MoE, ICA team up to enhance investor confidence in the UAE

The Ministry of the Economy (MoE) signed a partnership agreement with the International Compliance Association (ICA) to implement a specialised training programme on anti-money laundering for the Ministry employees and private sector businesses, especially Designated Non-Financial Businesses and Professions (DNFBPs), starting January 2024.

The agreement aligns with the UAE’s efforts to promote awareness of the culture of compliance within the private sector and the importance of combatting money laundering and terrorism financing.

The agreement was signed by Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and Pekka Dare, President of ICA.

Al Saleh said, “The UAE has made great strides in the development of an integrated and robust system for countering money-laundering crimes, combating terrorism financing and the proliferation of armaments as a strategic national priority, in line with its AML/CFT legislation, the requirements put in place to counter the proliferation of armaments, and the standards issued by the Financial Action Task Force (FATF).”

He added that the agreement further aims to develop sectors’ performance at the national and international levels in line with global best practices, creating a business environment free of illegal practices, enhancing investor confidence in the UAE’s overall investment climate, and enabling better financial procedures and creating a business environment free from any illegal practices.

The ICA President expressed his pleasure at signing the agreement with the Ministry of Economy, emphasising the importance of cooperation and coordination in preparing an effective training programme. All training programme activities will be carried out in coordination between the Association and the Ministry’s working group.

The agreement includes providing specialised, Certified training programmes for those operating in the DNFBP sector on the foundations and mechanisms of AML/CFT. Participants will obtain specialised professional certificates from ICA.

The Ministry explained that the training sessions will be offered virtually through its ‘Continuous Learning Academy’ platform by linking it to the ICA training programmes window according to a specific schedule, which is being developed.

Meanwhile the Ministry of Economy (MoEc) organised a ceremony in September to honour the first batch of ‘Thabat’ family business programme in Dubai.

In his speech, Abdullah Bin Touq Al Marri, Minister of Economy, said, “Thanks to the visionary leadership, the UAE has placed great importance on enhancing the growth of family businesses, as they are a major contributor to supporting the competitiveness and sustainability of the national economy. In this regard, MoEc has been keen to build an integrated and advanced system for family businesses in the country in accordance with global best practices.”

“The Ministry worked in collaboration with its partners at the local and global levels to provide all enablers to ensure the continuity of family businesses across successive generations. Our joint efforts also enabled them to keep pace with future business trends. The first comprehensive legislation for the governance of family businesses was issued, with the aim of creating a suitable legislative environment for their growth in the country. On top of that, the ‘Thabat’ programme was launched to enhance the UAE’s regional leadership in hosting and developing a competitive environment for family businesses in new economy sectors.”

“The ‘Thabat’ programme is a key incentive to enhance the capabilities of the UAE’s family businesses, enabling them to transition to new economic sectors. It supports their expansion into foreign markets, especially since the top two projects created by the participating companies are based on healthcare technology and modern digital solutions. These fields are among those pillars that support the UAE’s new economic model based on flexibility and innovation. We look forward to enhancing cooperation with our partners to encourage more family businesses to join this programme and benefit from its advantages and transformative potential. The second batch - ‘Thabat2.0’ - targets family businesses operating in many sectors of the new economy,” he added.

Bin Touq felicitated the top two projects from the programme’s inaugural batch, namely, ‘Apterra’ developed by the Al Serkal family and ‘Nutralis’, digital platform project by the Al Yusuf family.

Al Nuaimi underlined the Ministry’s new vision for 2023-2026, which includes expanding the scope of ‘Thabat’ for upcoming batches over the next three years. As part of these changes, financing opportunities will be offered to family businesses that complete the programme to support their business growth. Two batches will be accommodated annually, with 7 to 10 companies per batch. In addition, participation will also be open for family businesses from overseas to develop projects and products in order to enter the UAE market by 2025, establishing the UAE as the region’s family business hub.