UAE economy is strong, sustainable: Al Mansoori

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UAE economy is strong, sustainable: Al Mansoori
Abu Dhabi

Abu Dhabi - UAE economy continues to see balanced growth, enhancing competitiveness and overcoming obstacles.

By Wam

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Published: Sat 5 Dec 2015, 2:16 PM

Last updated: Sat 5 Dec 2015, 6:57 PM

Sultan Bin Saeed Al Mansoori, the Minister of Economy in the UAE said that the UAE has started reaping the fruits of its economy diversification policy. The policy was successful in moving the economy from its full dependence on a single sector, the oil sector, to depending on multiple sectors and resources.
The national economy has grown exponentially over the past few years of our country's small age. The economy today is driven by its own factors, while its productivity foundation is stronger, resilient and diversified. This comes as a result of the country's diversification policy which has been firmly implemented in line with the guidance of The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, and His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, and under the supervision of His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Their Highnesses, Members of the Federal Supreme Council, and Rulers of the Emirates.
Benefits of economic diversification
The country has leaped in fulfilling requirements to sustaining economic growth in the long term, while securing development gains, and ensuring high standards of welfare to the Emirati people for future generations. This achievement is the result of the forward-looking vision of the late Shaikh Zayed bin Sultan Al Nahyan, the principal driving force behind the formation of the UAE who saw the importance in diversifying the sources of income of our young economy. This vision, crystallized by the guidance of Shaikh Khalifa, has today become a reality.
Al Mansoori said that the indicators to the strength of the national economy are today clear. The UAE is today the second largest Arab economy. The recent report by the International Monetary Fund (IMF) also show that the national economy is growing at a rate twice faster that the Eurozone, an important indicator which not only give a positive outlook on the mere numbers which are estimated by the IMF at 3% for the UAE's growth and at 1.5% for the Eurozone growth, but also show important sustainable strength of the economy amidst the vulnerability and lingering weakness of the global economy.
Al Mansoori said that the national economy occupies today an exceptional position when comparing it to developed economies or economic groupings in the world and this position is of course depended on its fundamentals which are not limited to it being a national self-sufficient economy, or with a strong fiscal and monetary foundation, or with striving non-oil sectors, or a major energy producer, but combine these fundamentals together under one economy, led by a wise ruling, performing economic and monetary policies, with an effective and unlimited openness to the outside, enabling the economy to further progress, improve and gain significant importance in the global economic system in the future.
Pillars of vital economy
The Minister said that indicators and international reports confirm that the Emirati economy is strong, sustainable and dynamic.
This outlook was also presented a few months ago by Shaikh Mohammed. He stressed that the UAE is one of the first oil-producing countries in the world that focused on diversifying its economy away from this sector and looked to expand national investments in a number of other sectors, including infrastructure, trade, tourism, financial and banking services, renewable energy as well as the manufacturing and precision industries. The UAE was able to increase production in these sectors and to rely on these sectors to generate income, stimulate economic growth and generate new jobs.
Figures and indicators
Indicators issued by the Ministry of Economy as well as reports from the Federal Competitiveness and Statistics Authority show that non-oil sectors today contribute to more than two third of the UAE GDP. Al Maktoum's message stated that these sectors have become the main stimulator of the overall economic growth. Growth of the overall economy is at 4.6% while growth in these non-oil sectors have registered a high 8.1% in 2014.
GDP in 2014 reached Dh1,466.9 billion at current prices, while the GDP at constant prices reached Dh1,154.8 billion in 2014. Real GDP growth reached 4.6% in 2014 and is expected to growth in 2015 by 3 to 3.5%.
Non-oil sectors recorded strong growth in GDP at current prices, reached 8.1% in 2014, and the contribution of non-oil sectors in the national economy reached 68.6% of gross domestic product at constant prices in 2014. This contribution is expected to reach 80% in 2021 through intensive investment in the industrial and tourism sectors, air and maritime transportation, import and re-export as well as through supporting activities based on knowledge economy.
Industrial sector
The industrial sector maintains a high contribution rate in the GDP at a share close to 15%, which is expected to increase in the coming years thanks to many economic sectors reaching their targeted objectives, and an expected move of more investments to the industrial sector's diversified offering which continue to develop and grow significantly during the past period.
Al Mansoori said that the invested capital in industrial facilities in the country reached Dh127.3 billion, distributed between 6,041 facilities with a total of 433,939 employees.
