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 Terms and Abbreviations

Term

Description

UAE

United Arab Emirates

President

President of the United Arab Emirates

The Ministry

Ministry of Economy

Knowledge Economy

The type of economy that focuses primarily on the use of knowledge-intensive activities in various fields by taking advantage of the latest information and techniques available, in order to find and produce the best products, services and solutions that keep pace with the times.

Economic Diversification

The ability of a country to depend on different income sources, without limit themselves to one source. Like the ability of the UAE to not depends on the oil source only, but to diversify their exports and investments.

Innovation

Is to bring new or innovative ideas or methods to products or services that already exist in the reality, in order to present them differently and meeting with the market requirements. Also new solutions that help the government to attract more investments into the country can considred as a type of innovation.

Trade Exchange

The process where one country sends their exports from goods and services to another country, in exchange to get number of imports, which usually based from a trade agreement between two countries.

Small and Medium Enterprises (SME)

The enterprises that consider small and medium based from different factors: number of employees, annual sales or revenues, asset. The criteria for considering the enterprise small and medium may vary from one country to another

Start-ups

Companies that are still in the early stages of starting their business and usually focusing on an innovative product or service that is expected to have a large demand in the market. These companies face many difficulties, especially in financial terms, for that reason they are funded by investors who believes in what the company's offer of useful and innovative goods or services to the community.

Entrepreneurship

It is a process that carried out by the company or a person to choose a particular idea and turn it into a business with the provision of the necessary resources, along with any of its risks in order to make a profit.

Digital Economy

The economy that relies mainly on the advanced technologies of digital computing, and we can considerd the economic activities that carried out by using technology over the Internet within the digital economy, helping to increase the country's GDP and create more jobs.

Corporate Social Responsibility

The commitment of institutions and companies to have a balance between their business interests and their moral duty towards society, environment, and employees.

Intellectual Property

Refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce, that is protected by law, and enable people to earn recognition or financial benefit from what they invent or create. (WIPO definetion)

Patents

It is one of the form of intellectual property rights which grants the inventor the exclusive right of his invention, for a specified period of time, in order to prevent any type of sale, use or manufacture of this invention without the approval of the owner. This invention can be a new product or service that contributes to solving a particular problem, or in other words "offering a new and innovative way of doing something".

Trade marks

It is a phrase, design, symbol or logo that owned by a particular company, protected by intellectual property rights, and helps to distinguish it from the trademarks of other companies.

Global Innovation Index

It is an index that provide detailed data about the performance and level of innovation to many number of countries around the world (126 countries), which is based on several factors such as: environment, education, infrastructure, and business sophistication.

Gross Domestic Product (GDP)

The market value of all the final goods and services that have been produced domisticlly in a certain period of time.

Direct Foreign Investment

An investment that made to another country by a company or individual, meaning that they own another company in a foreign country. This type of investment is not only to bring money, but the company directly involved with day-to-day operations of this investment, which means bringing the knowledge, skills and modern technology to this foreign country.

Venture Capital

Is a type of investment that is often offered to start-ups and small businesses that are expected to be able to expand and profit in the long term.

Joint Economic Committee

A committee that was approved for the first time in the United States of America in 1946 to review the economic conditions through the use of experts, studies in order to make recommendations that would improve the economic situation.

Cooperative Sector

It is the sector in which enterprises and companies are owned and controlled by a group of persons, in order to achieve their own benefits. Usually every person contributes an equity capital, and each one of them shares his authority in the company, also decisions are taken on the basis of the one-vote principle.

Sustainable Tourism

Is the type of tourism that takes into account the environment and the local culture of the host country, so as not to affect them negatively, but to make the tourism sector a positive and long-term impact for society, economy and the local environment.

Anti- dumping

It is when a certain imported goods been sold with a lower market price domesticly, which lead to unfair competition, and because of that the agreement for Anti-dumping have been signed.