UAE establishes a Ministry of Investment

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, approved the establishment of a Ministry of Investment in the UAE within the federal government structure.

 Sheikh Mohammed bin Rashid wrote on his official account on Twitter: "Today I chaired a meeting of the Council of Ministers at the Al Watan Palace in Abu Dhabi... during which we approved a set of decisions, including approving the establishment of a Ministry of Investment in the country within the federal government structure and appointing Mohammed Hassan Al Suwaidi as Minister of Investment in the Emirates."

Aim of the new ministry

Sheikh Mohammed explained that the aim of the new ministry is to develop the investment vision in the UAE, stimulate the investment environment internally, and continuously enhance the competitiveness of our procedures and legislation to ensure that we remain a global destination for investment and a major player in the global investment movement.

And Mohamed Al Suwaidi is the CEO and Managing Director of ADQ Holding Company since May 2019, and he is Chairman of the Board of Directors of Abu Dhabi National Energy Company "Taqa" since 2022.

Double the contribution of renewable energy

The UAE Cabinet approved today, according to Sheikh Mohammed bin Rashid Al Maktoum's tweet, the updated national energy strategy based on the rapid changes in this sector, as our goal will be to triple the contribution of renewable energy over the next seven years.

Pumping national investments between 150 and 200 billion dirhams during the same period to ensure that the country's growing demand for energy is met due to the rapid economic growth.

Sheikh Mohammed bin Rashid said, "We also adopted our national strategy for hydrogen - which has recently emerged as one of the most important types of clean energy - and the plan aims to consolidate the UAE's position as a producer and exporter of low-emission hydrogen over the next eight years by developing supply chains and establishing hydrogen oases to develop this industry in addition to establishing a specialized national center."

Financial Stability Council

Sheikh Mohammed continued: “The UAE Cabinet also approved today the establishment of the Financial Stability Council and the issuance of a federal law in this regard.

Today, the UAE is a global financial center that enjoys the confidence of tens of thousands of financial institutions and millions of investors around the world, and our goal is to strengthen and consolidate this trust and maintain it in a way that serves our supreme national economic interests. 

Sheikh Mohammed bin Rashid said: “We also approved, within the Council of Ministers, the first national license for self-driving vehicles on the country’s roads, which was granted to the specialized WeRide company.