His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting of the federal cabinet on Monday.
Members were updated on the country's progress in enhancing its economic and investment system.
The government's economic decisions during and after the COVID-19 pandemic have led to impressive results. By mid-2020, there were 405,000 companies in the UAE. This number has surged to over 1 million by mid-2024, reflecting a growth rate of 152 per cent.
The UAE now ranks fifth globally in real GDP growth and is among the top 10 economies for competitiveness.
Last year, the country attracted a record AED 112 billion in foreign direct investment and secured second place worldwide, after the US, in new foreign investment projects.
Since the pandemic, the UAE government has introduced 30 new economic policies and regulations, significantly boosting growth.
.@HHShkMohd chairs the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, marking the first meeting of the new government season. pic.twitter.com/LpKaDwFqAg
— Dubai Media Office (@DXBMediaOffice) September 2, 2024
The cabinet approved the agenda for the UAE government's annual meetings, scheduled to take place from November 5-6, in Abu Dhabi.
These meetings will focus on three key areas: family, national identity and artificial intelligence.
The cabinet has called on all sectors to submit ideas and projects aimed at advancing their fields and supporting national priorities.
Updates to the national agenda for non-oil exports were also discussed during the latest cabinet meeting, highlighting the UAE's commitment to strengthening its role as a leading global trade partner.
The UAE Cabinet was briefed on the 2023 updates to the National Agenda for Non-Oil Exports, highlighting the UAE's commitment to strengthening its role as a leading global trade partner.#UAEGOV pic.twitter.com/H1303Ys7eW
— UAEGOV (@UAEmediaoffice) September 2, 2024
The Cabinet, chaired by Mohammed bin Rashid, reviewed efforts to enhance the UAE’s economic and investment framework, driving the transition to a knowledge-based economy and boosting the UAE’s global competitiveness.#UAEGOV pic.twitter.com/jw122CeTGc
— UAEGOV (@UAEmediaoffice) September 2, 2024
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