The UAE has approved the establishment of the National Investment Fund with an initial capital of AED36.7bn ($10bn), in a Cabinet meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, held at the Dubai Airshow.
The session reviewed wide-ranging economic, industrial, aviation and societal achievements for 2024 and advanced several national strategies covering identity, family cohesion, food security and environmental protection.
Sheikh Mohammed bin Rashid Al Maktoum said: “I chaired today’s Cabinet meeting at the Dubai Airshow. The UAE continues to support this global platform, which brings together delegations from 115 countries and more than 150,000 specialists, reinforcing our position as a key contributor to shaping the future of the global aviation sector.”
$10bn National Investment Fund approved in UAE
Sheikh Mohammed bin Rashid added: “As part of the Cabinet agenda, we approved the establishment of the National Investment Fund with an initial capital of AED36.7bn, open to future review and expansion.
“The fund aims to encourage incoming foreign direct investment through financial incentive packages and to achieve our targets of increasing it from AED115bn ($31.3bn) annually to AED240bn ($65.4bn) by 2031, and to raise total accumulated FDI from AED800bn ($217.8bn) to AED2.2tn ($599.1bn).”
“Our message to global investors is clear. The UAE welcomes you, the UAE will provide the world’s best environment for investment. The UAE will continue to support your growth and long-term success.”
The Cabinet confirmed that the Fund will provide development packages targeting high-impact companies and will be operated through direct federal-level financing and cooperation with economic, investment and tourism authorities across the emirates.
Industrial sector results
Sheikh Mohammed bin Rashid said: “We reviewed progress in the National Strategy for Industry. National industrial spending has exceeded AED110bn ($29.9bn), an increase of 244 per cent over the past five years. Industrial exports reached AED197bn ($53.7bn). Today, the industrial sector contributes AED210bn ($57.2bn) to our GDP. Our target is AED300bn ($81.7bn) by 2031.”
He added: “The Cabinet approved the UAE National Identity Strategy. The strategy includes seventy government initiatives to strengthen national identity among new generations, deepen sense of belonging, and reinforce family cohesion and stability across our society.”
The Cabinet also approved the National Family Growth Agenda 2031, targeting higher marriage and birth rates among UAE nationals and improved quality of family life. The agenda comprises three tracks: policies and programmes, behavioural interventions and reproductive health.
GCC economic cooperation and trade review
Sheikh Mohammed bin Rashid said: “We also reviewed developments in GCC joint economic action. The UAE today holds the highest number of economic licences issued to citizens of other GCC countries, totalling 36,000.
“The UAE is home to the largest number of property owners from other GCC countries, exceeding 52,000 individuals. And we host the highest number of students from other GCC countries enrolled in our public higher education institutions, reaching 7,500 students. Trade between the UAE and GCC countries reached AED333bn ($90.6bn).”
UAE civil aviation
The Cabinet reviewed 2024 civil aviation achievements:
- AED340bn contributed to GDP, representing 18.2 per cent of the total
- 148m passengers, up 10 per cent from 2023
- More than onem air traffic operations, up 11 per cent
- 190 air transport agreements signed globally
The UAE ranked first globally in air transport infrastructure quality (WEF 2023), second globally in aviation safety compliance and fifth globally in air transport quality.
New national policies approved
The Cabinet approved:
- A national policy for classifying natural reserves
- The development of a federal law on plant genetic resources for food and agriculture
- Resolutions on services provided by the Ministry of Energy and Infrastructure and the Ministry of Foreign Trade
- Measures to enhance tax system efficiency and digital trade facilitation
Food security and re-export performance reviewed
The Cabinet reviewed 2024 achievements of the UAE Food Security Council, including:
- Establishing a national food cluster
- Launching baseline indicators for food loss and waste
- Implementing the Food Conservation Programme
- Community initiatives to achieve zero food waste and cut loss and waste by 50 per cent by 2030
The National Re-Export Development Agenda recorded AED717.8bn ($195.7bn) in re-export activity, with re-exports growing 5 per cent to AED719bn and contributing 24.5 per cent of non-oil trade.
International agreements
The Cabinet approved the ratification of agreements with:
- Sri Lanka (investment protection)
- Trinidad and Tobago (visa exemption)
- Antigua and Barbuda (visa exemption)
- GCC General Agreement for Electricity Interconnection
- Hosting the Union of Arab Securities Authorities headquarters
The Cabinet also approved reconstituting the Federal Traffic Council under the Ministry of Interior.
