Page 676 - MOE ENGLISH PR REPORT - JANUARY 2025

1/20/25, 4:48 PM Economic Integration Committee reviews its achievements, efforts in promoting national economic growth – UAE Business and Tra…

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.”

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.

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