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Within its ongoing efforts to modernise the federal legislation and advance the UAE's global standing as a leader in regulatory innovation, the General Secretariat of the UAE Cabinet has signed a cooperation agreement with the World Economic Forum, launching the new initiative dubbed the Global Regulatory Innovation Platform.

The platform will serve as an incubator for regulatory innovation worldwide, leverage international efforts in the quest for solutions to emerging challenges, assess the effectiveness of legislative ecosystems to ensure they are future-ready, and enhance international cooperation in agile governance.

The agreement signing was attended by Maryam bint Ahmed Al Hammadi, Minister of State and Secretary General of the UAE Cabinet, and Børge Brende, President and CEO, World Economic Forum.

Al Hammadi said, “Based on our decades-long cooperation relationship, the World Economic Forum is a strategic partner we can rely on. The Forum has closely experienced to what extent our government is efficient and open in its work, and serious about the efforts deployed to realise its future visions and achieve its goals, in all fields.”

She added, “Our government has always been open to adopting the best regulatory practices worldwide, and to sharing knowledge and expertise with other governments. Through establishing the Global Regulatory Innovation Platform, in partnership with the WEF, our government seeks to advance the development of legislative work globally, not just nationally. This is particularly accurate given that our government has accumulated extensive experience in swiftly and effectively updating and developing our legislation and measuring their impact. We have launched, in the last few years, several pioneering legislative projects, such as the UAE-Legislation platform, the Regulations Lab, and the Regulatory Intelligence Ecosystem.”

Al Hammadi added, "The new Global Regulatory Innovation Platform will contribute to showcasing the best legislative strategies and practices worldwide and will provide the latest and most accurate data related to the legislative sector. Consequently, this will contribute to supporting lawmakers and guiding them to achieve effective governance. The new platform will also provide them with tools to conduct assessments of current legislation in their countries and support their readiness for the "Smart Age." Furthermore, the platform will enhance knowledge exchange among legislators, experts, entrepreneurs, civil society, and members of academia by regularly launching specialized global events and initiatives."

"Innovation moves fast — regulation must too,” said Børge Brende, President and CEO, World Economic Forum. “GRIP enables governments to co-create policy frameworks that are agile, anticipatory, and ready for the technologies shaping our future.”

The Global Regulatory Innovation Platform will develop a "Global Regulatory Playbook," which aims to support and guide regulators in achieving effective governance. It will also showcase the best strategies, practices, and case studies that demonstrate how effective regulations and standards contribute to achieving sustainable development, encouraging innovation, and keeping pace with rapid technological development.

The platform project includes the creation of a “Regulatory Future-Readiness Index" to support regulators' readiness for the "Smart Age." Based on stakeholder input, the index will assess legislative frameworks using criteria such as justice, effectiveness, and agility. It will provide stakeholders with a self-assessment tool that enables legislators to evaluate existing legislation and identify necessary reforms. It will also support the adoption of more relevant standards for the future.

The multi-stakeholder collaboration and knowledge sharing platform will connect legislators, legislative stakeholders, and forward-thinking experts to accelerate finding solutions to common challenges, access the latest and best global practices in the sector, collaborate on pilot projects, and establish simplified and consistent regulations that facilitate the work of companies and entrepreneurs and support investment in various countries around the world.

Enhancing the expertise of regulatory bodies in various countries and advancing their capabilities, to effectively design and manage regulatory sandboxes or other innovations, is one of the platform's core areas of focus. Therefore, the platform will launch the "Global Regulatory Intelligence Hub," which will showcase insights and best practices and bolster governments' regulatory capabilities by organising discussion sessions and workshops that showcase expertise and solutions, encouraging governments to accelerate legislative innovation.

To leverage the World Economic Forum's expertise in organising meetings and conferences, the Platform will launch the "Regulatory Innovation Dialogues" initiative, bringing together regulators, legislative bodies, sector leaders, legal experts, civil society, and members of academia to address legislative challenges in the “Smart Age”. These dialogues will contribute to the formulation of a guide to action and a future-readiness index.