UAE Cabinet Approves Comprehensive Strategy For Islamic Finance And Halal Industry Development

The UAE Cabinet meeting, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, took place at Qasr Al Watan in Abu Dhabi. Key figures present included H.H. Sheikh Mansour bin Zayed Al Nahyan and H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The meeting focused on various strategic initiatives to enhance the nation's economic and social landscape.

During the session, the UAE Cabinet approved a comprehensive strategy for Islamic Finance and Halal Industry. This plan aims to elevate the Islamic financial sector and boost global exports of Halal products. The strategy targets an increase in Islamic bank assets from AED986 billion to AED2.56 trillion over six years, with listed Islamic sukuk expected to surpass AED660 billion by 2031.

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The tourism sector's performance was also reviewed, showing significant contributions to the economy. In 2023, tourism provided over 800,000 jobs and contributed 11.7% to the national economy. Projections for 2024 indicate a contribution of more than AED236 billion. Initiatives like the "World's Coolest Winter" campaign have been pivotal in driving these results.

Hotel statistics for 2024 revealed that 30 million guests stayed in UAE hotels, marking a 9.5% increase from the previous year. Room numbers rose by 3% to reach 215,000, while hotel revenues increased by 4% to AED37 billion. These figures underscore the sector's robust growth and its vital role in the national economy.

An updated National Biosecurity Framework (2023-2032) was approved, focusing on managing biological risks sustainably and enhancing prevention capabilities. This framework aims to bolster research and innovation in biosecurity while developing a biological emergency management system aligned with international agreements.

The Cabinet also addressed updates on small and medium enterprises (SMEs). The UAE ranked first globally for four consecutive years in the International Business Leadership Observatory report for 2024–2025. SMEs licenses grew by 160%, highlighting their importance as a core pillar of the national economy.

Federal Employee Performance

To enhance federal employee productivity, an updated performance management system called Enjazaty was approved. This system focuses on strategic alignment, specialisation, and continuous feedback while promoting flexibility and transparency between employers and employees.

The Cabinet reviewed several legislative decisions concerning visiting doctors at federal health facilities, space activities regulation, nuclear regulation penalties, public benefit organisations, and marriage grants amendments. These decisions aim to streamline operations across various sectors.

International Agreements

The UAE Cabinet ratified four international agreements focusing on investment promotion with countries like Congo and Uzbekistan. Additionally, numerous MoUs were approved, including economic partnerships with Azerbaijan and energy cooperation with Mongolia.

The Cabinet also approved hosting eight world-class events such as the Intergovernmental Oceanographic Commission regional committee meeting for the Central Indian Ocean and the World Customs Organization Technology Conference.

In line with sustainable development goals, biofuel projects were reviewed under the National Policy on Biofuels. Preparations for the 2025 Hajj season were discussed as well, led by the UAE Hajj affairs department in coordination with local government entities.

The meeting concluded with approvals for restructuring councils like the UAE Gender Balance Council chaired by H.H. Sheikha Manal bint Mohammed bin Rashid Al Maktoum and forming a special committee for chemical precursors chaired by Emirates Drug Establishment.

With inputs from WAM