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Comprehensive development of economic legislation to keep pace with new
economy trends

H.E. Bin Touq emphasized that the UAE is one of the most attractive destinations for
setting up and conducting businesses today. Over the past years, it has succeeded in
developing a number of legislations and procedures that have enabled the business
community to grow and compete. These include a law on trade through the means of

modern technology, and laws on intellectual property, industrial property, trademarks,
and copyright. The country has also strengthened the legislative environment for family
enterprises considering them as an important pillar in promoting sustainable growth and

transitioning towards an economy based on knowledge and innovation.

The UAE has also allowed 100 per cent foreign direct ownership of companies and
enterprises, increasing the number of companies operating in the UAE by 43 per cent or
275,000 between 2020-2022, bringing the total number of companies operating in the
UAE to more than 788,000 by the end of 2023.

H.E. added: "High value-added emerging industries are the driving force behind the

economic growth sectors of the new economy, green growth, sustainable finance, and
investment, and the tourism sector. The UAE shares this vision with the United States at
the government, private and corporate levels, which opens the prospects for stronger

partnerships.”

-Ends-

For further information, please contact:

• Orient Planet Group (OPG)
• Email: media@orientplanet.com
• Website: www.orientplanet.com

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