Latest news with #EconomicIntegrationCommittee
Zawya
16-07-2025
- Business
- Zawya
Economic Integration Committee reviews digital integration of National Economic Register and strengthening of UAE's financial and legislative compliance framework
Abu Dhabi: The Economic Integration Committee held its fifth meeting of 2025, chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, along with H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and directors general of economic development departments from all seven emirates. The meeting reviewed progress on enhancing the UAE's regulatory and legislative environment, including the digital integration of the National Economic Register (NER), strengthening compliance among registration authorities, advancing collective management of music copyright, and implementing priority initiatives to prepare for the 2027 FATF mutual evaluation. H.E. Bin Touq emphasized that the Economic Integration Committee holds regular meetings to coordinate efforts and strengthen institutional integration among the UAE's economic entities. These efforts support the development of compliance and control tools, safeguard the nation's economic reputation and international standing, enhance competitiveness, and position the UAE as a global leader in proactive legislation for emerging economic sectors, in line with the 'We the UAE 2031' vision. H.E. said: 'The UAE achieved a significant milestone by being removed from the European Parliament's high-risk third country list, reflecting the efficiency of its regulatory ecosystem and its full adherence to the highest international standards of anti-money laundering and countering the financing of terrorism (AML/CFT). This achievement further strengthens the UAE's reputation as a trusted and reliable global economic hub.' H.E. added: 'This achievement is the result of sustained institutional efforts by all federal and local entities, enhancing confidence in the national business environment, facilitating financial and commercial transactions with European institutions, and opening up greater partnership and investment opportunities with major global markets.' Enhancing digital integration of National Economic Register The Committee reviewed progress on the full digital integration between local licensing authorities and the National Economic Register. A significant number of registrants across the UAE are already integrated, with accurate beneficial ownership data captured, including for complex structures in line with FATF requirements. The system has also been enhanced to cover additional legal arrangements and provide regulatory entities with real-time, accurate data access. Development of the regulatory and legislative framework for music copyright The meeting also reviewed progress on strengthening the regulatory framework for collective management of music copyrights, in cooperation with the World Intellectual Property Organization (WIPO). This includes establishing a national task force with representatives from economic, cultural, and media entities, and engaging with local economic development departments to incorporate compliance standards into licensing conditions, thereby protecting authors' rights and promoting fair-use practices. The Committee further reaffirmed its commitment to monitoring national efforts to enhance the financial and legislative compliance framework. These efforts aim to foster a safe, transparent, and investment-friendly economic environment, support national entrepreneurship, and improve the UAE's standing in international indices, aligned with the 'We the UAE 2031' vision for global leadership in economic legislation.
Zawya
18-04-2025
- Business
- Zawya
Economic Integration Committee reviews latest developments in the enhancement of economic legislation
Latest meeting chaired by H.E. Bin Touq evaluates progress made by the UAE Circular Economy Council Abu Dhabi: The Economic Integration Committee held its third meeting for the year 2025, chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy. It was attended by H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, along with the directors general of the Economic Development Departments across the UAE. The meeting reviewed the latest developments in the advancement of several economic laws and their significance in enhancing the competitiveness of the UAE's business environment and supporting its transition towards a new economic model based on knowledge and innovation. Additionally, it assessed the progress made by the Committee in implementing the outcomes and recommendations from the second meeting of 2025. H.E. Bin Touq stated that the UAE, thanks to the directives of its wise leadership, has made significant strides in building an advanced economic legislative framework characterized by flexibility and stability. This ensures an ideal and attractive economic environment for investors, entrepreneurs, and business owners from around the world, boosting national economic growth. In this context, His Excellency highlighted the key role played by the Economic Integration Committee in continually enhancing the UAE's economic legislation and policies, adopting innovative national initiatives, and enhancing cooperation and coordination with partners at both federal and local levels. These efforts have ensured greater alignment and coherence across the country's legislative and regulatory landscape, given that the UAE has introduced over 30 economic laws and resolutions in the past four years. The Minister of Economy said: 'The UAE is ushering in a new phase focused on strengthening the competitiveness of its legislative environment in line with global best practices. This follows the Cabinet's approval of an integrated smart legislative system to guide the development of legislation and regulations across the UAE Government. Powered by artificial intelligence and advanced digital solutions, the system has enhanced the Committee's capabilities in proposing and developing economic legislation and policies, assessing their real-time impact on the business community, and streamlining coordination with relevant stakeholders in the country.' His Excellency explained that the new system will play a key role in achieving the national target outlined in the 'We the UAE 2031' vision, which is to make the UAE the first globally in developing proactive legislation for new economic sectors by the next decade. Other topics discussed by the Committee include developments in the legislative and executive framework for regulating and protecting competition in the UAE. Emphasis was placed on the importance of organizing workshops and seminars in collaboration with relevant local entities to raise awareness on the importance of enforcing competition laws and policies across various economic sectors and preventing monopolistic practices. These efforts are aimed at achieving economic balance in the market and protecting consumer rights. Furthermore, the latest Committee meeting reviewed the progress made by the UAE Circular Economy Council so far, most notably the adoption of 22 circular economy policies across four main sectors: manufacturing, food, infrastructure, and transport. It also includes the establishment of the Circular Economy Policy Committee and the formation of partnerships with the UAE private sector to drive growth in sustainable technologies, clean energy, and waste management. The Committee reiterated its commitment to ensuring the effective implementation of these policies and accelerating the transition to a circular economy model, which will help secure a more prosperous future for current and future generations while advancing the nation's vision to become the world's most prosperous society by the next decade.