Al Mansoori added that the industrial sector is a main driver to the national economy performance, and an important element to overall development and income sources diversification. The sector's contribution to GDP is approximately 14%, a continued increase.

- Al Mansoori: International indicators and reports show a strong and sustainable Emirati economy
- Capital invested in industrial facilities in the country reached Dh127.3 billion, distributed between 6,041 facilities with a total of 433,939 employees
- Private shareholding companies registered in the Ministry of Economy at the end of October 2015 reached 159 companies, with a total paid capital of Dh142 million
- There are 350,000 small to medium business in the UAE, making up 94% of total companies in the country, and employing 86% of the workforce in the private sector
The investment in the industrial sector is expected to double in the next five years, with infrastructure projects development continuing at both the federal and country levels. The UAE is developing a number of projects in integrated industrial zones and others large-scale projects for roads and the establishment of a network of world-class transportation, in addition to cross-federal railway to connect important residential and industrial centers in the country through a safe, cost-effective network, as well as linking ports to create an efficient logistics environment that serves transportation of raw materials, production inputs and products and goods within the local market or for export and import through a network of integrated transportation by land, sea and air movement. The UAE is strategically located to become a commercial and logistics hub for manufactured good.
Al Mansoori affirmed that the Ministry of Economy is adamant to also transfer technology and knowledge to the industrial sector through experience and experiments researched and conducted by developed industrial countries such as South Korea, Germany, the US and other countries. This step will help enhance the UAE's productivity capacity and increase its competitiveness in regional and international markets.
Al Mansoori added that the UAE government has support the sector through the development of advanced infrastructure, law and decrees that encourage investment in the sector, and developing dedicated cities and industrial compounds at the highest international standards which would attract local, regional and international investors. The government has also integrated heavy industries, the aviation industry, car parts industry and the high-tech industry.
He also said that the UAE has succeeded to prove its capabilities in many large industrial sectors such as petrochemicals, aluminum, iron, steel, aeronautical components, construction materials, and others. The country is also currently developing manufacturing sectors and added-value products. Al Mansoori shed light on innovation and creativity which are the drivers to the development of the industrial sector.
Ministry's efforts in anti-dumping measures
The Ministry of Economy continues to place all efforts in the protection of national exports abroad and especially with regard to anti-dumping. Al Mansoori said that the total number of investigations and anti-dumping measures undertaken to protect UAE exports until October 2015 reached 48 cases distributed - 24 dumping and 20 protections against the increase in imports and 4 supports.
The Ministry has stepped up its efforts in anti-dumping and to support UAE exports, a step which has helped end 26 fees and anti-dumping, support and prevention investigation previously filed by 11 countries against the UAE.
Among the anti-dumping and support fees investigations and prevention that have been closed up to October 31, 2015 were cases filed by the European Commission, the United States, Canada, India, Pakistan, Jordan, Egypt, Indonesia, Pakistan, Morocco and Taiwan.
Among the other fees that were terminated during the year 2015 were the countervailing fee against the support that was imposed by the European Commission on the country's exports of polyethylene terephthalate. The European Commission issued on September 29, 2015 a decision to end this fee, and thus ending the investigation or fee against support on UAE exports to foreign markets.
The Ministry is still working on resolving four investigations under consideration in the field of anti-dumping and protection against increasing imports on ceramic products, iron pipes and polyethylene terephthalate filed by Tunisia, the United States, India and Egypt.
The Ministry continues to conduct legal measures following agreements by the World Trade Organization (WTO) on anti-dumping in order to end 18 anti-dumping fees imposed on UAE exports of petrochemical products, iron, aluminum, crystal, gypsum board and rubber by countries including Brazil, the United States, Turkey, Canada, Pakistan, Jordan and Lebanon.
Small businesses sector
Al Mansoori said that small and medium businesses are an ultimate priority to the UAE and play a vital role in promoting growth, implementing the diversification policy, and shifting to a knowledge-based economy driven by creativity and innovation, in an ultimate goal to achieve the UAE 2021 vision.
The Ministry of Economy invests all efforts and capabilities to support this vital sector. Small to medium businesses are significant in supporting the national economy and in increasing competitiveness at regional and international levels.
Al Mansoori added that there are 350,000 small to medium business in the UAE, making up 94% of total companies in the country, and employing 86% of the workforce in the private sector.
These small to medium businesses contribute to 60% of the Emirati GDP excluding the oil sector. The UAE 2021 vision targets to increase this contribution to 70% of the Emirati GDP excluding the oil sector by then.
