Investment Ministry Establishment in UAE: On Tuesday, the UAE Cabinet announced the establishment of the Ministry of Investment under the commands of the President, His Highness Sheikh Mohammed bin Zayed Al Nahyan, to support the business objectives of the company, its investment policies, and promote its world-class infrastructure to attract investments in different sectors.
The ministry will be responsible for proposing general investment policies following the relevant authorities and preparing strategies, legislation, plans, projects, and national programs to promote the investment environment in the country and enhance its competitiveness.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said that the new ministry had been set up to develop the investment vision of the UAE and promote the investment environment and competitiveness of this sector in the country.
He said, “The UAE is a global financial junction trusted by thousands of financial institutions and investors worldwide. Our goal is to maintain this confidence.”
According to the latest data from the 2022 Financial Times ‘ fDi Markets’ report, Dubai also received its No.1 position globally for attracting Greenfield FDI projects in 2022, achieving 89.5 percent year-on-year growth in total announced FDI projects, while total FDI capital rushed 80.3 percent.
Besides, an estimated 38,447 jobs were created through FDI projects in Dubai in 2022 compared to 24,932 in 2021.
The Cabinet also approved a system for hosting international conferences, events, and mechanisms to apply value-added tax on electronic devices registered in the country.
National Energy Strategy
On Monday, the Cabinet also approved the updated National Energy Strategy 2050 to triple the contribution of renewable energy by 2030 to reduce the effect of climate change and achieve climate neutrality.
Sheikh Mohammed said, ” Because of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of renewable energy over the next 7 years and invest Dh150 to Dh200 billion during the same period to meet the country’s growing demand for energy”.
Hydrogen Strategy
The government also approved a national strategy for hydrogen, which has recently appeared as the most critical type of clean energy.
The strategy will be implemented through 10 main enablers.
Sheikh Mohammed said, “The strategy aims to promote the UAE’s position as an exporter and producer of low-emission hydrogen over the next eight yet through the development of supply chains, the establishment of hydrogen oases, and a national research and development center.”
Moreover, the International Monetary Fund (IMF) said in its latest UAE report that the UAE Energy Strategy envisages an investment of Dh600 billion in clean energy and renewable energy to modernize infrastructure capable of supporting energy transition and increase energy efficiency to reduce energy demand.
Financial Stability Council
Furthermore, the Cabinet also approved the establishment of the Financial Stability Council to enhance financial stability, mo risks, and deal with any financial crises for maintaining the development of the national economy.
