Photo: UAE Cabinet meeting chaired by Sheikh Mohammed.
Image Credit: WAM
Photo: Mohammed Hasan Al Suwaidi was appointed as the national Minister of Investment
Image Credit:WAM
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the establishment of a Ministry of Investment at a Cabinet meeting.
Mohammed Hasan Al Suwaidi was appointed as the Minister of Investment, Sheikh Mohammed said.
“The Ministry has been established with an aim to develop the UAE’s investment vision, stimulate the investment environment and enhance the competitiveness of legislation to ensure the UAE remains a global investment hub and an active player in the movement of international investment,” Sheikh Mohammed said in a tweet.
The Vice-President also approved an updated national energy strategy to cope with rapid changes in the energy sector and increase the contribution of renewable energy three folds within the next seven years.
National Hydrogen Strategy
A National Hydrogen Strategy was also approved at the Cabinet meeting, with the aim to strengthen the UAE’s position as a leading producer and exporter of low-carbon hydrogen within the next eight years.
Additionally, a specialised national centre for research and development on the hydrogen sector will be established to further drive advancements in the field.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, “Today, I chaired the Cabinet meeting in Qasr Al Watan, in Abu Dhabi, where we adopted under the directives of the President Sheikh Mohamed bin Zayed, the establishment of the Ministry of Investment and appointed Mohamed Hassan Al Suwaidi as the Minister.
Our aim is to develop the investment vision of the UAE and promote the investment environment and the competitiveness of this sector in the country.”
His Highness added, “As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of the renewable energy over the next 7 years, and invest AED150 to AED200 billion during the same period to meet the country’s growing demand for energy.”
His Highness Sheikh Mohammed said, “We also approved the National Hydrogen Strategy, which has recently emerged as one of the most important types of clean energy. The strategy aims to promoting the UAE’s position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development centre.”
Ministry of Investment
Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE Cabinet has approved the establishment of the Ministry of Investment and appointed Mohamed Hassan Al Suwaidi as the minister.
The Ministry will support the UAE’s business objectives and investment policies and promote its world-class infrastructure as a global platform to attract investments in various sectors.
The ministry will be responsible of proposing the general investment policies of the UAE in coordination with the relevant authorities, in addition to preparing strategies, legislation, plans, projects and national programmes to promote the investment environment in the country and enhance its competitiveness.
UAE National Energy Strategy 2050
The Cabinet approved the updates on the UAE National Energy Strategy 2050, aiming at increasing reliance on renewable energy, improving energy efficiency, and promoting the use of clean energy. The strategy will support research and development programmes in energy technologies, in addition to encouraging innovation and investment the n energy sector.
The National Strategy will work on strengthening the country’s capacity to provide clean and sustainable energy, raising its global competitiveness in the energy sector and consolidating its position as one of the most countries attracting innovation and investment in the sector.
The strategy provides new investment opportunities in renewable energy, supports efforts to strengthen cooperation with international partners to achieve sustainability goals in the energy sector, and constitutes a long-term national programme to balance meeting energy needs with ensuring the sustainability of natural resources for future generations.
The strategy aims to triple the contribution of renewable energy by 20 , to reduce the effects of climate change and achieve climate neutrality. The strategy’s objective is to achieve up to AED100 billion financial savings by 2030, and increase national energy investments between AED150 – 200 billion until 2030, in addition to raising the share of clean energy in the total energy mix to 30 percent by 2031.
National Hydrogen Strategy
Within the UAE’s initiatives and projects to invest in new clean energy sources, and as part of the country’s preparations to host COP28, the UAE Cabinet approved the National Hydrogen Strategy to support low carbon local industries, contribute to achieving climate neutrality and enhance the UAE’s position enhance among the largest producers of hydrogen by 2031, through 10 main enablers.
The strategy aims at accelerating the growth of hydrogen economy and enhancing the global position of the UAE among the world’s largest producers of low-carbon hydrogen, through developing energy policies, and attracting investments in this sector.