Page 53 - MOE ENGLISH PR REPORT - JUNE 2024

Press Release

include the GDP of the UAE at constant prices, which has grown by 3.6 per cent from 2022 to
AED 1.68 trillion. Furthermore, the non-oil GDP at constant prices reached AED 1.25 trillion,
experiencing a growth rate of 6.2 per cent in comparison to 2022. These figures solidify the UAE’s
position as the fifth-largest economy globally in terms of real GDP growth index. Additionally,
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the UAE has been ranked the first in the region and the 18 globally in the World Economic
Forum's Travel and Tourism Development Index (TTDI) 2024, climbing seven places from its
25th global ranking in 2019.

Last week, the UAE signed an Economic Partnership Agreement with South Korea, marking the
beginning of a new era of economic growth and promoting positive collaboration across various
sectors such as trade, investment, and economy. This agreement aims to foster constructive
cooperation with one of the world’s strongest economies.

The Committee has reviewed the progress made in the different stages of development of the
National Economic registry, utilising the latest technological solutions and artificial intelligence.
The registry consists of two phases: the first links data from local licenses issued by UAE emirates
to companies and institutions, and the second links data from licenses issued by free zones to
companies and institutions, as well as data of all kinds of licenses from all registration authorities
in the UAE and free zones. Once the development process of the registry is finished, an integrated
database of companies registered in the country will be provided in line with the best practices and
legislations, developing sectoral economic policies based on comprehensive, precise, and
continuous data.

The Committee further reviewed the UAE’s efforts aimed at fortifying the trademark registration
and protection system, taking into consideration the legislations implemented by the country in
alignment with the best standards. These efforts play a pivotal role in enhancing the UAE's
attractiveness to trademark-related investments and advancing the growth of its products in the
Emirati markets, ultimately enhancing the reputation of the national economy. Notably, the total
number of registered trademarks, owned by both local and international companies, has reached
an impressive figure of 216,937 trademarks.

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