UAE Cabinet Chaired By Sheikh Mohammed Bin Rashid Establishes National Investment Fund For Global Investments

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, led a Cabinet meeting at the Dubai Airshow. The meeting included prominent figures such as His Highness Sheikh Mansour bin Zayed Al Nahyan and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. Discussions focused on various national strategies and initiatives to bolster the UAE's economic and social landscape.

The Cabinet approved the creation of the National Investment Fund with an initial capital of AED36.7 billion. This fund aims to attract foreign direct investment by offering financial incentives. The goal is to increase annual FDI from AED115 billion to AED240 billion by 2031 and raise total accumulated FDI to AED2.2 trillion.

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Sheikh Mohammed highlighted progress in the National Strategy for Industry, noting that industrial spending surpassed AED110 billion, marking a 244% increase over five years. Industrial exports reached AED197 billion, contributing AED210 billion to GDP. The target is to boost this contribution to AED300 billion by 2031.

The Cabinet also reviewed the UAE's civil aviation sector achievements for 2024. The sector contributed AED340 billion or 18.2% to GDP, with airports handling around 148 million passengers, a 10% rise from 2023. Over one million air traffic operations were recorded, an 11% increase from the previous year.

The UAE National Identity Strategy was approved, featuring seventy government initiatives aimed at enhancing national identity among younger generations and promoting family cohesion. Initiatives include the National Model for Emirati Neighbourhoods and the Emirati House initiative.

In legislative matters, a federal law on plant genetic resources for food and agriculture was developed. This law aims to protect these resources while aligning with global standards and ensuring sustainable access and utilisation.

GCC Economic Cooperation

The Cabinet discussed developments in GCC joint economic action for 2024. Trade between the UAE and GCC countries reached AED333 billion. The UAE issued the highest number of economic licences to GCC nationals, totalling 36,800, and hosted over 52,200 property owners from other GCC countries.

The Cabinet reviewed progress in implementing the National Re-Export Development Agenda for 2024, which recorded re-export activity of AED717.8 billion. This represents a growth of 5% compared to 2023 and contributes significantly to non-oil trade.

Food Security Initiatives

The UAE Food Security Council's achievements for 2024 were reviewed as part of national efforts to enhance food security. Initiatives included establishing a national food cluster under the National Food Security Strategy 2051 and launching indicators for food loss reduction.

A project was approved to develop a national policy for classifying natural reserves in the UAE. This project aims to unify classification methods at both national and international levels while balancing development goals with environmental protection.

International Agreements

In international affairs, several agreements were ratified between the UAE and other countries. These include an investment agreement with Sri Lanka and mutual visa exemptions with Trinidad and Tobago as well as Antigua and Barbuda.

The Cabinet also approved hosting significant events such as the Thirty-eighth Session of the FAO Regional Ministerial Conference for the Near East in the UAE along with related forums.

The meeting concluded with discussions on various resolutions supporting tax efficiency through digital solutions across sectors. These efforts aim to enhance business environments nationwide while maintaining alignment with global best practices.

With inputs from WAM