The UAE has authorized a brand new financial cluster coverage because it appears to spice up GDP by greater than $8bn a yr and generate over $4bn in overseas commerce.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired a Cupboard assembly at Qasr Al Watan in Abu Dhabi, the place main new nationwide insurance policies and techniques have been authorized.
Among the many most important was the Nationwide Coverage for Financial Clusters, a framework to determine interconnected industries and providers throughout the UAE.
The initiative is anticipated to contribute greater than AED30bn ($8.2bn) yearly to GDP and enhance overseas commerce worth by AED15bn ($4.1bn) inside seven years.
It is going to additionally strengthen innovation ecosystems and improve the UAE’s competitiveness in sectors reminiscent of monetary providers, tourism, house, meals, and communications.
UAE financial clusters
Sheikh Mohammed stated: “Right this moment, I chaired the primary Cupboard assembly of the brand new authorities season at Qasr Al Watan, which we hope can be a season of prosperity, progress, and progress for our nation.”
The Nationwide Coverage for Financial Clusters is a strategic framework designed to spice up financial progress and enhance the competitiveness of the UAE’s economic system at each the macro and sectoral ranges via establishing clusters of interconnected industries, providers, and the organisations related to them, in particular geographic areas.
The financial clusters coverage will leverage a number of benefits, together with pure assets, geographic location, enterprise setting, and built-in hyperlinks, along with main firms and mature and superior financial sectors.
The coverage will strategically set up financial clusters nationwide in key sectors, together with monetary providers, tourism and hospitality, house, communications and knowledge analytics, and meals.
Extra key approvals from the Cupboard
- UAE Authorities Annual Conferences: To happen on November 4–6 in Abu Dhabi with 500 senior officers, specializing in training, healthcare, economic system, nationwide identification, and AI functions
- UAE Council for Integrative Medication: Chaired by Sheikha Salama bint Tahnoon bin Mohammed Al Nahyan, the council will mix fashionable medication with conventional practices to enhance holistic healthcare
- Genomics and healthcare: The UAE Genomics Council reported over 750,000 individuals within the Nationwide Genome Programme and greater than 8,500 trainees, alongside the launch of premarital medical screening programmes
- Sustainability and aviation: The up to date Nationwide Plan for Decreasing Aviation Emissions was authorized, alongside opinions of the Nationwide Environmental Coverage and the Nationwide Air High quality Agenda 2031
- Cybersecurity: A complete bundle of nationwide cybersecurity insurance policies was authorized, strengthening digital resilience and aligning with world finest practices
- Schooling: Public faculty readiness for the 2025–2026 educational yr was confirmed, overlaying 283,920 college students throughout educational, staffing, and facility readiness
- Laws: The Cupboard authorized the regulatory framework for electrical automobile charging stations, shopper safety guidelines, and tax procedures together with VAT mechanisms on scrap steel
- Diplomacy and worldwide relations: The UAE ratified 76 worldwide agreements overlaying commerce, funding, aviation, monetary cooperation, AI, meals security, and digital transformation
- World occasions: The UAE will host 12 main worldwide occasions, together with World Maritime Day 2025 and the Worldwide Convention on AI in Sports activities
Sheikh Mohammed concluded: “All nationwide groups are advancing their plans as meant, efficiency indicators verify the success of their efforts, and each sector of our economic system is progressing according to the imaginative and prescient set by the President of the UAE.”
