The Ministry of Economy and Tourism has launched the second phase of its initiative to enhance the country’s economic policy framework, collaborating with the Organization for Economic Cooperation and Development (OECD). This endeavor aims to adopt best practices and global standards in updating legislation and policies, while also strengthening national efforts to improve the competitiveness of the business environment and support the diversification and growth of the national economy.
This announcement took place during an event held in Dubai, attended by His Excellency Abdullah bin Touq Al Marri, the Minister of Economy and Tourism, and Dr. Maria Hanif Al Qasim, the Assistant Undersecretary for Economic Policy and Studies at the ministry. Representatives from various ministries, federal and local entities, alongside officials from the OECD, participated in the event.
Abdullah bin Touq stated, “Thanks to the guidance of our visionary leadership, the UAE now boasts an advanced and pioneering economic legislative environment that has undergone significant transformations in policies and regulations. Over the past four years, more than 30 economic legislations and decisions have been developed, contributing to the growth of the national economy and creating a competitive and attractive legislative climate for investors and entrepreneurs worldwide. Currently, the UAE is home to over 1.1 million companies and economic institutions.”
In her remarks, Dr. Maria Al Qasim emphasized that the renewed collaboration with the OECD is a vital component in developing proactive and flexible economic policies in the UAE. Furthermore, it aims to empower the private sector and provide a stimulating business environment that supports investors and entrepreneurs, contributing to the establishment of a competitive and sustainable knowledge-based economy, especially amidst the accelerating global transformations.
The second phase focuses on two main pillars: the first is to enhance governance and institutional integration within the country’s tourism system, and to develop data as a crucial aspect of evidence-based policymaking, while also supporting sustainability components in the tourism sector to ensure continuous growth and achieve economic and social impact. The second pillar involves hosting a version of the Business Advisory Council Forum in Dubai before the year’s end, which serves as a key platform for dialogue between the public and private sectors within the OECD’s competitiveness program for the Middle East and North Africa.