UAE approves new strategy to develop Islamic finance, improve export of halal products

The UAE cabinet on Tuesday, May 6, approved a strategy with the goal of developing the Islamic finance industry and also raise the level of exports of halal products worldwide.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, who chaired the cabinet meeting at Qasr Al Watan in Abu Dhabi, said that goal is to increase the assets of Islamic banks from Dh986 billion Dh2.56 trillion within six years.

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"Our goal is to increase the assets of our Islamic banks from Dh986 billion to Dh2.56 trillion within six years, and to increase Islamic Sukuk issuances listed in the UAE to more than Dh660 billion by 2031," Sheikh Mohammed said in a post on X.

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"We have decided to establish a committee headed by the Governor of the Central Bank to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors," he added.

National biosecurity framework

The cabinet also approved updating the country's national biosecurity framework to ensure strengthening national capabilities for prevention and response, increasing research and innovation activities, developing a system for managing biological emergencies, and strengthening the country's biosecurity infrastructure.

"We were briefed on the latest developments in the country's SME sector. The UAE ranked first globally for the fourth consecutive year in the Global Entrepreneurship Monitor 2024-2025 report, and 18th globally on the list of the top 100 emerging ecosystems for startups for 2024. SME licences witnessed a 160% growth," the UAE Vice-President said.

"Our goal is to continue supporting and expanding this sector and providing the best environment for launching and supporting small and emerging companies, which constitute a major backbone of the national economy," Sheikh Mohammed added.

Tourism sector

The cabinet also reviewed the results of the overall tourism sector in the country for the year 2024. The tourism, travel and hospitality sector in the country contributed to more than 800,000 jobs in 2023, and the contribution of this sector to the national economy reached 11.7%, the Dubai Ruler said.

"We have the necessary infrastructure, and our goal is to reach a contribution of Dh450 billion over the next six years," he added.