Page 438 - MOE ENGLISH PR REPORT - JULY 2024

7/23/24, 2:48 PM Economic integration Committee reviews national efforts to enhance the competitiveness of legislative environment

The meeting reviewed progress made on the implementation of recommendations made during the third
Committee meeting last June, and looked into several key economic files, most notably the national
efforts in enhancing the competitiveness of the legislative environment for family enterprises and

cooperative societies in the country.

H.E. Bin Touq emphasized the UAE's desire to develop a comprehensive economic legislative system
based on international best practices and provide all enablers for the growth and prosperity of
businesses of all sizes as well as family companies, cooperatives and brands in the UAE. The efforts
also focus on encouraging them to expand into new economic sectors, thereby strengthening the UAE's

position as a global destination for business and investment.

H.E. said: "The Economic Integration Committee and the local economic development departments play
a vital role in enhancing the competitiveness of the UAE’s business environment at the regional and

international levels, boosting economic activity in the country, and supporting its attractiveness to
domestic and foreign investments. Today's meeting discussed mechanisms for enhanced cooperation
between relevant government entities to continue the development of the country's economic legislation

and policies. This supports the UAE's efforts to achieve the world's number one position in the
development of proactive legislation for new economic sectors by the next decade, in the light of the ‘We
the UAE 2031’ vision.”

H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, expressed her happiness in

joining the Economic Integration Committee, comprised of a highly competent national team. H.E.
highlighted the Committee's significance as a platform for discussing and 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.

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