During its 5th meeting for the year 2024, chaired by Minister of Economy

Economic Integration Committee reviews government's efforts in developing legislative framework for anti-money laundering and patent registrations

H.E. Bin Touq: Thanks to the guidance of wise leadership, the UAE has successfully established an exemplary legislative environment by enacting over 30 economic laws & regulations over the last four years

The Economic Integration Committee held its fifth meeting for the year 2024, chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy, and with the participation and membership of H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship. The meeting was also attended by the heads of local economic development departments across the UAE.

The Committee reviewed the UAE's efforts to develop the economic legislative system, including the national strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) 2024-2027, updates on the implementation of Cabinet resolution regulating tele-marketing calls, as well as the legislation concerning the registration of patents and intangible assets.

H.E. Bin Touq said: “Thanks to the guidance of its wise leadership, the UAE has succeeded in developing a leading, integrated, and comprehensive legislative environment for the business sector in line with global best practices. This has been achieved through the issuance of more than 30 laws and legislation over the past four years, ensuring a competitive climate for conducting economic activities and supporting the transition towards a new economic model based on knowledge and innovation. This is in accordance with the UAE's efforts to achieve global leadership in the development of proactive legislation for new economic sectors in line with the targets of the ‘We the UAE 2031' vision.”

He added: “The Economic Integration Committee plays a key role in enhancing cooperation among all stakeholders in the national economy’s development journey at both federal and local levels, aiming to provide the best regulatory and legislative environment, while supporting the competitiveness of the UAE’s business environment.” The meeting also discussed several significant topics for the development of various economic sectors, particularly intellectual property and consumer protection.Top of Form

Bottom of Form

During the meeting, the Minister of Economy reviewed the performance of the national economy in the first quarter of 2024, including a 3.4 per cent growth in the UAE's GDP compared to the same period in 2023, as well as a 4 per cent growth in the country's non-oil GDP compared to the same period last year.

Furthermore, the meeting reviewed the national AML/CFT strategy 2024-2027, which was recently announced by the UAE, aimed at enhancing the status of the UAE economy as a safe and stable destination for investors and business activities. The Committee also agreed on continuing the integration of national efforts for the plan’s implementation, enhancing cooperation between the relevant authorities at both the federal and local levels, as well as maintaining dialogue with international organizations and bodies, particularly in preparation for the mutual evaluation of the Financial Action Task Force (FATF) in 2026.

Also reviewed during the meeting were the recent developments in the regulation of tele-marketing in the country, monitoring the mechanisms and procedures of the Ministry of Economy and its partners in this domain. These include the establishment of a technical working group comprising all relevant entities and the preparation of guidelines for the call register, complaints, and code of conduct. The meeting proposed a unified mechanism for accepting grievances and the exchange of information and experiences to develop new procedures for implementing regulations by all stakeholders.

Top of Form

Bottom of Form

In addition, the latest Committee meeting reviewed national efforts to develop a leading ecosystem for the protection of intellectual property and the registration of patents and intangible assets, as well as to achieve leadership and competitiveness in nurturing and developing innovative ideas and projects. The total number of patent applications and utility certificates in the country reached 12,521 during the period from 2019 to 2023, confirming the UAE's status as a regional and global hub for innovation.

In its recommendations, the Committee highlighted the necessity for economic development departments in the country to adopt strategies that support intellectual property activities in industrial sectors and to launch initiatives aimed at enhancing the value of intangible assets in national companies. This would ensure the application of the intellectual property system and the compliance of economic sectors with the approved standards in the country.

In the same context, the Committee reviewed the latest developments of the unified National Economic Register project in the country and its vital role in achieving a significant advancement in the services provided by the state to the business environment, investors, and stakeholders. The unified register is an accurate, comprehensive, and updated database of active economic licenses across the seven emirates. Moreover, the meeting reviewed efforts by the MoEc team headed by H.E. Al Zeyoudi in developing the Federation of Chambers of Commerce and Industry. It will enhance the role of the chambers in representing the UAE in foreign markets and support the partnership and cooperation between local chambers and the private sector.

Finally, the Committee discussed the draft law on special economic zones, which aims to transform free zones into special economic zones that apply the GCC customs law. This will enable businesses established in these zones to export to GCC and Arab countries and benefit from duty exemptions, thereby enhancing the competitiveness of trade in the UAE.