ABU DHABI – The UAE has made significant strides in building a new economic model rooted in knowledge, innovation, and creativity, diversifying its economy and boosting its global competitiveness, said the country’s Minister of Economy, Abdulla bin Touq Al Marri.
Speaking at the Economic Integration Committee’s fourth meeting of 2023, Al Marri emphasized the nation’s progress in line with the vision of its leadership.
The meeting, attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives from the UAE’s local economic development departments, assessed the outcomes of their previous meeting in May.
They also discussed proposals to integrate data on licenses from local registration agencies and free zones into the National Economic Record (NER).
The committee examined the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policies, the National Strategy Development Project in partnership with economic clusters, and a survey on global talent availability in the UAE.
“Today, the UAE is recognized as a leader in new economy sectors, including renewable energy, fintech, artificial intelligence, the fourth industrial revolution, entrepreneurship, and space,” Al Marri stated. He highlighted Emirati astronaut Sultan Al Neyadi’s recent space mission, the longest in Arab history, as a testament to the country’s advancements.
Al Marri noted the UAE government’s emphasis on the space sector as a cornerstone of its knowledge economy. “Over recent years, the UAE has introduced forward-thinking legislation and adaptable laws that align with its future aspirations in this sector,” he added.
He further elaborated that the Economic Integration Committee remains committed to supporting the UAE’s goal of becoming a global new economy hub, consistent with the ‘We the UAE 2031′ vision. This involves updating economic legislation and launching innovative initiatives to bolster the new economic sectors’ contribution to the national GDP and job creation, especially in future-focused sectors.
The recent committee meeting delved into several key topics aimed at enhancing the UAE’s business environment and its appeal as a foreign investment destination. One proposal from the Department of Economic Development-Abu Dhabi suggested integrating data from all license types issued by local registration bodies and free zones with the NER in two main phases. This integration aims to streamline services for investors and customers, enhancing customer satisfaction and operational efficiency.
The meeting also discussed updates to Cabinet resolutions 58 and 53 concerning real beneficiary procedures, including the introduction of administrative sanctions and a review of business verification policies. These measures aim to strengthen the UAE’s AML/CFT system.
Additionally, the committee discussed a project to develop a unified economic strategy for all emirates, focusing on production and marketing to establish a competitive economic bloc on both local and global scales.
Lastly, the meeting examined an EMIR survey, conducted in partnership with the Ministry of Economy, which polled 216 regional executives in the UAE across 13 sectors about talent availability in the country.