UAE establishes Ministry of Investment and unveils energy strategies

The UAE Cabinet, led by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has made significant decisions during its meeting at Qasr Al Watan, Abu Dhabi. The establishment of the Ministry of Investment, the approval of the updated UAE National Energy Strategy, the adoption of the National Hydrogen Strategy, and the endorsement of the National Electric Vehicles Policy were among the key highlights.

UAE establishes Ministry of Investment and unveils energy strategies

The Ministry of Investment, in line with President Sheikh Mohamed bin Zayed Al Nahyan’s directives, has been established with Mohamed Hassan Al Suwaidi appointed as the minister. The ministry aims to strengthen the UAE’s investment vision, enhance the competitiveness of the investment sector, and foster a conducive investment environment in the country. Collaborating with relevant authorities, it will propose investment policies, develop strategies, legislation, and national programs to attract investments across various sectors.

Sheikha Mariam bint Mohamed bin Zayed Al Nahyan has been appointed as the Chairperson of the Quality of Education Centre. The center’s responsibilities include setting educational goals, endorsing frameworks, policies, legislation, and educational systems, and monitoring the performance of the education sector to ensure alignment with the labor market’s needs.

The UAE Cabinet has approved updates to the UAE National Energy Strategy 2050, focusing on increasing reliance on renewable energy, improving energy efficiency, and promoting clean energy usage. The strategy aims to support research and development in energy technologies, stimulate innovation, and attract investments in the energy sector. By 2030, the strategy targets tripling the contribution of renewable energy, achieving climate neutrality, and reducing carbon emissions. It also aims to raise the share of clean energy in the total energy mix to 30 percent by 2031.

In alignment with the UAE’s commitment to investing in clean energy sources, the Cabinet has adopted the National Hydrogen Strategy. This strategy aims to position the UAE as a leading producer of low-emission hydrogen by 2031. It will focus on developing energy policies, attracting investments, establishing supply chains, hydrogen oases, and a national research and development center.

Additionally, the Cabinet has approved a national policy on electric vehicles. This policy aims to build a national network of electric vehicle chargers, regulate the electric vehicle market, reduce energy consumption in the transport sector through the Green Mobility Project, and contribute to lower carbon emissions. The preliminary approval has also been granted to WeRide company for autonomous vehicle testing in the UAE, showcasing the country’s commitment to future mobility.