Page 38 - MOE ENGLISH PR REPORT - FEBRUARY 2024 ( International)

Press Release

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.