UAE Cabinet Reviews Achievements In Global Competitiveness Reports And Approves New Councils For Education And Entrepreneurship
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, led the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi. The meeting included His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; and H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister.
The UAE Cabinet reviewed a comprehensive report on the nation's achievements in the 2024 Global Competitiveness Reports. The UAE ranked first globally in 223 indicators, up from 215 in 2023. It also placed among the top five in 444 indicators and top ten in 661 indicators. Key sectors like investment, aviation, digital infrastructure, and finance saw significant advancements.
Sheikh Mohammed highlighted the UAE's remarkable year with unprecedented economic growth and global competitiveness. "I chaired the final UAE Cabinet meeting of 2024 at Qasr Al Watan today," he stated. The country ranked first globally in 223 international development indicators and secured a place among the top five in 444 indicators across key global reports.
The Cabinet approved launching a federal government employee award worth AED 7 million to promote 'Zero Bureaucracy'. This initiative will recognise teams and individuals who simplify government procedures and reduce regulatory burdens on businesses. By honouring those who streamline processes, the UAE aims to celebrate creativity and dedication.
The Cabinet approved forming the Education, Human Resources, and Community Development Council. Chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan with H.H. Sheikha Mariam bint Mohamed bin Zayed Al Nahyan as Vice Chairperson, it includes seven ministers focusing on education and social sectors. This council aims to ensure families receive quality services.
An Entrepreneurship Council was also established under Alia Al Mazrouei's leadership with a dedicated AED 300 million fund for youth projects. This initiative encourages entrepreneurship among young people by providing financial support to help them explore business opportunities.
Preserving Architectural Heritage
The UAE Cabinet endorsed a National Policy for Preserving Modern Architectural Heritage to protect unique architectural landmarks integral to national identity. Currently identifying 130 sites for preservation with plans to expand this to 1,000 sites over time, this policy aims to enhance public awareness about cultural heritage.
Additionally, restructuring efforts were approved for both the Industrial Development Council and the Board of Directors of the UAE Space Agency. Dr. Sultan bin Ahmed Al Jaber will lead industrial growth initiatives while Dr. Ahmad Belhoul Al Falasi heads space agency developments.
International Agreements
The Cabinet approved signing and ratifying 25 international agreements including mutual legal assistance with Ireland on criminal matters and customs cooperation with the USA. These agreements aim to strengthen international relations through collaborative efforts across various sectors.
A resolution was passed regarding rewards for reporting illicit trade in goods encouraging community participation against illegal activities by offering financial incentives for valid information provided about such trades.
Taxation Measures
The reverse charge mechanism was mandated for transactions involving precious metals like gold or silver among VAT-registered entities within UAE borders ensuring streamlined VAT processes benefiting taxable entities involved in these markets.
As we approach 2025 under visionary leadership focused on progress across diverse fields from education reforms through new councils' formation towards preserving cultural heritage alongside fostering entrepreneurship initiatives - optimism abounds regarding future achievements awaiting discovery ahead!
With inputs from WAM
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