Abu dhabi: The Economic Integration Committee convened a crucial meeting under the leadership of Abdulla bin Touq Al Marri, Minister of Economy and Tourism, to evaluate national initiatives designed to strengthen the country's legislative framework against money laundering and terrorism financing (AML/CFT). The meeting aimed to boost investor and business confidence in the UAE's economic landscape by aligning with global standards.
According to Emirates News Agency, the meeting assembled Directors General from various economic development departments across the UAE. The Committee assessed the progress on recommendations made in previous meetings, focusing on enhancing retail outlet oversight, improving monitoring and inspection mechanisms, and ensuring consumer rights protection. These efforts are pivotal in maintaining market balance and securing the sustainability of the UAE's supply chains.
The Committee also explored national initiatives promoting intellectual property-related activities, aiming to advance the country's IP ecosystem. Al Marri emphasized that these initiatives are part of the UAE's broader commitment to developing a sophisticated digital infrastructure for economic legislation and policies, aligning with global best practices to drive sustainable economic development.
Al Marri highlighted the UAE's launch of an AI-powered regulatory ecosystem alongside the National Programme for Developing Statistics System. These initiatives aim to prepare the national economy for emerging economic sectors, in line with the 'We the UAE 2031' vision. The Committee's meetings serve as a platform for enhancing coordination, aligning national efforts, and fostering expertise exchange to further refine the UAE's economic legislative framework.
The Committee underscored the importance of corporate governance frameworks in enabling businesses to efficiently conduct various economic activities. Discussions centered on improving services for the business community, investors, and stakeholders, while reinforcing the UAE's position as a global business hub. The Committee also addressed the need for regular oversight of market developments and essential commodity prices, adopting proactive measures to address supply chain challenges.
Furthermore, the Committee reviewed the work of a team monitoring essential commodity prices, comprising representatives from the Ministry of Economy and Tourism, economic development departments, and relevant entities. This team is developing an integrated framework for commodity price monitoring, aiming to support market stability and informed decision-making through accurate data and analysis.
A presentation by the Ministry of Economy and Tourism highlighted the regulation of finance lease activities for legal entities not overseen by the Central Bank of the UAE. The presentation underscored the role of finance lease in supporting SMEs by facilitating equipment acquisition without substantial upfront investment, thereby diversifying financing sources and attracting global leasing firms to the UAE.
The Committee reiterated its support for key sectors, including industry, logistics, healthcare, and technology, showcasing examples of assets eligible for finance lease arrangements. These assets include trucks, aircraft, IT systems, industrial and medical equipment, production lines, and construction and energy equipment.