Page 48 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

Press Release

significant topics for the development of various economic sectors, particularly intellectual
property and consumer protection.

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.

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

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