The Ministry of Economic system and Tourism launched the second part of the UAE’s Financial Coverage Growth Undertaking in partnership with the Group for Financial Cooperation and Growth (OECD). The challenge goals to modernize financial insurance policies and laws consistent with international finest practices and requirements, reinforce nationwide efforts to boost the competitiveness of the enterprise surroundings, and help the diversification and development of the nationwide economic system.
The announcement was made throughout an occasion organized by the Ministry in Dubai within the presence of H.E. Abdulla bin Touq Al Marri, Minister of Economic system and Tourism; H.E. Dr. Maria Hanif Al Qassim, Assistant Undersecretary for Insurance policies and Financial Research on the Ministry of Economic system & Tourism. The occasion was additionally attended by representatives from numerous different ministries, federal and native authorities entities, in addition to senior officers from the OECD.
H.E. Bin Touq mentioned: “Because of the directives of our clever management, the UAE right now stands out with a complicated and pioneering financial legislative surroundings that has achieved vital milestones lately. Over the previous 4 years alone, greater than 30 financial legislations and resolutions have been developed, driving nationwide financial development and fostering a aggressive legislative panorama that draws buyers, entrepreneurs, and enterprise homeowners from world wide. Immediately, the nation is residence to over 1.1 million companies and financial establishments.”
His Excellency added in his speech on the occasion: “The launch of the second part of the Coverage Alignment Undertaking displays the UAE’s ongoing nationwide efforts and steadfast dedication to shaping a forward-looking, revolutionary, and sustainable imaginative and prescient for the nation’s financial legislative system. It additionally reinforces our partnerships with main worldwide organizations and establishments on this discipline. Moreover, the challenge helps our nationwide goal of positioning the UAE as the worldwide chief in creating proactive laws for rising financial sectors by the following decade, consistent with the We the UAE 2031 imaginative and prescient.”
Her Excellency Dr. Maria Al Qassim said: “Our renewed collaboration with the OECD is a key driver in formulating proactive and agile financial insurance policies within the UAE, empowering the non-public sector and fostering a dynamic enterprise surroundings that helps buyers and entrepreneurs. This, in flip, contributes to constructing a aggressive, knowledge-based, and sustainable economic system, particularly in gentle of the accelerating international transformations we’re witnessing right now.”
The second part of the challenge is centered round two primary pillars. The primary focuses on enhancing governance and institutional integration throughout the UAE’s tourism ecosystem, alongside the event of strong knowledge programs, which function a cornerstone for evidence-based policymaking. It additionally emphasizes embedding sustainability throughout the tourism sector to make sure sustained development and lasting financial and social affect.
The second pillar includes internet hosting an version of the Enterprise Advisory Board (BAB) Discussion board in Dubai earlier than the tip of the 12 months. This discussion board will function the MENA-OECD Competitiveness Programme’s main platform for dialogue between the private and non-private sectors. The target of this pillar is to advertise regional integration and strengthen non-public sector participation within the policymaking course of, contributing to the event of extra open and aggressive economies throughout the area.
The occasion additionally spotlighted key achievements of the challenge’s first part, notably in aligning the UAE’s financial laws and insurance policies with international finest practices. Varied classes showcased real-world examples of profitable legislative growth throughout numerous financial and funding sectors, explored mechanisms for constructing an built-in financial coverage framework rooted in diversification, effectivity, and transparency, and reviewed the Enterprise Advisory Board’s motion plan to boost public-private sector collaboration. As well as, the classes make clear the UAE’s insurance policies and ongoing efforts to construct a sustainable tourism sector.