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UAE to set up investment ministry, Sheikh Mohammed announces
The Emirates to invest Dh150-200 billion in renewables over the next 7 years
The UAE Cabinet on Tuesday announced the establishment of the Ministry of Investment under the directives of the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, to support the country’s business objectives, investment policies and promote its world-class infrastructure to further attract investments in various sectors.
The ministry will be responsible of proposing the general investment policies in coordination with the relevant authorities, in addition to preparing strategies, legislation, plans, projects and national programmes to promote the investment environment in the country and enhance its competitiveness.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the new ministry has been set up with the aim to develop the investment vision of the UAE, and promote the investment environment and the competitiveness of this sector in the country.
“The UAE is a global financial hub trusted by thousands of financial institutions and millions of investors around the world. Our goal is to maintain this confidence,” he said.
The UAE enjoys a high level of trust of foreign investors as the country was the first in the Middle East and North Africa (Mena) in the Kearney 2023 Foreign Direct Investment Index.
Dubai also retained its No. 1 spot globally for attracting Greenfield FDI projects in 2022, achieving 89.5 per cent year-on-year growth in total announced FDI projects, while total FDI capital surged 80.3 per cent, according to the latest data from the 2022 Financial Times ‘fDi Markets’ report.
Dubai FDI Monitor’s data earlier revealed that the total estimated FDI capital flowing into Dubai in 2022 was Dh47 billion compared to Dh26.07 billion in 2021.
An estimated 38,447 jobs were created through FDI projects in Dubai in 2022 compared to 24,932 jobs in 2021.
The Cabinet also approved a system for hosting international conferences and events as well as mechanisms to apply value-added tax on electronic devices registered in the country.
Called Tatmeen, the government also approved a highly advanced track and trace platform for pharmaceuticals and medical products.
National energy strategy
On Monday, the Cabinet also approved the updated National Energy Strategy 2050 to triple the contribution of renewable energy by 2030 to reduce the impact of climate change and achieve climate neutrality.
The strategy’s key goal is to achieve up to Dh100 billion in financial savings by 2030 and increase national energy investments between Dh150-200 billion until 2030, in addition to raising the share of clean energy in the total energy mix to 30 per cent by 2031.
“As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of renewable energy over the next 7 years, and invest Dh150 to Dh200 billion during the same period to meet the country’s growing demand for energy,” said Sheikh Mohammed.
As per the Third Update of the Second NDC, the UAE aims to reduce greenhouse gas emissions to 182 million metric tonnes of carbon dioxide equivalent (MtCO2e) by 2030, a decrease of 19 per cent compared to 2019. The level of emission reduction will be 40 per cent compared to the business-as-usual scenario for the year 2030.
Hydrogen strategy
The government also approved a national strategy for hydrogen – which has recently emerged as one of the most important types of clean energy – 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.
The strategy will be implemented through 10 main enablers.
In addition, a specialised national centre for research and development of the hydrogen sector will also be established in the country.
“The strategy aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development centre,” said Sheikh Mohammed.
The International Monetary Fund (IMF) said in its latest UAE report that the UAE Energy Strategy envisages an investment of Dh600 billion in clean energy and renewable to modernize infrastructure capable to support energy transition and increase energy efficiency to reduce energy demand.
Financial stability council
The Cabinet also approved the establishment of the Financial Stability Council to enhance financial stability, monitor risks and deal with any financial crises in order to maintain the development of the national economy.
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