Committee reviews measures to strengthen corporate governance

ABU DHABI: The Economic Integration Committee convened a meeting chaired by Abdulla Bin Touq Al Marri, Minister of Economy and Tourism, to review key national initiatives aimed at strengthening the country’s legislative framework for combating money laundering and the financing of terrorism (AML/CFT) while reinforcing investor and business confidence in the national economy.

The meeting was attended by the Directors General of the UAE’s economic development departments.

The Committee assessed progress on recommendations issued at its previous meeting, including measures to strengthen oversight of retail outlets across markets and enhance monitoring and inspection mechanisms to maintain market balance, protect consumer rights, and ensure the sustainability of the UAE’s supply chains.

Members additionally reviewed national initiatives supporting the growth of intellectual property-related activities and advancing the country’s intellectual property (IP) ecosystem.

Al Marri said, “Under the guidance of our wise leadership, the UAE continues to place significant emphasis on developing an advanced digital infrastructure for economic legislation, policies, and indicators in line with global best practices. These efforts reinforce our sustainable economic development journey. As part of this commitment, the UAE has launched a new AI-powered regulatory ecosystem alongside the National Programme for Developing Statistics System.

"Together, these initiatives enhance the readiness of the national economy and support the country’s ambition to become the global leader in developing proactive legislation for emerging economic sectors, in line with the objectives of the ‘We the UAE 2031’ vision.”

He emphasised that the Committee’s meetings provide an important platform for strengthening coordination and aligning national efforts to develop innovative initiatives and projects, while fostering the exchange of expertise to further enhance the UAE’s economic legislative framework.

These efforts contribute to strengthening the competitiveness of the country’s business environment, enhancing market protection, and preserving market stability and balance.

"We remain committed to improving the efficiency, resilience, and adaptability of the national economy to respond effectively to evolving economic trends, ensuring sustainable economic growth and further reinforcing the UAE’s competitive standing both regionally and globally,” Al Marri added.

The Committee discussed corporate governance frameworks for companies in the UAE and their role in enabling businesses to conduct a diverse range of economic activities more efficiently.

The discussions focused on enhancing the services provided to the business community, investors, and stakeholders in line with global best practices, while improving procedural efficiency and strengthening the UAE’s position as a global hub for business and the economy.

The Committee also reaffirmed the importance of maintaining regular oversight of market developments and essential commodity prices, while adopting proactive measures to address any challenges that could affect supply chains. These efforts are designed to enhance the country’s preparedness, preserve market stability, ensure the uninterrupted availability of essential goods, and further enhance consumer confidence and the competitiveness of the national business environment.

Committee members reviewed the work of the team responsible for monitoring essential commodity prices, comprising representatives from the Ministry of Economy and Tourism, economic development departments, and relevant national entities.

The team continues to develop an integrated framework for monitoring commodity prices and assessing market developments based on transparent criteria and clearly defined standards.

The initiative aims to enhance the effectiveness of essential commodity price monitoring mechanisms, support market stability, and enable informed decision-making through accurate data and analysis.

The meeting also featured a presentation by the Ministry of Economy and Tourism on regulating finance lease activities undertaken by legal persons that are not regulated by the Central Bank of the UAE.

The presentation highlighted the role of finance lease in supporting small and medium-sized enterprises (SMEs) by enabling businesses to acquire equipment without significant upfront capital investment, diversifying financing sources, and attracting global leasing companies to the UAE market.

The Committee further highlighted its role in supporting key sectors, including industry, logistics, healthcare, and technology, while presenting examples of assets eligible for finance lease arrangements. These include trucks, aircraft, IT systems, industrial and medical equipment, production lines, and construction and energy equipment.

WAM