The Federal Law No. 2 of the year 2014 on small to medium businesses brings a large leap in the sector and its regulations, allowing for a common definition of those businesses, as well as identifying a number of privileges for small to medium-sized national business.
In addition to the Law, the Ministry supports this sector through several steps which include inviting entrepreneurs and small to medium business owners to foreign visits with the Ministry, ensuring participation in international trade exhibitions to help them expand, build partnerships with international companies, promotion of their products and services, and learn from these exhibitions such as the Hanover international Fair in Germany, and the Canton Fair in China.
The Ministry also organizes the annual UAE Forum for Small to Medium Businesses and Innovation, which implement the leadership vision to continuously invest in new and dynamic sectors. The Forum aims to take advantage of international expertise in establishing the right foundation for small and medium businesses, and to create a mutual discussion on challenges and solutions to the sector, led by international experts.
The Ministry is has signed a number of memoranda of understanding between domestic and international entities to enhance the performance of this sector, and increase cooperation between various parties within the state and at the local and federal levels in an aim to facilitate procedures and funding entrepreneurs. Memoranda of understanding were signed with Sharjah's Ruwad Establishment, Dubai's Chamber of Commerce and Industry, the Higher Corporation for Specialized Economic Zones in Abu Dhabi, Dubai Industrial City, and the Authority for Government Human Resources, as well as a number of memorandums of understanding with a number of countries, including Sweden and Jordan.
The Ministry of Economy is working in cooperation with the Emirates Securities and Commodities Authority to launch a secondary market for small and medium businesses especially that the infrastructure allows for the launch of such a market. This would allow these companies to increase capital, access new markets and enhance overall performance. The Ministry had launched in November 2014 trading in the secondary market for trading shares allocated to private companies in the market. A study is being developed to launch s platform for companies that establish from scratch and other small and medium-sized businesses.
Al Mansoori pointed that the federal law for small to medium businesses provides a number of facilities and incentives provided by the federal government. The Council of small and medium businesses as well as national program for small and medium businesses will implement these incentives. The Council develops policies and strategic plans for the development of projects and enterprises, while the national program determines the admission of all companies eligible for federal incentives under the conditions established by the Council and in coordination with all stakeholders. Among the advantages and incentives, the federal authorities are required to contract small to medium businesses, which would represent at least 10% of the total contracts in order to meet their purchasing, service and consultancy. Companies in which the federal government owns no less than 25% commit to contract these small to medium businesses, which would represent at least 5% of the total contracts in order to meet their purchasing, service and consultancy.
Incentives and facilities also include facilitating procedures to reduce licensing fees and the use of land for industrial or agricultural purposes by entrepreneurs, in accordance with the applicable legislation and in coordination with the concerned authorities. Incentives also allow the allocation of space in foreign galleries in which the State participates in to display national products, and the participation in local fairs. The businesses also receive exemption on customs on equipment, raw materials and intermediate goods, by a decision of the Council of Ministers and the competent authorities in the seven Emirates in the UAE and upon recommendation by the Minister of Economy. These businesses are also exempt of bank guarantee on labor employed, according to the regulations for exemption which will be developed by the Council in coordination with the Ministry of Labor.
The law also strengthens the federal framework to support small to medium businesses to be a key supporter of economic development in the country. Small to medium businesses are the main driver of the economy, the most important strategic direction to support the productive structure of the country, and build a strong economic and productivity base while being a pillar to diversification of sources of income and creating job opportunities.
UAE, a major player in world trade
Local and international reports agree that the UAE has become a key player in international trade. Upward indicators of foreign trade reflect the trade openness policy pursued by the UAE to diversify the economy.
Non-oil foreign trade has seen constant development during the period from 2004 to 2014 and enhanced the position of the UAE in world trade. When speaking of the UAE's direct trade, foreign trade has continued to grow at an average 15% annual growth, registering record highs with a three-fold increase. In 2004, foreign trade was valued at Dh287 billion and increase to AED1,072 billion by 2014. Components of foreign trade also developed significantly with non-oil exports increasing from Dh14.6 billion in 2004, a 5% contribution in total non-oil trade, to Dh132.2 billion in 2014, a 12% contribution and 9 times increase. Re-export value also saw a remarkable development from 2004 when it amounted at Dh69.5 billion to reach Dh243.7 billion in 2014. Imports also increase from Dh202.9 billion in 2004 to Dh696.4 billion in 2014.
