Media ININ Economy We Trust
October 2
The Economic Integration Committee held its fourth meeting for the year 2023, headed by Abdullah bin Touq Al Marri, Minister of Economy, and in the presence and membership of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of local economic development departments in all the emirates of the country.
The committee reviewed the progress made in implementing the outcomes of the third meeting, which was held last May, in addition to discussing a proposal to link the data of all types of licenses issued by all local registration authorities in the country and free zones to the National Economic Register (NER), and reviewing the policies related to the file of combating money laundering. And combating the financing of terrorism, and the project to develop the national strategy on cooperation with economic clusters, and touched on the offer to survey the opinion of executives about the availability of international talent in the UAE.
New economy
Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the UAE has achieved a breakthrough in its journey towards consolidating its new economic model based on knowledge, innovation and creativity, in implementation of the forward-looking vision of the wise leadership to diversify the sources of income of the national economy and enhance its flexibility and competitiveness globally, in a way that contributes to achieving the country’s sustainable development goals. .
He said: “The world today looks to the UAE as a model for empowering new economic sectors, most notably renewable energy, advanced financial technology, artificial intelligence, the Fourth Industrial Revolution, entrepreneurship and space. Perhaps the achievement of Emirati astronaut Sultan Al Neyadi, the longest space mission in Arab history, is the latest achievement in a series of achievements.” “The successes achieved by the state in this regard.”
He continued: “The UAE government has given great attention to the space sector as it is one of the pillars of its knowledge-based economic model, and over the past years it has formulated pioneering legislation and flexible laws that keep pace with the size of the future aspirations of the space sector in the country.”
Bin Touq pointed out that the Economic Integration Committee will work to support the country’s ambitious goals to be the global center for the new economy, in accordance with the determinants of the “We Are the Emirates 2031” vision, by developing economic legislation and adopting innovative initiatives, in order to give more space to new economic models to support… The country’s gross domestic product and its contribution to providing thousands of job opportunities in general, and the jobs of the future in particular.
Business boom
The committee discussed a number of important topics that will contribute to creating an economic climate that supports business growth and prosperity, and attracts foreign direct investments in all strategic sectors in the country. Among these topics is the proposal submitted by the Department of Economic Development – Abu Dhabi related to linking data on all types of licenses issued by all entities. Local registration in the country and free zones with the National Economic Registry (NER), through two main stages, with the aim of providing proactive services to investors and customers, and enhancing the integration of services, which contributes to increasing customer satisfaction, in addition to improving the effectiveness of operations and automation and accelerating the time required for completion.
The real beneficiary
During its meeting, the committee discussed the main developments regarding the amendments to Cabinet Resolutions No. 58 and 53 regarding regulating beneficial ownership procedures, including the issue related to the imposition of administrative penalties in accordance with the work plan, in addition to reviewing the draft “checklist” policy on business (the blacklist). Which is being prepared by the Ministry of Economy in cooperation with the company registrars in the country, with the aim of establishing a national policy for auditing natural and legal persons when establishing businesses, in order to enhance the flexibility of the system for combating money laundering and combating the financing of terrorism in the country.
Integrative strategy
The committee discussed the national strategy development project on cooperation with economic clusters, which aims to develop an integrated economic strategy between all the emirates of the country, focusing on the productive and marketing aspects, and in a way that contributes to the formation of an effective economic bloc capable of competing locally and globally.
During the meeting, the results of an opinion poll conducted by EMIR in cooperation with the Ministry of Economy regarding the availability of talent in the country were reviewed, which included 216 regional executives in the UAE who represent 13 sectors.
