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Department of Economic Development – Ajman
In partnership with MoE, MOHRE, and FCSC, Ajman DED organized Ramadan Economic Majlis 2024

In partnership with MoE, MOHRE, and FCSC, Ajman DED organized Ramadan Economic Majlis 2024

Wednesday, 27 March 2024

In Al Raqaib Majlis, the Department of Economic Development in Ajman (Ajman DED) organized the 4th edition of the Ramadan Economic Majlis in 2024 under the slogan “Sustainable Economy”. It is an annual event that hosts strategy, policy, and legislation makers in addition to an elite group of specialists and economic experts, in partnership with the Ministry of Economy (MoE), the Ministry of Human Resources and Emiratisation (MOHRE), the Federal Competitiveness and Statistics Centre (FCSC), the Citizens Affairs Office, and the Organizing Committee for the "Ramadan in Ajman" Activities. 

The session discussed vital topics that keep pace with the current situation, including the legislative environment and its impact on supporting the UAE Competitiveness as a global center for the new economy, the intellectual property system and its role in the sustainable economy, the Emiratisation in the private sector, and competitiveness is the language of the new economy. The current session had a remarkable presence of entrepreneurs, investors, and leaders in the Ajman government and community. 

In this regard, H.E. Abdullah Ahmed Al Hamrani, Director General of the Ajman DED, delivered a speech, saying: “The Ramadan Economic Majlis has become a platform for introducing the advanced business environment and the flexible legislation that the UAE has introduced, in light of the objectives of the "50 Projects" and "UAE Centennial 2071", in order to build a strong and sustainable economy based on knowledge and innovation, led by national competencies, as well as its strategy to attract talent and competencies in vital sectors, and consolidate its position as a global economic destination, as well as being a bridge to connect minds to create a more prosperous and sustainable future in a way that achieves the quality of life and well-being of society.” 

Al Hamrani pointed out that the Ajman economy continues its state of momentum and recovery in various sectors. This growth reflects the market prosperity and the development of government services provided to the business sector, due to the Ajman DED has developed many services, initiatives, and projects, which contributed to facilitating the investor’s journey and stimulating business activity. He also praised the strategic partnerships of the Department in order to enhance the competitiveness and sustainability of economic growth and expressed his thanks to the Majlis's guest speakers and attendees who participated in the enrichment and success of the session.

Competitive Legislative Environment

H.E. Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Commercial Control and Governance Sector at the MoE, said: “The MoE has recently worked continuously, in cooperation with its partners of the government and private sectors, to enhance the competitiveness of the business environment in the country and push it towards more flexible levels, through its contribution to updating and introducing legislation in many economic activities and sectors, especially the new economy, in line with the “We the UAE 2031” vision for making the UAE the first place for new economic legislation by the next decade."

Al Shamsi highlighted a group of economic legislation that was enacted recently, the most prominent of which are the laws on “Family Businesses,” “Cooperatives,” “Commerce through Modern Means of Technology”, “Commercial Agencies,” and “Consumer Protection,” in addition to the fundamental amendment to the Commercial Companies Law, which allowed 100% foreign ownership of companies, noting that these legislations contributed to creating a competitive environment for practicing and establishing businesses and economic, commercial, and investment activities in the UAE's seven emirates.

New Intellectual Property System

H.E. Dr. Abdulrahman Hassan Al Muaini, Assistant Undersecretary for Intellectual Property Rights Sector at the MoE, said: “The MoE was keen to develop the intellectual property sector based on the best recognized global practices. As a result, the new intellectual property system was launched last February, which includes 11 integrated initiatives in various fields and applications of intellectual property, aiming to enhance innovation and creativity in the UAE, and provide a competitive environment and a suitable environment for inventors and creators to develop their pioneering ideas and turn them into business opportunities and innovative projects.”

Al Muaini continued: “The intellectual property sector has an increasing growth, as the number of registered trademarks increased in 2023 by 2.9% compared to 2022, and the number of intellectual works increased last year by 29.5% compared to 2022. In terms of patents, the MoE received 3,415 patent applications in 2023 with an increase of 19.5% compared to 2022. The number of patents registered in 2023 reached 5,108 patents with an increase of 13.7% compared to 2022. 

Unprecedented Emiratisation Achievements 

H.E. Farida Abdulla Al Ali, Assistant Undersecretary of National Human Resources Employment, confirmed that Emiratisation in the private sector has achieved historic and unprecedented achievements in terms of the number of citizens who have joined this vital sector and the quality of jobs due to the policies and decisions taken by the government and the establishment of the "Nafis" program, which was launched in September 2021. The UAE witnessed a remarkable improvement in the UAE human development system and human capital, and the building of effective and fruitful partnerships between the government sector and the private sector, in addition to providing the necessary training and guidance to raise the competitiveness of citizens. 

Al Ali said: “The Emiratisation in the private sector is moving steadily on the path to achieving the vision of our wise leadership and through a strategic partnership between the government and private sectors to enhance the participation of UAE cadres within the workforce in the economic sectors, in light of a national economy characterized by strength and diversity under the leadership and support of Sir H.H. Sheikh Mansour bin Al Nahyan, UAE Vice President, Deputy Prime Minister, Head of the Presidential Court, Chairman of the Board of Directors of the Emirates Competitiveness Council. 

Global Digital Economic Competition

H.E. Mohamed Hassan, Executive Director of the National Statistics and Data Science Sector at FCSC, explained: “In our current era, data plays a decisive role in determining the future of the world countries, and the extent of their ability to compete digitally economically in the global arena. The UAE’s leadership in the field of data and analysis is indispensable for enhancing its global competitiveness and economic development. By using modern technology tools in data analysis, the country will be able to accurately determine the needs of the economic market, including developing innovative products and services that meet its needs in the digital economy sector. The country is taking rapid steps to develop a technological infrastructure with global standards that supports investment in the field of data to enhance competitiveness and achieve sustainable development in the modern digital age.”