Monday, June 17, 2024
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UAE Announces Creation of New Ministry to Boost Investment and Economic Development


In a move to bolster the UAE’s investment climate and counter increasing competition in the financial and tourism sectors, the Prime Minister of the United Arab Emirates (UAE), HH Sheikh Mohammed bin Rashid al-Maktoum unveiled the establishment of a new ministry dedicated to investment. The announcement, made via his official Twitter account, emphasized the ministry’s role in enhancing the national investment environment and improving procedural efficiency.

During a Council of Ministers meeting held at the Al-Watan Palace in Abu Dhabi, the Emirati government approved a comprehensive economic development strategy to address the rising competition from neighboring countries. The strategy aims to fortify the UAE’s position as a global investment destination and maintain its prominent role in the international arena.

Leading the newly formed ministry will be Mohamed Hasan al-Suaidi, former CEO of Abu Dhabi Developmental Holding Company, which is headquartered in Abu Dhabi. With his extensive expertise in the field, al-Suaidi is expected to spearhead efforts to create an investment-friendly ecosystem in the UAE.

To attract investors, the cabinet demonstrated its commitment to the energy sector by endorsing a “national energy strategy” that responds to the rapid evolution of the industry. This strategy sets ambitious goals, including tripling the contribution of renewable energies within the next seven years. The UAE government plans to inject a national investment ranging from Dh150 billion to Dh200 billion over the same period. Notably, hydrogen, recognized as a crucial form of clean energy, and a new national policy for electric vehicles have garnered particular attention.

The UAE’s dedication to fostering a conducive investment environment and embracing sustainable energy sources underscores its determination to remain at the forefront of global economic progress. With the newly established ministry and comprehensive economic strategy in place, the UAE is poised to enhance its competitiveness and attract investors from around the world.


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