In cooperation with OECD

Ministry of Economy launches economic policy development project in line with highest global standards

H.E. Bin Touq: The project will enhance the resilience of UAE’s business & investment environment and support the integration of economic policies

 In line with the UAE's efforts to advance its economic and legislative environment and enhance the national economy’s competitiveness, the Ministry of Economy (MoE) launched a new project in cooperation with the Organization for Economic Cooperation and Development (OECD). The project, which aims to develop and modernize the country's economic policies in line with highest global standards, aligns with the UAE Centennial 2071 goals and is set to further solidify the country’s position as a dynamic global trade and investment hub.

The launch took place during a workshop organized by the Ministry in Dubai in the presence of H.E, Abdulla bin Touq Al Marri, Minister of Economy. It was attended by H.E. Badria Al Maidoor, Assistant Undersecretary of the Ministry of Economy for the Support Services Sector; H.E. Hanan Ahli, Director of the Federal Competitiveness and Statistics Centre; and Muhammad Kamali, Deputy CEO at Dubai Industries & Exports; Carlos Conde, Head of the Middle East and Africa Division in the OECD Global Relations Secretariat; and Vianna Jordante, Senior Advisor at the Middle East and Africa Division of OECD Global Relations.

H.E. Bin Touq said: “The UAE, thanks to our wise leadership’s forward-looking vision, has made great strides in building its new economic model based on flexibility, knowledge, and innovation. This was achieved through the adoption of economic policies, strategies and initiatives that support the competitiveness and sustainability of the national economy, in line with the objectives and principles of the next Projects of the 50.”

The Minister of Economy added: “Our economy witnessed an exceptional phase of activity, momentum, and concerted national efforts that boosted national GDP growth and consolidated the UAE's status as a leading global hub for investment and trade.”

He pointed out that the new project in cooperation with OECD will further enhance the flexibility and competitiveness of the national business and investment environment and support the legislative environment through the integration of economic policies. Thus, it will reinforce the UAE’s leadership on the global trade and investment landscape and help achieve its vision to double the GDP to AED 3 trillion by 2031.

Objectives of the project

The project encompasses the development and modernization of five economic policies, which are investment, competition, family business governance, entrepreneurship and SMEs, and regulatory frameworks for product markets. These are aimed at:

• driving the diversification of the national economy
• strengthening the UAE's infrastructure and legislation
• enhancing its attractiveness for local and foreign investments
• encouraging the private sector to increase investments in the domestic market
• maximizing the protection offered by consumer rights, and
• providing more incentives for entrepreneurs, startups, and SMEs.

The project also contributes to strengthening cooperation with OECD and accelerating the UAE’s shift towards the new economic model. The Ministry of Economy will work in cooperation with its partners from the federal and local government departments to develop policies as part of the new project.

During the workshop, H.E. Badria outlined the achievements made by the UAE in various economic fields, most notably the achievement of an unprecedented 8.5 per cent GDP growth at constant prices in the first half of 2022. Furthermore, she highlighted the comprehensive and qualitative development of legislation governing economy and investments through the issuance of new laws and policies such as the new Family Business Law and the Commercial Transactions Law. In addition, the UAE’s success in attracting USD 20.7 billion in FDI in 2021, with a growth of four per cent compared to 2020 was also highlighted. The UAE was ranked first in West Asia and the MENA region for its ability to attract investments.

The workshop’s outcomes included an agreement to establish a joint task force by the Ministry of Economy and OECD to follow up on and supervise the development of policies under the project. A group of specialized teams will be formed to deal with all areas related to the project's policies. Besides, an introductory workshop will be held on the project and its objectives with the participation of officials from the concerned government departments.

The UAE is a member of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.