Page 77 - MOE ENGLISH PR REPORT - JANUARY 2025

Press Release

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 (DNFBP) sector. These efforts contributed to the UAE’s
delisting from the Financial Action Taskforce (FATF)'s grey list.

Enhancing the Intellectual Property System

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.

— Ends —

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