Overview of the Meeting

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting held at Qasr Al Watan, Abu Dhabi. Key officials in attendance included:

• H.H. Sheikh Mansour bin Zayed Al Nahyan, Chairman of the Presidential Court
• H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Minister of Defence
• H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Minister of Finance
• H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Minister of the Interior

Approval of Key Strategies

During the meeting, the Cabinet approved the UAE Strategy for Islamic Finance and Halal Industry, aiming to:

• Develop the Islamic financial sector
• Lead global Islamic finance activities
• Boost exports of Halal products worldwide

Specific targets include:

• Increasing assets of Islamic banks from AED986 billion to AED2.56 trillion within six years.
• Raising the value of listed Islamic sukuk to over AED660 billion by 2031.

A committee chaired by the Central Bank governor will oversee the implementation of the strategy.

Tourism Sector Insights

H.H. Sheikh Mohammed bin Rashid highlighted that the tourism, travel, and hospitality sectors contributed:

• 11.7% to the national economy
• Provided over 800,000 jobs in 2023
• Generated revenues projected to exceed AED236 billion in 2024

The aim is to increase the sector’s contribution to AED450 billion over the next six years.

National Biosecurity Framework

The Cabinet approved an updated National Biosecurity Framework, focusing on:

• Managing biological risks
• Strengthening prevention and response capabilities
• Enhancing research and innovation efforts

Support for Small and Medium Enterprises (SMEs)

The UAE ranked first globally for the fourth consecutive year in the International Business Leadership Observatory report. Highlights include:

• Growth of 160% in SMEs licenses issued between 2020 and 2024.
• Aiming to provide the best environment for small and emerging businesses.

Updates on AI and Digital Wellbeing

The Cabinet reviewed the results of the Ministry of Human Resources and Emiratisation’s AI implementation, including:

• An AI-driven labour market simulation model
• Solutions to enhance digital systems and address cyber threats

International Affairs and Agreements

The Cabinet ratified several international agreements focusing on investment and economic partnerships, including:

• Agreements with the Democratic Republic of Congo, Uzbekistan, Somalia, and the Philippines
• Comprehensive economic partnership with Azerbaijan

The Cabinet also approved hosting eight world-class events.