The UAE Cabinet has recently given its approval for the establishment of an office for the Asian Investment Bank, which will have a capital of $100 billion. The bank, which has over 75 participating countries, has chosen the UAE as the location for its regional office. This decision is expected to further strengthen the UAE’s position as a leading financial hub in the region.
During a Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, four international economic agreements were also approved. The Cabinet also gave its nod to the circular economy policy agenda in the UAE. In addition, the achievements of the Climate Action Council were reviewed, and its action plan for achieving climate neutrality for the UAE by 2050 was approved.
The Cabinet has also taken steps to improve the education system in the country. It adopted the operational model of ‘Ajyal Schools’ (Generation Schools), which will involve outsourcing 28 public schools to experienced private sector operators for a period of three years. This initiative is aimed at transferring experiences and diversifying options for parents.
Moreover, the Cabinet has approved the establishment of the Emirates Award for Leadership in the Labour Market. This award aims to honour distinguished practices of establishments and workers to consolidate these practices and enhance competitiveness in the UAE’s labour market. The recognition of outstanding performers in the labour market is expected to motivate others to improve their practices and contribute to the country’s overall economic development.
The recent decisions made by the UAE Cabinet demonstrate the government’s commitment to promoting economic growth and sustainability, as well as improving the education system and labour market practices. The establishment of the Asian Investment Bank’s regional office in the UAE is a significant milestone that will further boost the country’s position as a financial hub.