H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has given the green light for the creation of a Ministry of Investment during a recent Cabinet meeting. Mohammed Hasan Al Suwaidi has been appointed as the UAE’s Minister of Investment. The establishment of the ministry aims to enhance the UAE’s investment vision, foster a favourable investment climate, and ensure the nation remains a global investment hub. Additionally, H.H. Sheikh Mohammed approved an updated national energy strategy that aims to triple the contribution of renewable energy within the next seven years to adapt to the evolving energy sector.
“The ministry and UAE’s Minister of Investment has been named with an aim to develop the UAE’s investment vision, stimulate the investment environment and enhance the competitiveness of legislation to ensure the UAE remains a global investment hub and an active player in the movement of international investment,” H.H Sheikh Mohammed said in a tweet.
Investment in renewable energy
The UAE has unveiled plans to invest hundreds of billions of dirhams in the renewable energy sector, according to an announcement made by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, on Monday. The latest cabinet meeting approved an updated national energy strategy, with a goal to triple the contribution of renewable energy over the next seven years. To address the accelerated economic growth and meet the increasing energy demand, the UAE plans to inject national investments ranging from Dh150 to Dh200 billion during the same period. Additionally, the Cabinet approved the national strategy for hydrogen, with the aim of positioning the UAE as a producer and source of low-emission hydrogen within the next eight years. The plan includes developing supply chains, creating hydrogen hubs, and establishing a specialized research and development centre for the hydrogen sector.
H.H. Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has appointed Sheikha Maryam bint Mohamed bin Zayed Al Nahyan as the Chairperson of the National Centre for Educational Quality Enhancement. The centre’s main objective is to establish an evaluation and monitoring system for the education sector, ensuring quality and setting targets at all levels of education in the UAE. Sheikh Mohammed expressed optimism about the collaboration and expected notable achievements in the national education system.
Licence for self-driving vehicles
The UAE Cabinet has granted the first-ever license for self-driving vehicles, allowing WeRide company to test various autonomous vehicle models on the country’s roads. Additionally, the Cabinet approved a national policy for electric vehicles, aiming to develop a charging network, regulate the EV market, and promote emission reduction. The establishment of the Financial Stability Board, accompanied by federal law, aims to strengthen financial stability, monitor associated risks, and address potential crises. Furthermore, the UAE has made significant amendments to the anti-human trafficking law, introducing stricter penalties for offenders, providing comprehensive support for victims, and criminalizing incitement to commit trafficking crimes. These measures emphasize the UAE’s commitment to technological advancement, sustainability, financial stability, and combating human trafficking.
