Bin Touq: The UAE has made significant progress in creating a favourable economic legislative environment. The Committee plays a significant role in bolstering the UAE's vision to shift towards a new economic model.
Abu Dhabi, 4 June 2024: The Economic Integration Committee held its third meeting of 2024 under the chairmanship of H.E. Abdulla bin Touq Al Marri, Minister of Economy, and with the presence and membership of H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The meeting was attended by representatives of local economic development departments from all emirates.
The Committee reviewed the progress on the implementation of its previous meeting's agenda in March, discussing several important topics. One key area of focus was the significance of bolstering national efforts to enhance trademark registration in the UAE in line with global best practices.
H.E. Abdulla bin Touq, Minister of Economy, said: “In accordance with the directives of our wise leadership, the UAE has taken significant strides towards fostering an exemplary legislative and economic framework, adhering to the highest global standards. This advancement is evident in the implementation and refinement of diverse policies and regulations across vital economic sectors, particularly those pertaining to emerging sectors like technology, innovation, intellectual property, and trademarks. Notably, the UAE has been named as the premier global destination for initiating and conducting new economic ventures, according to the 2024 Global Entrepreneurship Monitor (GEM) report. This recognition resonates with the objectives outlined in the 'We the UAE 2031' vision, which seeks to position the UAE as a compelling and influential economic hub within the next decade.”
Bin Touq underlined how important it is for the Economic Integration Committee and local economic development departments to support national efforts to improve and update competitive and flexible economic laws and policies. This is playing a vital role in supporting the UAE’s vision of transitioning to a knowledge-based and innovative new economic model. Additionally, it will contribute to attracting foreign direct investments and instilling confidence in investors, businessmen, and capital owners within the national economy.
During the meeting, Bin Touq emphasized the significant indicators of economic growth achieved by the UAE under the vision and guidance of the wise leadership in 2023. These accomplishments 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, the UAE has been ranked the first in the region and the 18th 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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