Page 668 - MOE ENGLISH PR REPORT - JANUARY 2025

efforts that led to substantial progress in our transition towards a new economic model based on
innovation and knowledge. As a result, we were able to establish a leading and exemplary
economic climate for the success of businesses, investors and startups from around the world.”

He added that these efforts supported the national economy’s growth and competitiveness at the
regional and global levels. For instance, the UAE’s non-oil GDP during the first half of 2024 grew by
4.4 per cent compared to the same period in 2023, while non-oil sectors' contribution to the GDP
rose to 75 per cent by the end of H1 2024.

Furthermore, Bin Touq emphasised the Committee’s success in enhancing dialogue and
coordination with stakeholders at the federal and local levels to promote the competitiveness of
the country's economic legislative system.

This was achieved through the review and development of several laws and national policies in
accordance with global best practices, strengthening national efforts to ensure the harmonization
of legislation and regulations, and submitting proposals for the sustainability and growth of national
economic sectors and activities.

The Minister of Economy pointed out that the Committee remains steadfast in its efforts to develop
new economic legislation and resolutions to achieve the national goal of positioning the UAE as a
global leader in the development of proactive legislation for new economic sectors by the next
decade, in line with the ‘We the UAE 2031' vision.

The meeting reviewed the Committee’s 2024 annual report, showcasing its role in issuing and
developing five laws and four economic policies governing vital sectors in the UAE, including
cooperatives, family businesses, consumer rights protection, corporate governance, and anti-
money laundering.

The committee also supported 13 initiatives in critical economic areas. Among these was an
intellectual property initiative aimed at fostering innovation and creativity within companies while
enhancing the competitiveness of UAE’s products in global markets. Another initiative focused on
empowering family businesses, driving their growth and ensuring their sustainability across
generations.

The report highlighted that during the past year, the Committee held seven meetings, formed seven
national task forces to enhance economic integration and cooperation between federal and local
entities, and worked on implementing key economic legislation and policies.

It also issued 79 different recommendations, of which over 98 per cent have been successfully
implemented and the remaining in progress. Additionally, the Committee continued its efforts to
ensure the effective implementation of the anti-money laundering and countering the financing of
terrorism (AML/CFT) framework, with a focus on regulating company registrars and supervising
designated non-financial businesses and professions (DNFBP) sector. These efforts contributed to
the UAE’s delisting from the Financial Action Taskforce (FATF)'s grey list.

https://en.aletihad.ae/news/business/4543518/economic-integration-committee-reviews-its-
achievements--eff