Page 671 - MOE ENGLISH PR REPORT - JANUARY 2025

1/20/25, 4:47 PM Economic Integration Committee reviews its achievements and efforts
H.E. Bin Touq said: “The UAE’s economic performance in 2024 is the result of exceptional and
concerted 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.” H.E. 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, H.E. Bin Touq emphasized 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.

Contribution to the issuance & development of five laws and four economic policies

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.

Formation of seven national task forces and issuance of 79 recommendations

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

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