Ministry of Investment to Drive UAE’s Investment Strategy: PM

To bolster the UAE’s position as a leading global investment destination, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum has announced the establishment of a new Ministry of Investment. Mohammed Hassan Al Suwaidi has been appointed as the Minister of Investment. 

The new ministry will help the United Arab Emirates diversify its economy and attract foreign investments. It will support the country’s business objectives, investments policies and promote its world-class infrastructure at a global scale. The Ministry of Investment will propose the general investment policies of the United Arab Emirates. 

Sheikh Mohammed said the ministry has been set up with an aim to develop the UAE’s investment vision, stimulate the investment environment, and enhance the competitiveness of legislation to ensure the country remains a global investment hub. The government wants the UAE to be an active player in the movement of international investment. 

The Cabinet also gave nod to the establishment of the Financial Stability Board and issued a federal law, which aims to strengthen and protect financial stability in the UAE, monitor risks and tackle financial crises. 

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According to an official statement, the Financial Stability Council will enhance and protect financial stability in the country, monitor risks associated with it, and deal with financial crises in the event of their occurrence in order to preserve the path of development of the national economy, in addition to develop proactive measures to prevent exposure of the UAE’s economic, financial and monetary systems to high levels of risk. 

PM Sheikh Mohammed launched a 10-year economic plan, earlier this year, known as D33 to double UAE’s economy size and make Dubai one of the top four global financial centers in a decade. He touted UAE as a global financial hub that enjoys the confidence of thousands of financial institutions and millions of investors around the world. Sheikh Mohammed said UAE strives to strengthen, consolidate and maintain the trust in an effort to serve its supreme national economic interests.