Foreign trade in free trade zones operating in the UAE increased as well from Dh286.5 billion in 2009 to Dh560 billion in 2014.
Non-oil foreign trade including free trade zones crossed the AED1,600 billion. The value is expected to reach record highs in the coming period thanks to the wise leadership's interest in developing the economic sectors, including the commercial sector and providing fertile ground for Emirati industries allocated for export through contract agreements, partnerships the promotion of Emirati products, and the launch of the national initiative for the development of exports since the beginning of this year, and other initiatives.
According to official data and statistics, UAE's non-oil trade amounted to Dh4.876 trillion between 2010 and 2014, divided between Dh3.137 trillion for the value of the country's imports from various countries during the five-year period and Dh647.02 billion in non-oil exports. The value of re-exported goods reached Dh 1.091 trillion, significantly reducing the trade deficit gap.
The continuous increase in foreign trade value in the UAE over the five-year period between 2010 and 2014 reflect the policy of trade openness in an aim to diversify the economy.
Exchange growth
The commercial exchange has also seen growth in the last five years, with non-oil commercial exchange increasing from Dh754.4 billion in 2010 to Dh927.6 billion in 2011, to Dh1.055.9 trillion in 2012, to Dh1.065.5 trillion in 2013, and more to Dh1.072.4 trillion in 2014.
According to those statistics, the value of exchange with the other countries increased by 0.7% in 2014 compared to 2013, by 0.9% in 2013 compared to 2012, by 13.8% in 2012 compared to 2011, and by 23% in 2011 compared to 2010. The main driver to the increase as per the National Center for Statistics is the increase of non-oil exchange. UAE's commercial exchange to GDP ratio is considered among high ratios in comparison to countries with similar economic fundamentals.
The country's imports index during the five years mentioned rose from AED485.4 billion in 2010 to AED602.8 billion in 2011 and then to Dh667.5 billion in 2012, to Dh685.1 billion in 2013 and continued to rise to Dh696.4 billion dirhams last year.
Non-oil exports value increased during the past five years as well, from Dh83.1 billion in 2010 to Dh114 billion in 2011 and then to Dh169.7 billion in 2012 to fall to Dh148.2 billion in 2013 and then to Dh132.2 billion in 2014.
Re-export trade registered consecutive increases in value between 2010 and 2014 to increase the value of re-exports from the UAE to the rest of the world from Dh185.9 billion in 2010 to Dh210.8 billion in 2011 and then to Dh218.6 billion in 2012, to climb to Dh232.2 billion in 2013 and again to Dh243.7 billion in 2014.
UAE markets are considered competitive at regional and global levels in terms of goods diversification in making available the latest international brands and the latest information technology by encouraging the establishment of international exhibitions in all sectors.
UAE is considered a gateway for the launch of new products from international brands by adopting the largest and most famous exhibitions and international events in various fields, especially in technology, automotive and real estate, where many large companies and the world's leading producers launch their products in the region and the world markets through the UAE.
The UAE maintained its advanced position in the world trade map and came in the 16th ranking in the list of commodity exporting countries. The country also maintained its position as the most important market for exports of commodities in the Middle East and African countries. The UAE advanced one placed in commodity imports coming in at 19 among countries importing goods. It also maintained its position as the most important market for exports and imports of goods in the Middle East, North African countries and Arab countries, according to World Trade report for 2015.
Attracting foreign investments
Cumulative value of direct foreign investment in the UAE crosses Dh115 billion by year end 2014, and is expected to increase to Dh126 billion by year end 2015.
The UAE gained the first position among Arab countries and 22nd worldwide in the global investment index for 2015 thanks to the ability of its sectors to attract foreign investment.
The country continues to enhance its attractiveness to foreign investments through the development of the legislative environment and processes that make it more attractive in light of the development and growth of the local economy in an aim to increase the value of foreign investments in the UAE to represent 5% of GDP by 2021.
- The Ministry launched a series of initiatives to implement the policy of excellence through measures that uphold highest level in employee performance and create ideal work environments
- Nationalization of leading positions reached a 100% rate, while it crossed the 90% rate in general
- The Consumer Protection Division received 14,336 complaints from the beginning of the year until the month of November
- The Ministry has fully transferred its priority services to smart systems to serve individuals, business owners and companies
The Ministry of Economy adopted initiatives to introduce and promote the attractiveness of the UAE to foreign investments through the annual Investment Forum held under the patronage of Shaikh Mohammed. The Forum is a platform in which many countries participate, and functions include conferences, workshops and presentations by investment experts, in addition to networking and bilateral meetings in order to highlight the investment opportunities in the UAE.
