UAE reviews tourism and SME growth, backs Islamic finance strategy

The UAE Cabinet held its latest meeting at Qasr Al Watan in Abu Dhabi, approving a range of national strategies aimed at boosting key sectors of the economy and strengthening government performance.

The meeting was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Among the top decisions was the approval of the UAE Strategy for Islamic Finance and Halal Industry, which aims to double Islamic bank assets to AED 2.56 trillion and raise sukuk listings to AED 660 billion by 2031.

A new committee, chaired by the Central Bank Governor, will oversee the strategy’s rollout.

The Cabinet also reviewed strong results from the tourism sector, which contributed AED 220 billion to the economy in 2023 and supported over 800,000 jobs. The sector is expected to reach AED 236 billion in 2024, with a goal of AED 450 billion by 2030.

In line with efforts to protect public health, the Cabinet approved an updated National Biosafety Framework, focusing on risk management, biological emergency response and research innovation.

The SME sector also received attention, with the UAE ranked first globally for the fourth consecutive year in the International Business Leadership Observatory report of 2024–2025 and 18th among the world’s top 100 in the Emerging Ecosystems Ranking in 2024. 

SME licences in the country have grown by over 160 per cent since 2020, and the Cabinet reaffirmed its support for entrepreneurs and startups.

Additional decisions included:

• Approval of a new federal performance management system (Enjazaty) to boost efficiency.
• Review of biofuel projects and preparations for the 2025 Hajj season.
• New legislation covering visiting doctors, space activities, nuclear regulations and marriage grants.
• Updates from the Ministry of Human Resources on the use of AI in labour market planning.
• Restructuring of the UAE Gender Balance Council and the Council for Environmental and Municipal Work.
• Ratification of international agreements with countries including the Democratic Republic of Congo, Uzbekistan, Somalia and the Philippines.
• Approval to host major global events, including conferences on customs, oceanography and risk management.
• The Cabinet also reviewed updates on digital safety, including actions taken to block harmful online content and protect public wellbeing.

His Highness Sheikh Mohammed bin Rashid has chaired a Cabinet’s meeting. The session’s agenda included the approval of the UAE Strategy for Islamic Finance and Halal Industry, and updating the UAE National Biosafety Framework.#uaegov pic.twitter.com/4XR8g6Msf1

— UAEGOV (@UAEmediaoffice) May 6, 2025