He said these developments have supported the country’s economic performance, with non-oil GDP growing by 6.8% in 2025. The UAE also ranked first globally in economic performance and retained its regional lead for the tenth consecutive year, according to the IMD 2026 World Competitiveness Yearbook.
Support for local companies
The committee also reviewed ways to help national companies expand into intellectual property activities, with particular focus on about 9,500 firms enrolled in the National Programme for Small and Medium Enterprises.
The aim is to help these companies turn innovations and inventions into economic assets that can generate long-term value and returns. The committee also discussed improving access to the Ministry of Economy and Tourism’s AI-powered intellectual property services.
The move is part of a broader push to strengthen the UAE’s intellectual property framework and support new areas of economic growth, especially among local businesses and SMEs.
High-value transactions
The committee also discussed stronger coordination between federal and local authorities on the governance of high-value monetary transactions between commercial entities in the UAE.
The objective is to reinforce financial compliance, support transparency and maintain smooth transactions across business sectors.
Bin Touq said, “The meeting is another step in addressing a range of topics and initiatives aimed at facilitating business and economic activities in the UAE, regulating monetary transactions between commercial enterprises, reinforcing financial compliance, and enhancing the national intellectual property framework.”
The committee said work will continue to improve the UAE’s economic legislative environment in line with the goals of the “We the UAE 2031” vision, which seeks to position the country first globally in developing proactive legislation for new economic sectors.
Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series.
Her reporting has taken her from breaking spot news to long-form features and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, IMF’s Jihad Azour, and a long list of CEOs, regulators, and founders who are reshaping the region’s economy.
An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which probably explains her weakness for data, context, and a good follow-up question.
When she is away from her keyboard (AFK), you are most likely to find her at the gym with an Eminem playlist, bingeing One Piece, or exploring games on her PS5.
