The UAE has authorised a brand new financial cluster coverage because it seems to be to spice up GDP by greater than $8bn a 12 months 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 had been authorised.
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 can additionally strengthen innovation ecosystems and improve the UAE’s competitiveness in sectors resembling monetary providers, tourism, area, meals, and communications.
UAE financial clusters
Sheikh Mohammed said: “Immediately, 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 financial system at each the macro and sectoral ranges by the use of 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 sources, 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, area, 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 schooling, healthcare, financial system, nationwide id, and AI purposes
- UAE Council for Integrative Drugs: 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 contributors 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 authorised, alongside critiques of the Nationwide Environmental Coverage and the Nationwide Air High quality Agenda 2031
- Cybersecurity: A complete package deal of nationwide cybersecurity insurance policies was authorised, strengthening digital resilience and aligning with international greatest practices
- Schooling: Public faculty readiness for the 2025–2026 educational 12 months was confirmed, protecting 283,920 college students throughout educational, staffing, and facility readiness
- Laws: The Cupboard authorised the regulatory framework for electrical car charging stations, shopper safety guidelines, and tax procedures together with VAT mechanisms on scrap metallic
- Diplomacy and worldwide relations: The UAE ratified 76 worldwide agreements protecting 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 financial system is progressing in step with the imaginative and prescient set by the President of the UAE.”
