His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has chaired the UAE Cupboard’s assembly at Qasr Al Watan, Abu Dhabi.
The assembly was attended by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Courtroom; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE; H.H. Lt. Common Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of the Inside; and H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of International Affairs.
His Highness Sheikh Mohammed bin Rashid Al Maktoum stated, “In the present day, I chaired the primary UAE Cupboard assembly of the brand new governmental season at Qasr Al Watan in Abu Dhabi. We started by reviewing the progress of the brand new educational yr, as our colleges welcomed 1.1 million college students, and our nationwide and personal universities efficiently commenced the tutorial yr. Clear directives had been issued to the training sector by the UAE President. College students are certainly again on monitor. We sit up for a profitable educational yr that aligns with the nation’s aspirations.”
His Highness Sheikh Mohammed bin Rashid added, “In the course of the Cupboard assembly at present, we reviewed the numerous outcomes of our financial and funding improvement venture. The financial choices taken by the federal government throughout and after the COVID-19 pandemic have resulted in substantial and tangible achievements.”
His Highness stated, “On the finish of the primary half of 2020, the UAE had 405,000 firms, primarily based on the legitimate enterprise licenses statistics. Over the previous 4 years, this quantity has grown to 1.021 million registered firms as of mid-2024, scoring a progress of 152 p.c, based on the statistics of the UAE’s Nationwide Financial Register.”
His Highness Sheikh Mohammed bin Rashid added, “The UAE has achieved accelerated progress, rating fifth globally in actual GDP progress and among the many high 10 economies in varied international competitiveness indices. The nation attracted a document AED112 billion in overseas direct funding final yr and secured the second place globally, after america, within the variety of new overseas direct funding initiatives, which reached 1,323, a 33 p.c enhance in comparison with the earlier yr.”
His Highness Sheikh Mohammed bin Rashid affirmed, “Because the onset of COVID-19, the federal government has enacted 30 financial choices, legal guidelines, and insurance policies which have considerably accelerated our financial progress. I guarantee everybody that the federal government will proceed on this path, and our financial future can be stronger and higher, God keen.”
His Highness Sheikh Mohammed bin Rashid added, “Throughout at present’s Cupboard assembly, we permitted the agenda for the UAE Authorities Annual Conferences, scheduled for November 5-6, 2024, in Abu Dhabi. These conferences will give attention to three important tracks: household, nationwide identification, and synthetic intelligence. We’ve got requested all entities to current concepts, initiatives, and initiatives that contribute to the event of their sectors, help our nationwide priorities, and help establishing a transparent nationwide agenda for 2025.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum acknowledged, “We additionally permitted the UAE’s Nationwide AML/CFT/CPF Technique (2024-2027), which goals to make sure the sustainability of oversight on monetary establishments and digital belongings service suppliers, reinforcing the rules of governance and transparency in our nationwide economic system.”
His Highness Sheikh Mohammed bin Rashid stated, “In the present day, we permitted the restructuring of the Greater Fee for Free Commerce Negotiations, chaired by the Minister of Economic system. We additionally agreed on the UAE’s accession to a global coalition generally known as the ‘Nationally Decided Contributions Partnership,’ which goals to advance the targets of sustainable improvement and set up instruments for local weather change impacts adaptation.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum emphasised, “The Cupboard additionally permitted the consolidated authorities monetary statistics for 2023, with authorities revenues amounting to AED546 billion and expenditures to AED402 billion. Essentially the most important authorities expenditures had been in public safety and security, well being, training, financial issues, social safety, housing and neighborhood facilities”.
His Highness Sheikh Mohammed bin Rashid stated, “Our authorities’s assets are rising, and we are going to proceed to make use of them in ways in which serve our individuals, our services, our economic system, and the way forward for our journey. We pray to God to guard the nation and its individuals and to grant us success in our future endeavors and initiatives.”
Throughout its session, the UAE Cupboard reviewed the outcomes of implementing the Ministry of Economic system’s plans to develop the financial and funding legislative construction within the nation’s markets, which have been permitted by the management as a part of the UAE’s largest venture to develop the federal laws and legal guidelines in any respect improvement sectors. This unprecedented initiative goals to anticipate and form the way forward for the nationwide economic system and to maintain tempo with international financial adjustments and fast technological developments. Over the previous 4 years, greater than 30 financial legal guidelines, insurance policies, and choices have been up to date, contributing considerably to the UAE’s transition in the direction of a information and innovation-driven financial mannequin, enhancing its competitiveness on a regional and international scale.
The Cupboard mentioned the substantial financial progress ensuing from these efforts, with the non-oil GDP of the UAE rising by 6.2 p.c in 2023, putting the UAE fifth globally in actual GDP progress, and among the many high 10 economies on this planet in a set of worldwide competitiveness indices linked to GDP.
