The UAE launches a project to modernize the country's economic policies

 The UAE Ministry of Economy launched a project to develop and modernize the country's economic policies in accordance with the best international standards, in cooperation with the Organization for Economic Cooperation and Development (OECD).

The project comes within the framework of strengthening the UAE's efforts in developing the economic and investment legislative environment, and supporting the competitiveness and sustainability of the national economy.

This came during a workshop organized by the ministry in Dubai, in the presence of Abdullah bin Touq Al-Marri, Minister of Economy, according to a press release. Abdullah bin Touq said that the economic work in the country witnessed an exceptional phase of activity, momentum and concerted national efforts, which contributed to increasing the growth rates of the domestic product of the national economy, and consolidating the UAE's position as a global center for investment and trade.

He pointed out that the economic policy development project will enhance the flexibility and competitiveness of the business and investment environment, and support the strength of the legislative structure through the integration of economic policies in the country, thus contributing to strengthening the UAE's leadership on the global trade and investment map.

The project includes the development and modernization of 5 economic policies, including investment, competition, family business governance, entrepreneurship, small and medium enterprises, and regulatory frameworks for product markets.

These policies aim to promote diversification of the national economy, consolidate the strength of the country's infrastructure and legislation, and support its attractiveness to domestic and foreign investments. The project contributes to strengthening cooperation with the Organization for Economic Cooperation and Development, and supports the country's efforts to shift towards its new economic model.

During the workshop, Badriya Al-Maidour, Assistant Undersecretary of the Ministry of Economy for the Support Services Sector, reviewed the achievements made by the UAE in economic sectors and fields, most notably the unprecedented growth of 8.5% of GDP at constant state prices during the first half of 2022.

The outputs of the workshop included an agreement to establish a joint working committee between the Ministry of Economy and the Organization for Economic Cooperation and Development to follow up and supervise the development of policies for the project. The country is a member of the Global Forum for Transparency and Exchange of Information for Tax Purposes, which is part of the initiatives of the Organization for Economic Co-operation and Development.