Page 685 - MOE ENGLISH PR REPORT - JANUARY 2025

1/20/25, 4:48 PM Economic Integration Committee reviews 2024 achievements - City 1016
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 harmonisation of legislation and regulations, and
submitting proposals for the sustainability and growth of national economic sectors and activities.

The Minister of Economy pointed out 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.

The meeting underscored the importance of further developing the UAE’s intellectual property system. This includes

advancing collaborative efforts to implement the Ministry of Economy’s ‘Instablock’ initiative, which aims to protect
copyrights of live online broadcasts and immediately responds to IP right violations.

Another significant national project, IP Finance, aims to facilitate access to financial resources for start-ups by
leveraging intangible assets and patents. The initiative seeks to empower innovation-driven entrepreneurship and
strengthen the intellectual property framework within the UAE’s start-up and SMEs ecosystem. Ultimately, these

measures contribute to the growth and competitiveness of the knowledge economy and emerging economic sectors
in the country.

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