Abu Dhabi: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, chaired a UAE Cabinet meeting at Qasr Al Watan, where the approval of the UAE Strategy for Islamic Finance and Halal Industry was announced. This strategy aims to bolster the Islamic financial sector, enhance global Islamic finance activities, and amplify the export of Halal products.
According to Emirates News Agency, the strategy targets a significant increase in the assets of UAE Islamic banks, aiming to grow from AED986 billion to AED2.56 trillion within six years. Additionally, the value of listed Islamic sukuk in the UAE is projected to exceed AED660 billion by 2031. A committee chaired by the Central Bank governor will be formed to implement the strategy, with the UAE striving to diversify and expand its economy.
The Cabinet meeting also reviewed the UAE tourism sector's 2024 results, highlighting that the sector provided over 800,000 jobs and contributed 11.7 percent to the national economy in 2023. The UAE aims to increase the tourism sector's contribution to AED450 billion over the next six years, supported by infrastructure and initiatives such as the "World's Coolest Winter" campaign.
The Cabinet approved an updated national biosafety framework to enhance prevention and response capabilities, increase research and innovation, and strengthen the UAE's biosafety infrastructure. Updates include a biological emergency management system and implementation of international agreements.
Further, the UAE's commitment to sustainable development was reinforced through a review of biofuel projects, in line with the National Policy on Biofuels. The Cabinet also addressed preparations for the 2025 Hajj season, ensuring efficient operations under the General Authority of Islamic Affairs and Endowments.
Efforts to boost federal employee productivity were supported by approving an updated performance management system, Enjazaty, which emphasizes strategic alignment, specialisation, and a culture of high performance.
In legislative affairs, the Cabinet approved decisions on visiting doctors, regulating space activities, nuclear regulation penalties, and marriage grants. AI implementation results from the Ministry of Human Resources and Emiratisation were also reviewed, showcasing AI-driven solutions for labor market analysis.
The Cabinet reviewed the SME sector's performance, noting a 160 percent growth in licenses from 2020 to 2024. The UAE maintained top global rankings in business leadership and competitiveness, including first in the International Business Leadership Observatory report for 2024-2025.
Additionally, the UAE Cabinet ratified international agreements with countries such as the Democratic Republic of Congo and the Philippines, focusing on investment promotion and protection. The Cabinet approved hosting several world-class events, including the Intergovernmental Oceanographic Commission regional committee meeting.
The meeting concluded with the approval of restructuring efforts for the UAE Gender Balance Council and the UAE Council for Environmental and Municipal Work, reaffirming the UAE's commitment to enhancing national capabilities across various sectors.