The UAE Ministry of Economy collaborated with the Organization for Economic Cooperation and Development (OECD) to host the final forum on the UAE’s Economic Policy Alignment Project, a venture initiated in February 2023.
This project aimed to fortify the competitiveness of the nation’s economic legislative framework. The forum, attended by HE Abdulla bin Touq Al Marri, Minister of Economy, along with representatives from the government, private sector, and a delegation from OECD, focused on reviewing the outcomes and implications of this venture.
HE Abdulla bin Touq Al Marri highlighted the UAE’s progress in developing a competitive and adaptable economic legislative system, aligning with the We the UAE 2031 vision. Emphasising the UAE’s goal to become a global leader in pioneering legislation for new economic sectors, he underscored the importance of aligning the UAE’s economic policies with OECD standards.
This alignment aimed to enhance the nation’s readiness to engage with international and regional institutions and foster a flexible economic model compliant with global standards, encouraging a competitive and sustainable business environment.
Bin Touq also emphasised the project’s contributions toward economic diversification and sustainability, mainly focusing on policies for non-oil economic sectors. He highlighted the notable achievements of the UAE economy in the first half of 2023, including a 3.7% growth in GDP and a 5.9% growth in non-oil GDP.
Reviewing economic policies
The forum delved into the outcomes of the Economic Policy Alignment Project, concentrating on the development of economic policies in four pivotal areas: competition policy, corporate governance policy, entrepreneurship policy, and investment policy. More than 150 representatives from nearly 30 government and private sector entities participated in the initiative over ten months. Workshops and exchanges of expertise evaluated existing legislation, aiming to elevate it to meet global standards, while various delegations and expert visits examined working mechanisms across economic sectors.
Additionally, the forum discussed significant results achieved by the UAE economy, attributing success to strategic policies favouring a new economic model. Initiatives included an amended Commercial Companies Law permitting foreign ownership of companies across all legal forms, fostering a more open investment climate.
The UAE also introduced initiatives and legislation promoting market competition, fortifying capital markets, enhancing corporate governance, and launching programs supporting entrepreneurship and SMEs focusing on innovation and sustainability standards.
