Page 441 - MOE ENGLISH PR REPORT - JULY 2024

7/23/24, 2:48 PM Latest News
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.

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

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