UAE Cabinet Approves National Investment Strategy 2031 To Boost Foreign Investment And Health Security
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, led a UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi. The meeting included key figures such as His Highness Sheikh Mansour bin Zayed Al Nahyan and H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. They discussed various national strategies and initiatives aimed at enhancing the UAE's economic and social landscape.
The Cabinet approved the National Investment Strategy 2031, aiming to transform the UAE into a global investment hub. This strategy targets increasing foreign direct investment stock from AED800 billion to AED2.2 trillion by 2031. It focuses on sectors like industry, logistics, financial services, renewable energy, and information technology to boost annual foreign investment inflows significantly.
Sheikh Mohammed highlighted the UAE's strategic partnerships with African nations, noting that 95% of previously approved initiatives have been implemented successfully. Over five years, trade volume with Sub-Saharan Africa increased by 87%, reaching AED235 billion. The UAE aims to continue building economic bridges globally and reinforcing its role as a trade hub.
The Cabinet also reviewed the National Digital Economy Strategy, which seeks to double the digital economy's GDP contribution from 9.7% to 19.4%. This initiative is part of broader efforts to strengthen the UAE's position in the global digital economy through ambitious projects over the next six years.
A new National Policy for Combating Health Risks was approved to enhance healthcare readiness for emergencies. This policy aims to ensure health security by establishing response scenarios and recovery plans for health crises. Additionally, regulations for organ and human tissue donation were approved to improve access to life-saving treatments.
The Cabinet also focused on social affairs by approving decisions aimed at enhancing social support systems. These include clear eligibility criteria for allowances and an increased budget for social support programmes by 29%, reaching nearly AED3.5 billion. The number of beneficiaries has risen by 37%, integrating many into the workforce.
Research Development and International Agreements
The Emirates Research and Development Council was restructured under Sheikh Abdullah bin Zayed Al Nahyan's leadership to define national research priorities. The council will foster collaboration between government entities, private sectors, and academia to expand research leadership in the UAE.
In international affairs, the Cabinet ratified agreements with Malaysia, New Zealand, and Kenya among others. These agreements cover economic partnerships as well as security and logistics cooperation with several nations. Such collaborations are part of ongoing efforts to enhance international relations.
Technological Advancements and Remote Work
The Industrial Technology Transformation Programme was assessed during the meeting, highlighting advancements in technological sustainability practices in factories through the Industrial Technology Transformation Index (ITTI). Additionally, a Remote Work System from Outside the Country was approved for federal government projects.
The Cabinet also launched the National Green Certificates Programme for buildings, initially non-compulsory but aimed at certifying sustainable buildings according to high environmental standards. This programme targets commercial buildings, hotels, industrial establishments, government buildings, houses, communities, and compounds.
The UAE continues its trajectory towards growth with dedicated teams across all sectors working tirelessly towards a prosperous future driven by strategic initiatives discussed during this significant cabinet meeting.
With inputs from WAM
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