The Ministry of Economy issued a number of publications to highlight investment opportunities in the UAE. These publications were issued in various languages to offer investors important information and data to learn about the investment environment and work procedures in the UAE, in addition to presenting the promising economic sectors. Some publications include the "Why the UAE", the imports and exports guide, the "Investor's Guide and Procedures Manual and Fees", and a bulletin on major companies operating in the UAE, as well as promotional films comprising "See the Future", "The UAE, land of innovation, and the "Seven Pearls".
The Ministry of Economy has also organized a number of foreign participation annually. These include official visits, and participations in global exhibitions and forums, and more, aiming to open channels of communication with other countries, especially those with promising investment opportunities and economic openness.
The Ministry also often receives official delegations visiting the State to learn more of investment opportunities and environment by showing economic opportunities, advantages to investors as well as visiting parties and large projects to give investor a look into the opportunities.
Al Mansoori said that the Ministry of Economy works to enhance the investment and commercial environment through the implementation of companies' law that would provide a competitive and safe investment environment, while securing investors rights and persons of interest. Private shareholding companies registered at the Ministry of Economy at the end of October 2015 reached 159 company, with a total paid capital of Dh142 million.
Legislative environment
Engineer Sultan Bin Saeed Al Mansoori stressed that the Ministry and parties involved in the Federal Government are committed to the development of the economic regulatory environment in line with the vision of the wise leadership of Shaikh Khalifa, and Shaikh Mohammed. The aim is to raise the level of competitiveness and achieve one of the main objectives on the National Agenda: to reach tenth place on the global competitiveness index.
Al Mansoori added that the UAE also targets to reach first place worldwide in the easy of doing business index, in an aim to build a knowledge-based economy as per the UAE 2021 vision.
He pointed out that the way to achieve those goals is very important and passed by a number of vital elements led by the development of the legislative environment and economic and legal structure, adding that the UAE's legislation preceded other countries in the region by stages, however still required further development to make the business environment and investment climate in the UAE the most attractive regionally and globally.
Al Mansoori added the Ministry of Economy is working today in coordination with the Ministry of Justice and the Federal National Council to issue a set of legislations, laws and amendments to some existing laws so as to ensure continuity outweigh the legislative environment for an attracting country. He pointed to a number of laws currently under study, others in their final stages, a draft federal law on foreign investment, the draft federal law on commercial fraud, the draft federal law on arbitration, the draft federal law on anti-dumping, countervailing measures and prevention, a federal law amending the Federal Law No. (17) of 2002 on the organization and the protection of industrial property patents and industrial designs, the draft federal law to amend certain provisions of the Federal Law No. (1) of 1979 on the organization of the industry, the draft federal law on the rules of origin and certificates of origin of national products, and the bill protecting trade secrets.
He pointed out that the new foreign investment law is one of the most important projects that the Ministry is working on completing. The law, if passed, would allow more guarantees, benefits and incentives for foreign investors, as investor rights, duties and obligations will be determined in a fair and equitable way, as well as it would represent a new element joining the system promoting confidence in the investment environment in the country.
The new federal law for foreign direct investment includes allowing a 49% foreign ownership share in some of the activities and sectors outside the free trade zones subject to approval by the Cabinet of Ministers. Sectors covered by the law will be determined by the Council based on a study on the impact of allowing foreigners to fully or partially own, the impact of this sector impact on the nationalization of expertise and the promotion of innovation to the benefit of the national economy.
Al Mansoori hailed the laws that were implemented since last year and until today, including Law No. (2) of 2015 on companies, and the Federal Law No. (2) of 2014 on small to medium businesses.
Commercial controls and auditing
Al Mansoori said that commercial control management is a vital arm in anti-fraud measures in all markets, in preventing sale of counterfeit goods to preserve intellectual property rights and in preventing goods violating local laws, beliefs and values from entering the country. He added that the Consumer Protection Division has organized around 5,022 inspection rounds and issued 441 violations. The Division also launched awareness campaigns and held workshops in consumer and retailer rights.
