Page 707 - MOE ENGLISH PR REPORT - JANUARY 2025

1/20/25, 4:49 PM Economic Integration Committee Reviews Its Achievements, Efforts In Promoting National Economic Growth | Pakistan Point
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.

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 startups by leveraging intangible assets and patents. This initiative seeks to empower
innovation-driven entrepreneurship and strengthen the intellectual property framework within
the UAE’s startup 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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