New and up to date Financial laws and insurance policies additionally contributed to including greater than 616,000 new firms to the nation’s markets within the interval from September 2020 to mid- 2024, and the nation’s attracting incoming overseas direct funding (FDI) initiatives throughout 2023 amounting to greater than AED112 billion, with a progress fee of about 35 p.c in comparison with 2022. The UAE scored greater than 136,000 logos through the interval from 2019 to mid-2024. The legislative updates contributed as effectively to additional making the UAE a aggressive enterprise ecosystem for Trendy Expertise-Based mostly Commerce, demonstrated in additional than 24,000 firms specializing in E-commerce working within the nation.
The Cupboard permitted the UAE’s Nationwide AML/CFT/CPF Technique for 2024 -2027 (Anti-Cash Laundering/ Combating the Financing of Terrorism/ Counter Proliferation Financing (CPF)), which incorporates 11 strategic aims aimed toward enhancing worldwide cooperation, bettering transparency, and strengthening the UAE’s place as a worldwide chief on this area.
The Cupboard additionally reviewed updates on the Nationwide Agenda for UAE Non-Oil Exports Improvement in 2023, which noticed document figures. The UAE’s overseas commerce of non-oil items worth exceeded AED2 trillion and 614 billion, with a progress fee of 14.3 p.c in comparison with 2022, and 37 p.c and 53 p.c in comparison with 2021 and 2019, respectively. The worth of the UAE’s non-oil commodity exports additionally reached an unprecedented worth of AED440 billion, with a progress fee of 16.3 p.c in comparison with 2022, and a rise of 28 p.c, 66 p.c and 84 p.c in comparison with these of 2021, 2020 and 2019, respectively.
Moreover, the UAE has concluded 15 complete financial partnership agreements on 4 continents, guaranteeing distinctive alternatives for the enterprise neighborhood. 4 agreements have entered into power, with the financial partnership efforts anticipated to extend UAE exports by 33 p.c and contribute greater than AED153 billion to the nation’s GDP by 2031, representing a progress of round 10 p.c in comparison with 2022.
In legislative affairs, the Cupboard permitted the restructuring of the Greater Fee for Free Commerce Negotiations, chaired by Abdullah bin Touq Al Marri, Minister of Economic system. The committee consists of members akin to Suhail bin Mohammed Al Mazrouei, Minister of Vitality and Infrastructure, Mohammed bin Hadi Al Husseini, Minister of State for Monetary Affairs, Dr. Sultan bin Ahmed Al Jaber, Minister of Business and Superior Expertise, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for International Commerce, amongst others.
Alternatively, Dr. Abdulrahman bin Abdulmanan Al Awar, the Appearing Minister of Greater Training and Scientific Analysis, was appointed as Chairman of the Board of Administrators of the Nationwide Institute for Well being Specialties, and Chairman of the Coordinating Council for Greater Training and Scientific Analysis.
The Cupboard additionally permitted the UAE’s stance on synthetic intelligence coverage internationally, emphasising transparency, moral requirements, and worldwide cooperation. Moreover, the Cupboard reviewed the consolidated authorities monetary statistics for 2023, with whole authorities expenditures reaching AED 402.387 billion. The UAE’s accession to the Nationally Decided Contributions Partnership was permitted, aiming to advance local weather actions consistent with the Paris Settlement.
In the course of the assembly, the Cupboard reviewed the Ministry of Training’s readiness plan for the brand new educational yr 2024-2025, and the readiness of presidency colleges at varied instructional ranges throughout the UAE. The plan included the important thing updates, initiatives, and readiness of committees, instructing and administration staff, and providers, along with reviewing the nationwide marketing campaign for the brand new educational yr below the title “Scholar into Chief”, aiming at involving all segments of society, partaking them to play their function in empowering college students and creating future leaders.
The Cupboard additionally permitted internet hosting the UAE Authorities Annual Conferences 2024 on fifth and sixth November within the emirate of Abu Dhabi. The assembly will give attention to 3 important tracks: household, nationwide identification, and synthetic intelligence, and it’ll function UAE nationwide leaders and decision-makers, and members of the federal and native governments groups. The UAE Authorities Annual Conferences goal to additional unify authorities work as a strong system at each the federal and native ranges, and talk about improvement points yearly.
In legislative affairs, the Cupboard permitted a call relating to the technical laws for security necessities in modified automobiles to find out and organise the competencies and obligations of various entities. The function of the Ministry of Business and Superior Expertise can be restricted to figuring out the technical necessities for the protection of modified automobiles, and the licensing authorities within the UAE will undertake the procedures associated to accepting or rejecting the registration of modified automobiles.
In authorities affairs, the Cupboard mentioned the suggestions of the Federal Nationwide Council relating to the Ministry of Inside’s coverage on combating medicine, the Federal Tax Authority’s coverage on implementing VAT and selective tax, and the federal authorities technique on creating the legislative and regulatory construction to help the commercial sector.
The Cupboard additionally permitted the UAE’s internet hosting of a number of worldwide occasions, additional solidifying the nation’s function as a worldwide hub for worldwide conferences and exhibitions.
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