Al Mansoori added that the Ministry of Economy is aware of the critical importance of the accounting sector and its direct impact on economic development, the business and investment environment. Accounting allows for financial and management auditing of firms, which ensures companies act responsibility when presenting their financial results in accordance with international accounting standards, the Memorandum of Association, Statutes and corporate internal regulations. Therefore, the country achieves one of its goals to ensure an environment that guarantees shareholders rights in all aspects. Given the magnitude of the financial liquidity invested in various economic sectors in the country, both in private companies and in the financial market, the Ministry invests heavily in the profession and its nationalization.
He also said that the number of auditors registered at the Ministry have reached 751 auditors, 461 of them are from the UAE. Auditing companies registered at the Ministry have reached 85 local companies, while international auditing firms operate 11 branches in the UAE, four of which are English companies. The Ministry follows and supervises work completed by auditing firms and offices in accordance to the auditing law to ensure firms abide by auditing standards.
Consumer rights protection
The Ministry of Economy gives the utmost importance to protect consumers by ensuring the consumer rights law is implemented by conducting programs and abiding by policies that drive the stability of essential commodity prices and maintain market balance in order to maintain inflation of prices at an acceptable level. The Ministry of Economy has therefore signed partnerships with cooperative societies, supermarkets, and media channels to raise awareness and rationalize consumption in order to effectively keep inflation index prices of basic consumer goods within acceptable limits.
Al Mansoori added that the Supreme Committee for Consumer Protection held since the beginning of the year until November 2015 three meetings, and will hold a fourth meeting in December 2015. During these meetings, decisions and recommendations of interest to the consumer were taken. These decisions and recommendations included giving a time limit not exceeding two years to implement the use of Arabic language in bills and call centers, to approve the extension of car maintenance from 5 to 10 thousand km, to approve becoming a member of the International Consumer Protection and Enforcement (ICPEN) protection, to approve specifications for painting cars, for car dealers to add a unified article ensuring cars sold are free from paint and other defects, to drop surcharges imposed by some fuel stations when using credit cards, to address the Specifications and Standards Authority for the development of a mechanism to monitor petroleum products so as to ensure they are free from impurities.
The number of complaints received by the Consumer Protection since the beginning of the year up until November 2015, either through the call center or direct complaint reached 14,336 complaints.
The number of inspections carried out reached 258 rounds, and the number of meetings held with retail outlets reached 19 meetings. The Consumer Protection Division launches a number of initiatives, including price-fixing initiative, Ramadan basket, an electronic awareness campaign in retail outlets. The Division also carried out awareness campaigns including the Gulf on consumer protection campaign, the Ramadan campaigns and others.
Arab and international economic relations
The Ministry of Economy continued to play a vital role in strengthening economic relations with the Gulf, Arab and international partners so as to enhance the country's position on the regional and international economy roadmap.
The Ministry held 25 meeting from the beginning of the year until November 2015. These were held for economic and trade affairs with the Gulf Cooperation Council and the Arab League.
The number of joint economic committees organized by the Ministry of Economy reached eight committees partnered with Uzbekistan, Germany, Spain, Poland, New Zealand, Italy, UK and Slovakia. These committees signed cooperation memorandums and agreements to enhance and promote economic relations, trade and investment, and raise awareness on the investment environment and opportunities in the UAE thanks to its strategic location, modern and sophisticated ports, immense airports and infrastructure, modern transportation network and tens of free trade zones with opportunities and incentives for foreign investors.
The Ministry of Economy organized official visits to a Jordan, Hungary, Slovenia, Japan, China, Canada, Sweden and other countries to explore new cooperation opportunities with those countries which resulted in the development of bilateral relations to advanced levels.
The Ministry also adopted a procedure to monitor the development of bilateral relations at the level of high ranked government officials and in private and public companies.
Intellectual property protection
The Minister of Economy stressed that the UAE has placed the protection of intellectual property at the forefront of its strategy to building a competitive knowledge-based economy in line with the UAE 2021 vision.
He explained that the UAE protects intellectual property through a legislative and legal sophisticated and dynamic framework, a legislation to protect intellectual property and to address counterfeiting operations, which exceed international requirements in this regard, and most importantly the TRIPS agreement approved by the WTO as a document of international protection of intellectual property rights.
He added that the UAE is considered by international communities and relevant organizations, a role model in the field of intellectual property protection especially that the Emirati law is one of the strongest laws in this area in addition to the strong enforcement of the law.
Al Mansoori pointed out that the Ministry also protects the intellectual property of innovators and creators, to which it has received since 1994 and until the end of 2014 15,497 requests for patent. In 2015 up until November 2, 2015, 1,459 requests were submitted.


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