UAE Cabinet Assesses Progress In Economic And Investment Legislative Enhancements

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi. The session included His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of the Interior; and H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of Foreign Affairs.

Sheikh Mohammed highlighted the start of the new academic year during the meeting. He noted that 1.1 million students have returned to schools across the UAE. Both national and private universities have also commenced their academic sessions successfully. "We look forward to a successful academic year that aligns with the nation's aspirations," he said.

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The Cabinet reviewed significant economic outcomes achieved through various initiatives. Sheikh Mohammed stated that economic decisions made during and after COVID-19 have led to substantial achievements. The number of registered companies grew from 405,000 in mid-2020 to 1.021 million by mid-2024, marking a 152 percent increase.

He also mentioned that the UAE ranked fifth globally in real GDP growth and is among the top 10 economies in various global competitiveness indices. The country attracted AED112 billion in foreign direct investment last year and secured second place globally for new foreign direct investment projects.

The Cabinet discussed updates on economic legislation aimed at enhancing competitiveness. Over 30 economic laws were updated over four years to transition towards a knowledge-driven economy. This initiative added more than 616,000 new companies between September 2020 and mid-2024.

The legislative updates also contributed to making the UAE a competitive business ecosystem for modern technology-based trade. More than 24,000 e-commerce companies are now operating in the country.

National Strategies

The Cabinet approved several national strategies during the meeting. One key approval was for the National AML/CFT/CPF Strategy (2024-2027), focusing on financial oversight sustainability and reinforcing governance principles in the economy.

Additionally, they approved restructuring the Higher Commission for Free Trade Negotiations under Abdullah bin Touq Al Marri's chairmanship. This commission includes members like Suhail bin Mohammed Al Mazrouei and Dr. Sultan bin Ahmed Al Jaber.

Government Financial Statistics

The consolidated government financial statistics for 2023 were reviewed during the session. Government revenues amounted to AED546 billion while expenditures reached AED402 billion. Major expenditures included public security, health, education, economic matters, social protection, housing, and community amenities.

"Our government's resources are growing," said Sheikh Mohammed. "We will continue to use them in ways that serve our people." He expressed hope for future success in national projects.

International Cooperation

The UAE's accession to the 'Nationally Determined Contributions Partnership' was approved to advance sustainable development goals and climate change adaptation tools.

The Cabinet also discussed recommendations from the Federal National Council regarding policies on combating drugs and implementing VAT and selective tax by the Federal Tax Authority.

Upcoming Events

The UAE Government Annual Meetings are scheduled for November 5-6, 2024 in Abu Dhabi. These meetings will focus on family, national identity, and artificial intelligence tracks.

The Cabinet also approved hosting several international events to solidify UAE's role as a global hub for conferences and exhibitions.

Education Sector Readiness

The Ministry of Education’s readiness plan for the new academic year was reviewed as well. The plan includes updates on projects and readiness of committees along with teaching staff services under a campaign titled "Student into Leader."

This campaign aims to involve society segments in empowering students as future leaders.

Artificial Intelligence Policy

The Cabinet approved an international stance on artificial intelligence policy emphasising transparency and ethical standards while promoting international cooperation.

This policy aims to ensure responsible AI development aligned with global best practices.

Economic Partnership Agreements

The UAE concluded 15 comprehensive economic partnership agreements across four continents ensuring exceptional opportunities for businesses. Four agreements have already come into force with expectations to boost exports by 33 percent contributing AED153 billion to GDP by 2031.

Non-Oil Exports Development

The National Agenda for Non-Oil Exports Development saw record figures with foreign trade value exceeding AED2 trillion in non-oil goods last year showing a growth rate of 14 percent compared to previous years.The value of non-oil commodity exports reached AED440 billion marking significant growth compared to past years.These achievements reflect UAE’s robust trade policies enhancing its position globally.The Cabinet remains committed towards fostering sustainable economic growth through strategic initiatives ensuring long-term prosperity for all sectors within nation’s economy.The meeting concluded with prayers seeking divine guidance protection success future endeavors projects benefiting entire nation people alike.

With inputs from WAM