Mohammed bin Rashid: Decisions and Initiatives to Foster UAE Growth
In a meeting held at the Qasr Al Watan in Abu Dhabi, His Highness Sheikh Mohammed bin Rashid Al Maktoum chaired a session of the Cabinet, where several crucial decisions and initiatives were announced.
One of the highlights of the meeting was the approval of the UAE federal budget for the years 2024-2026, totaling AED 192 billion. This budget allocates 42% to development and social welfare, 39% to government affairs, and the remainder is distributed for infrastructure development and financial assets to enhance the federal government's economic stability.
Additionally, the UAE government issued a decree establishing the Financial Stability Council, presided over by Sheikh Mansour bin Zayed Al Nahyan. The council's members include the State Minister for Financial Affairs, the Central Bank Governor, the Chairman of the Securities and Commodities Authority, the Chairman of the Abu Dhabi Global Market, the Chairman of the Dubai Financial Services Authority, the Ministry of Finance's Undersecretary, and the Assistant Central Bank Governor. The council's aim is to bolster and ensure financial stability, enhance cooperation among financial authorities in the UAE, develop financial infrastructure, and contribute to the financial system's role in economic development.
Furthermore, the UAE government passed a law to establish the Emirates Drug Agency, which will be responsible for regulating and licensing medical and pharmaceutical products, healthcare products, dietary supplements, cosmetic preparations, veterinary products, and those related to agriculture. The agency's primary goal is to position the UAE as a trusted global hub for pharmaceutical and medical industries, develop national capabilities in drug manufacturing, boost research and development, and attract leading investments in the pharmaceutical sector while enhancing drug security.
The Cabinet also approved the Digital Government Services Level Policy, which aims to enhance the quality and reliability of digital government services, ensuring their accessibility to all residents.
In addition to these decisions, the Cabinet announced the restructuring of the UAE Space Agency, with Sara Al Ameri appointed as its head. Furthermore, 13 new international agreements were approved by the UAE government, fostering cooperation with international organizations and various countries on a wide range of topics, including civil and commercial judicial cooperation with Turkey and Argentina and an agreement on aviation services with the Austrian government, among others.
These announcements reflect the UAE commitment to sustainable growth, economic development, and its role in the global arena.
