Page 35 - MOE ENGLISH PR REPORT - JULY 2024

Press Release

formulating legislation and policies pertaining to entrepreneurship and startups. Ultimately, this
contributes to the UAE's endeavours in creating a favourable environment for the development of
Emirati small and medium-sized enterprises (SMEs).

The latest Committee meeting extensively discussed various strategies to improve the operations
of family businesses in the country and support their continuity. They also urged these businesses
to join the “Unified Family Businesses Registry” maintained by the Ministry of Economy by
submitting applications to local registration authorities. This aligns with the provisions outlined in
Federal Decree-Law No. 37 of 2022 on Family Businesses. Additionally, the Committee
emphasized the significance of fostering collaboration between the Ministry and relevant entities
within the country to facilitate the growth of the cooperative sector. The objective is to motivate
cooperative societies to diversify into new economic sectors and activities, including education,
healthcare, housing, technology, and more, in accordance with the country's national objectives for
this crucial sector. The targets encompass increasing the sector's contribution to the gross domestic
product (GDP) to 5 per cent and expanding the number of contributors to 500,000 by 2031.

In addition, the Committee discussed the development of a database and statistics for the services
sector in the state in line with international best practices. The project aims to strengthen the role
of the balance of payments in accurately recording and monitoring all financial transactions in
various sectors. The meeting also highlighted the ongoing national efforts to establish a Higher
Committee for Trade in Services. Chaired by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of
State for Foreign Trade, the Committee comprises around 15 national entities engaged in trade in
services within the country.

Furthermore, the meeting reviewed the results achieved through the implementation of the
Ministerial Development Council’s resolutions on the enforcement of tax compliance among
individuals engaged in e-commerce activities, as well as social media influencers. The Committee
highlighted the existing legislation that prohibits any commercial activity without a valid
commercial license, irrespective of whether it is conducted via physical or virtual store or any other
technological medium. The Committee commended the efforts of the national team responsible for
supervising the implementation of these resolutions.

-Ends-

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