In a recent cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE Cabinet approved significant measures to drive the country’s development and sustainability goals. The meeting, held at Qasr Al Watan in Abu Dhabi, saw the presence of esteemed dignitaries, including His Highness Sheikh Mansour bin Zayed Al Nahyan and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
Under the directives of President Sheikh Mohamed bin Zayed, the UAE Cabinet announced the establishment of the Ministry of Investment and appointed Mohamed Hassan Al Suwaidi as the minister. The primary objective of this new ministry is to develop the investment vision of the UAE, enhance the investment environment, and foster the competitiveness of the sector in the country.
Highlighting the country’s accelerated economic growth, His Highness Sheikh Mohammed bin Rashid Al Maktoum also shared the approval of the updated UAE National Energy Strategy. This comprehensive strategy aims to triple the contribution of renewable energy over the next seven years and invest AED150 to AED200 billion to meet the growing demand for energy in the nation.
Recognizing the importance of clean energy, the Cabinet also approved the National Hydrogen Strategy. The strategy positions the UAE as a leading producer and exporter of low-emission hydrogen over the next eight years through the establishment of supply chains, hydrogen oases, and a national research and development center. This initiative aligns with the country’s preparations to host COP28 and its commitment to supporting low-carbon local industries and achieving climate neutrality.
Addressing financial stability, the Cabinet approved the establishment of the Financial Stability Council through federal law. This council aims to promote financial stability, monitor associated risks, address and prevent financial crises, and develop proactive measures to safeguard the economic, financial, and monetary systems in the UAE. The country, renowned as a global financial hub, strives to maintain the confidence of financial institutions and investors worldwide.
Additionally, the Cabinet discussed important topics such as hosting international and regional conferences and events, supporting talent in the federal government, and adopting an updated document on professional ethics for employees in the Federal Government.
With these significant decisions, the UAE continues to demonstrate its commitment to sustainable development, clean energy, education quality, and financial stability, ensuring a prosperous future for its citizens and the global community.
