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Terminology

This list includes the technical terms and abbreviations most often mentioned in the Ministry of Economy. Kindly contact the Ministry of Economy Contact Centre if you require further clarifications.

Terminology and abbreviations

Dumping

Occurs when imported goods are domestically sold at a lower market price, leading to unfair competition

Asset

A resource that possesses an economic value and is expected to offer particular benefits in the future. Assets are either owned by individuals, companies, or governments; and can be created or purchased to boost the company’s value or to benefit its operations.

Economic Diversification

The country’s ability to depend on various sources of income. For instance, the UAE’s ability to diversify its exports and investments, without depending on oil source solely

Entrepreneurship

The process of setting up a business undertaking financial risks for the purpose of making a profit

Foreign Direct Investment

An investment made by a person or a company in a particular country into businesses situated in another country

Foreign Trade

Refers to the exchange of goods, services, and capital with other countries

Free Trade

The capacity to engage in economic transactions with other countries without any restrictions in exports or imports

Global Innovation Index

It is an index that ranks the performance and innovation level of many countries across the world, which is based on different indicators such as education, infrastructure, innovation and business sophistication

Gross Domestic Product

A measurement of a country’s economic activity which indicates the monetary value of all the final goods and services produced within a country in a particular period of time, usually one year.

Gross National Product

The total value of all goods and services produced by the residents of a particular country irrespective of the geographical location of the production.

Inflation

The decrease in the value or purchasing power of a country’s currency

Intellectual Property

Refers to intangible assets produced by a human being’s intellectual ability such as creative ideas, works of art and literature, inventions, symbols, names, etc.

Monetary Policy

Refers to the actions implemented by the central bank of a particular country to control the supply of money and attain sustainability in its economic growth

Small and Medium Enterprises

The companies that are considered small and medium based on different factors such as the number of employees, assets, and annual revenues or sales. The criteria for classifying a business as small and medium varies per country

Start-ups

Companies that are just in the early stages of their business. Start-ups typically focus on a new product or service that is estimated to have a large market demand

Sustainable Economic Growth

The growth of economy that can be sustained in the long term without causing other major economic problems, especially in the next generations to come.

Trademark

Refers to a legally protected symbol, word, phrase, or any sign that is identifiable to a specific product or company

Trade Exchange

The process of exporting goods and services of one country to another country, to get a number of imports, in return. Usually, this is based on the trade agreement made between two nations.

Venture Capital

A type of financing provided to small businesses and startups that are believed to have the potential to expand and make profits in the long term.

Patent

A privilege granted to an inventor giving the exclusive right to create, utilise and sell their inventions for a particular period of time

Ministry

The Ministry of Economy

Abbreviations

Footer Terminology and abbreviations

AML/CFT

Anti-Money Laundering and Combating the Financing of Terrorism

CSR

Corporate Social responsibility

DNFBP

Designated Non- Financial Businesses and Professions

EFTA

European Free Trade Association

FDI

Foreign Direct Investment

FAQ

Frequently Answered Questions

FTA

Free Trade Agreement

GCC

Gulf Cooperation Council

GDP

Gross Domestic Product

GNP

Gross National Product

ICPR

International Centre for Patent Registration

SACM

Services Access Control Manager

SDG

Sustainable Development Goals

SME

Small and Medium Enterprises

UAE

United Arab Emirates

WTO

World Trade Organization

Communication Channels

Call centre and customer protection
 

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