The United Arab Emirates (UAE) will set up a new ministry of investment to develop its investment strategy at home and worldwide. The Prime Minister of UAE and ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum tweeted the plans after a cabinet meeting on July 3, adding that Mohammed Hassan Al Suwaidi will become the investment minister.
The objectives of the upcoming federal ministry would include stimulating the investment environment in the UAE and to make the UAE’s legislation and procedures more competitive to attract global investment, Sheikh Mohammed said. The UAE will also set up a Financial Stability Council to monitor risks, and deal with financial crises to further its objectives of becoming a major global financial centre.
Earlier this year, Sheikh Mohammed launched a 10-year economic plan known as D33, which aims to double the economy’s size and make Dubai one of the top four global financial centres in a decade.
Last year, Dubai attracted an estimated $12.8 billion in foreign direct investment capital, according to the 2022 Financial Times “fDi Markets” report. Foreign direct investment into Saudi Arabia was about 30 billion riyals ($8 billion), based on data from the Saudi investment ministry.