The World Economic Forum and UAE Ink MOU to Introduce "GRIP"

A Memorandum of Understanding (MoU) has been signed by the World Economic Forum and the Government of the United Arab Emirates (UAE) to create the Global Regulatory Innovation Platform (GRIP).

At the World Economic Forum's 55th Annual Meeting, which took place in Davos, Switzerland, this historic agreement was declared.

In an era of rapid technological and digital advancement, the platform seeks to analyze, evaluate, and develop human-centered legislation that effectively serves communities. By giving stakeholders access to state-of-the-art instruments and techniques to evaluate the preparedness and efficacy of legislative frameworks, it will foster a climate that is conducive to regulatory innovation.

GRIP also aims to foster global cooperation on adaptable governance models in order to handle upcoming opportunities and challenges.

"The collaboration with the World Economic Forum to create and launch the Global Regulatory Innovation Platform reflects the vision and directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai," stated Maryam bint Ahmed Al Hammadi, UAE Minister of State and Secretary-General of the Cabinet. This program supports international efforts to achieve comprehensive and sustainable development, promoting stability, prosperity, and well-being for all communities while reaffirming the UAE's position as a major regional and global center for international cooperation.

The platform is in line with the UAE's forward-thinking strategy to promote innovation in all fields, especially in legislative frameworks, the UAE Minister of State added. By updating more than 80% of its national laws in recent years, the UAE has achieved an unparalleled milestone that demonstrates its flexibility and forward-thinking nature.

"The introduction of GRIP strengthens the UAE's standing as a global center for businesses, institutions, and international organizations looking for a welcoming and adaptable regulatory environment. Additionally, it establishes the UAE as a hub for knowledge and a forum for exchanging knowledge about innovative legislative advancements," Al Hammadi said.