UAE Establishes Ministry of Investment To Enhance Competitiveness

Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum held a cabinet meeting on Monday, where he approved the establishment of a Ministry of Investment. Mohammed Hasan Al Suwaidi was appointed as the Minister of Investment.

Sheikh Mohammed took to Twitter on the same day to explain the importance of creating a new ministry and said it will develop the UAE's investment vision, stimulate the investment environment internally, and continuously enhance the competitiveness of our procedures and legislation.

This will ensure that the country remains a major player when it comes to global investment, Sheikh Mohammed wrote alongside a series of photos featuring the cabinet meeting.

Alongside announcing the new ministry, the Prime Minister of the UAE also "approved the updated national energy strategy based on the rapid changes in this sector," revealing that the country's goal is to "triple the contribution of renewable energy over the next seven years."

"And to inject national investments between 150 to 200 billion dirhams during the same period to ensure that the growing demand for electricity is met.," he added.

Sheikh Mohammed also disclosed that the UAE has adopted a national strategy for hydrogen, explaining that it has recently emerged as one of the most important types of clean energy.

He continued, "The plan aims to consolidate the country's position as a producer and exporter of low-emission hydrogen over the next eight years by developing supply chains and establishing hydrogen oases to develop this industry, in addition to establishing a specialized national center for research and development of the promising hydrogen sector."

Aside from announcing Mohammed Hasan Al Suwaidi as Minister of Investment, the prime minister also appointed Her Highness Sheikha Maryam bint Mohammed bin Zayed Al Nahyan as Chairperson of the National Center for Education Quality.

The National Center for Education Quality will work as an evaluation and monitoring system for education in the UAE. The Chairperson will be responsible for "follow up on the quality of outputs, and set targets and outputs for all stages and types of education in the country to ensure raising the quality of education and equipping our human resources for the future."

Sheikh Mohammed further wrote that the cabinet is optimistic about "Sheikha Maryam joining the educational system team in the country under the supervision of Sheikh Abdullah bin Zayed, and we are optimistic about distinguished national educational outcomes."

Furthermore, the cabinet also approved "the national policy for electric vehicles, which includes building a national network for electric vehicle chargers, regulating the electric vehicle market, and stimulating related industries to ensure reduced emissions, energy consumption, and the preservation of the quality of roads that the UAE enjoys."

Sheikh Mohammed also announced the first national license for self-driving vehicles on the country's roads, which was granted to the specialized WeRide company.

The prime minister also disclosed that the government has adopted a number of amendments to the Law on Combating Human Trafficking, including toughening penalties and introducing services for victims, which include educational assistance, safe return measures to the victim's home, criminalizing incitement to crime, and increasing penalties for perpetrators.