The Economic Integration Committee held its fifth meeting for 2025, chaired by His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Tourism, and His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, with the presence and membership of esteemed directors general from the economic development departments across the seven Emirates.
During the meeting, the committee reviewed updates regarding the enhancement of regulatory and legislative frameworks in the country, which includes the integration of the national economic registry, bolstering regulatory compliance among local registration authorities, and tracking the progress of the collective rights management project in the music sector, along with several priority initiatives that prepare the country for the upcoming mutual evaluation by the Financial Action Task Force (FATF) in 2027.
His Excellency Abdulla bin Touq Al Marri emphasized that the Economic Integration Committee, under the wise guidance of its leadership, continues to coordinate efforts and enhance institutional integration among various economic entities through its regular meetings. This contributes to the development of compliance and regulatory tools, ensuring the country maintains its economic reputation and international standing, while boosting the competitiveness of the national economy and solidifying its position among the leading nations in pioneering proactive legislation that supports emerging economic sectors, aligning with the objectives of the “We are the Emirates 2031” vision for the coming decade.
He stated, “The UAE has achieved a significant milestone by being removed from the European Parliament’s list of high-risk third countries, reflecting the efficiency of its regulatory system and its full compliance with the highest international standards in combating money laundering and terrorism financing, which enhances its status as a global economic hub characterized by trust and credibility.”
He added, “This achievement culminates a long journey of integrated institutional work involving all federal and local entities, directly contributing to increasing confidence in the national business environment, facilitating financial and commercial transactions with European institutions, and expanding partnership and investment opportunities with major global markets.”
Specifically, the committee reviewed the progress of the full digital integration between local licensing authorities and the national economic registry, where a substantial number of registrants across the country have been connected, along with the fulfillment of beneficial ownership data requirements, including complex structures, in accordance with the expectations of the Financial Action Task Force. Furthermore, the system was updated to incorporate additional legal arrangements, providing real-time and accurate data to regulatory bodies.
The committee additionally discussed the latest developments on the regulatory framework for collective rights management in the music sector, in cooperation with the World Intellectual Property Organization (WIPO), monitoring the formation of a national team that includes representatives from economic, cultural, and media entities within the country, and initiating consultations with various economic development departments to incorporate compliance standards into the licensing conditions for relevant activities, thus enhancing copyright protection and solidifying fair use practices for musical works.
The committee reaffirmed its commitment to advancing national efforts aimed at developing the financial and legislative compliance system within the country, creating a safe and transparent economic environment that enhances the UAE’s attractiveness to foreign investments, supports national entrepreneurship, and aids in improving the country’s indicators in related international reports and evaluations, in alignment with the objectives of the “We are the Emirates 2031” vision for achieving global leadership in economic legislation development.