In a recent cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE Cabinet made significant strides towards the country’s development and sustainability goals.
The meeting, attended by esteemed dignitaries, witnessed the approval of key measures that encompass various sectors, from investment and energy to financial stability and ethics.
One of the key announcements was the establishment of the Ministry of Investment, in line with the directives of President Sheikh Mohamed bin Zayed. The newly appointed minister, Mohamed Hassan Al Suwaidi, will lead efforts to develop the UAE’s investment vision, improve the investment environment, and enhance competitiveness in the sector.
Highlighting the nation’s accelerated economic growth, His Highness Sheikh Mohammed bin Rashid Al Maktoum revealed the approval of the updated UAE National Energy Strategy. This ambitious strategy aims to triple the contribution of renewable energy within seven years and allocate an investment of AED150 to AED200 billion to meet the rising energy demand.
Recognizing the significance of clean energy, the Cabinet also gave the green light to the National Hydrogen Strategy. This strategy positions the UAE as a leading producer and exporter of low-emission hydrogen in the next eight years. It envisions the establishment of hydrogen supply chains, hydrogen oases, and a national research and development center. This initiative aligns with the UAE’s preparations to host COP28 and underscores its commitment to supporting low-carbon industries and achieving climate neutrality.
To ensure financial stability, the Cabinet approved the establishment of the Financial Stability Council through federal law. This council’s mandate is to promote financial stability, monitor risks, address and prevent financial crises, and proactively safeguard the economic, financial, and monetary systems in the UAE. With its status as a global financial hub, the UAE aims to maintain the trust and confidence of financial institutions and investors worldwide.
The cabinet meeting also covered other essential topics, including the UAE’s plans to host international and regional conferences and events, the support for talent within the federal government, and the adoption of an updated document on professional ethics for federal government employees.
These groundbreaking decisions reflect the UAE’s commitment to sustainable development, innovation, and progress across various sectors. By prioritizing investment, renewable energy, hydrogen technology, financial stability, and ethical governance, the UAE continues to position itself as a leader in the region and a global role model for sustainable growth.