UAE Cabinet reviews growth, development indicators

@DXBMediaOffice/ Twitter

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has chaired a meeting of the federal cabinet in Abu Dhabi.

The cabinet members reviewed the UAE’s competitive and development indicators and highlighted how the commercial and development sectors have surpassed the pre-pandemic growth.

"Under the leadership of my brother Mohamed bin Zayed, the UAE has managed to overcome the Covid-19 pandemic… Our country has become globally prominent for its significant economic growth and development," said Sheikh Mohammed.

He added that the number of global indices topped by the UAE rose from 121 (in 2020) to 156 indicators (2022) - with the country ranked among top 10 in 432 global indicators, compared to 314 before the COVID-19 pandemic.

"We are the first in the world in terms of security and safety, infrastructure, flexibility of regulations, and more," said His Highness.

"The UAE’s foreign trade exceeded AED 1 trillion compared to AED 840 billion pre-pandemic… and this year’s economic growth exceeded 22%."

Sheikh Mohammed added: "Our tourism sector’s revenues surpassed AED 19 billion in the first half of 2022… The total number of hotel guests reached 12 million, achieving 42% growth, and we expect a strong tourism performance in this winter season."

The meeting at Qasr Al Watn was attended by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; and H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.

  • The Cabinet approved a new law enhancing partnership between government and private sectors and also gave its go-ahead for the licensing of the first electric cargo aircraft in the region fully powered with clean energy.
  • The Cabinet approved a suggested federal law decree to amend the Federal Law No 14 of 2018 regarding the Central Bank and Organization of Financial Institutions and Activities, aimed at achieving a balance between rights and duties in the banking sector. It also aims to ensure compliance with the directives and decisions of the Central Bank, and limiting the phenomenon of financial stumbling.
  • Also, the UAE Cabinet meeting approved amendments on the Federal Law regarding private health facilities, including gradual administrative and financial penalties on violating medical facilities.
  • The Cabinet approved the issuance of a federal law concerning Practice of Veterinary Medicine Profession. As per the law, a licence is required to practice the profession, and a public registry in the Ministry of Climate Change and Environment to register veterinarians and those working in the veterinary paramedical professions in the country.
  • The Cabinet meeting agreed on the procedures of temporary licensing to operate a new type of cargo aircraft, within the UAE Regulations Lab at the General Secretariat of the UAE Cabinet. It aims to achieve the requirements of alternative and green energy, and reduce shipping costs for both suppliers and consumers.
  • The Cabinet approved the restructuring of the Emirates Youth Council 2022, headed by Shamma bint Suhail bin Faris Al Mazrui.
  • The Cabinet also approved adding all professions related to medical and health sector in the country within “Nafis” programme.
  • Also, the Cabinet approved several international agreements with a number of friendly countries, including Spain, Indonesia and Jamaica, as well as an agreement with the International Committee of the Red Cross (ICRC).

More from Local

Coming Up on Dubai Eye

  • Entertainment Extra

    1:00pm - 2:00pm

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.