UAE Cabinet Reviews Significant Achievements Of 2024 And Outlines Ambitious Goals For 2025
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, led the UAE Cabinet's initial meeting for 2025 at Qasr Al Watan in Abu Dhabi. The gathering included key figures such as His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister, among others. Sheikh Mohammed expressed optimism for a prosperous and stable year ahead for the UAE.
Reflecting on 2024, Sheikh Mohammed highlighted it as a significant year for economic and developmental achievements in the UAE's history. Under the guidance of his brother, the UAE President, the nation enhanced its global standing by signing over 140 international agreements across sectors like economy, sustainability, clean energy, technology, and more.
The UAE Government successfully completed a three-year project involving 2,500 officials to update legislation since the Union's inception. This initiative modernised 80% of economic, social, and regulatory laws. Consequently, 200,000 new companies were established in 2024. Foreign trade exceeded AED 2.8 trillion for the first time.
The UAE's foreign direct investments are expected to reach AED 130 billion. Industrial exports are projected to surpass AED 190 billion. Airports welcomed 150 million passengers while the hospitality sector hosted over 30 million guests. Emirati youth launched 25,000 SMEs integrating into the national economy.
The government launched over 750 national projects to drive development and attract talent. The Cabinet issued 1,300 decisions to create a favourable regulatory environment for growth over two decades. "As we embark on this new year," said Sheikh Mohammed, "the UAE Government reaffirms its commitment to progress."
The Cabinet reviewed its performance in 2024 under President His Highness Sheikh Mohamed bin Zayed Al Nahyan's directives. These focused on strengthening Emirati identity globally and supporting sustainability programmes. Over AED 70 billion was allocated for nearly 750 national projects including transformative initiatives.
Education Sector Restructuring
The UAE prioritised education as a critical sector by restructuring its approach from early childhood through higher education. This included establishing new ministries and reorganising existing ones to support family development and workforce empowerment. The education system serves over 1.2 million students across various institutions.
In legislative affairs, the Cabinet approved drafting a federal law concerning the National Zakat Platform along with several executive regulations. Decisions addressed human resources systems for mosque employees under Awqaf and technical regulations for non-tobacco nicotine pouches.
International Agreements and MoUs
The UAE strengthened its international presence by ratifying agreements with countries like Australia on economic partnerships and Türkiye on investment protection. MoUs were signed with nations such as Kenya on energy cooperation and Argentina on mining sector investment.
The Cabinet also reviewed outcomes from hosting international conferences like IEEE International Conference on ICT Applications among others. In governmental affairs updates were provided on projects like cashless government initiatives along with performance reports from entities like Emirates Investment Authority.
Pharmaceutical Industry Growth
The National Drug Policy review showed an average annual sales increase of 11.1% from 2018-2023 reaching AED 20.5 billion in sales by end-2024; projections indicate further growth through subsequent years up till AED26 billion by end-2028 driven largely due increased local manufacturing capabilities within pharmaceutical sector itself too!
Locally manufactured pharmaceuticals grew from representing just under one-fifth total market share back then now accounting nearly quarter overall today thanks expansion efforts undertaken during same period which saw number medical product factories rise dramatically alongside personnel numbers too!
Cultural Sector Contributions
Cultural industries contributed significantly towards GDP growth reaching AED76 billion annually while employing over half-million individuals across various creative fields including press literature music theatre opera photography software databases visual arts graphic design film equipment clothing textiles footwear jewellery coins interior design etcetera!
This sector experienced rapid expansion driven largely due increased demand both domestically internationally alike resulting establishment many new businesses operating within space itself too! Additionally export values related these activities reached impressive figures exceeding AED63 billion annually further highlighting importance cultural contributions overall economy today!
With inputs from WAM
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