosperous national economy and maximizing the impact and added value of UAE’s citizens and residents.

The strategy has three main objectives, which are, to enhance people's well-being, achieve sustainable economic growth, and enhance the ease of doing business for individuals and companies. The strategy has four axes, which are, enhancing well-being of investors and entrepreneurs, supporting consumers’ well-being, enhancing the well-being of inventors and innovators, and enhancing the well-being of tourists and investors in the tourism sector.

In addition, the meeting reviewed the efforts of the Ministry of Economy and the economic development departments regarding the new online connectivity system for the national economic registry. The system helps unify frameworks for registration, control, and follow-up of companies' activities through a unified digital system, enhancing the competitiveness of the business environment.

Besides, the Committee reviewed the operational plan for company registrars, which reflects the synergy in national efforts to strengthen the ultimate beneficial owner (UBO) procedure for private sector establishments. These efforts are key to achieving compliance with the anti-money laundering, countering financing of terrorism and illegal organizations (AML/CFT) legislation, decisions and regulations, in line with global best practices and the requirements of the Financial Action Task Force (FATF).

The Committee then assessed the progress made so far in the field inspection work plan for establishments and companies. The Ministry of Economy, in cooperation with the AML/CFT Executive Office and the relevant government entities, carried out more than 289 field inspection visits to establishments operating in the Designated Non-Financial Business Professions (DNFBP) sector to support the UAE’s efforts in creating a safe business environment free of financial crimes.