Economic Integration Committee reviews latest developments in economic legislation and policies to enhance competitiveness of UAE’s business environment

Meeting underscores importance of cooperation between economic development departments and relevant entities in the development of economic clusters

The Economic Integration Committee convened a meeting chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, and attended by the directors general of local economic development departments from across the country. The Committee reviewed the latest developments in several economic legislations and their significance in enhancing the competitiveness of the UAE’s business environment and supporting the country’s transition towards a new economic model based on knowledge, innovation and technology. It also reviewed the progress made in implementing the outcomes and recommendations of its previous meeting.

H.E. Bin Touq affirmed that the UAE has made significant strides in building a diversified and competitive economy, guided by the directives of its wise leadership. This is supported by diversity of economic activities and sectors and an advanced legislative framework marked by flexibility and stability. It strengthens the national economy’s ability to align with global shifts, supports sustainable growth, and reinforces the UAE’s position as an attractive destination for investors, entrepreneurs and companies from around the world.

H.E. also highlighted the pivotal role of the Economic Integration Committee in developing economic legislation and policies, supporting economic diversification, adopting innovative national initiatives, and strengthening cooperation and coordination among relevant entities at the federal and local levels. These efforts ensure greater alignment and coherence across legislative regulations and frameworks and support the integration of efforts to achieve the UAE’s sustainable economic development goals.

The Committee meeting discussed several key topics, including new mechanisms to strengthen supervision of Designated Non-Financial Businesses and Professions (DNFBPs) and enhance assessment tools, supporting the supervisory measures and procedures implemented by the Ministry of Economy and Tourism and regulatory authorities across the UAE and ensuring an inclusive compliance and monitoring framework. These mechanisms also support national risk assessments and strengthen the culture of compliance among supervised entities.This enhances the effectiveness of the UAE’s national ecosystem for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

The Committee underscored the importance of strengthening cooperation between economic development departments and relevant entities to develop priority economic clusters across the UAE. This supports integration among companies, government entities, academic institutions and research and development centres, strengthens connections across the economic ecosystem, and enables access to economic and investment opportunities, contributing to higher productivity, accelerated innovation and enhanced competitiveness of national sectors.