Economic Integration Committee Reviews Legislative Efforts for Family Enterprises and Cooperative Societies

Business

Economic Integration Committee Reviews Legislative Efforts for Family Enterprises and Cooperative Societies

The Economic Integration Committee held its fourth meeting of 2024, chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy, and attended by newly appointed Minister of State for Entrepreneurship, H.E. Alia bint Abdulla AlMazrouei, alongside representatives from local economic development departments across the UAE. The Committee welcomed H.E. AlMazrouei, noting her role in advancing efforts to enhance the country's business environment and create diverse economic opportunities for entrepreneurs.

During the meeting, the Committee reviewed the progress of initiatives from the previous session in June, focusing on enhancing the competitiveness of the legislative environment for family enterprises and cooperative societies in the UAE. H.E. Bin Touq emphasized the importance of developing a comprehensive economic legislative framework based on international best practices. The goal is to support the growth of businesses of all sizes, including family companies and cooperatives, encouraging them to explore new economic sectors and strengthen the UAE's position as a global business and investment hub.

"The Economic Integration Committee and local economic development departments are crucial in boosting the UAE's business environment's competitiveness on regional and international levels. Today's discussions centered on improving cooperation among government entities to develop proactive legislation for emerging economic sectors, aligning with the ‘We the UAE 2031’ vision," said H.E. Bin Touq.

H.E. Alia AlMazrouei expressed her enthusiasm for joining the Committee, highlighting its role in shaping legislation and policies for entrepreneurship and startups. The Committee discussed strategies to enhance the operations of family businesses, encouraging their registration in the “Unified Family Businesses Registry” as per Federal Decree-Law No. 37 of 2022. The meeting also emphasized the need for collaboration between the Ministry and other entities to diversify the cooperative sector into areas like education, healthcare, and technology, aiming to increase its GDP contribution to 5% and the number of contributors to 500,000 by 2031.

Additionally, the Committee discussed developing a comprehensive database and statistics for the services sector, aligning with international best practices. They highlighted ongoing efforts to establish a Higher Committee for Trade in Services, chaired by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, including around 15 national entities engaged in the sector.

The meeting concluded with a review of the Ministerial Development Council’s resolutions on enforcing tax compliance among individuals in e-commerce and social media influencers. The Committee underscored the necessity of obtaining a valid commercial license for all commercial activities, regardless of the platform, and commended the national team's efforts in overseeing the implementation of these resolutions