Mohammed bin Rashid Approves National Strategy for Islamic Finance and Tourism Growth Targets
The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum at Qasr Al Watan in Abu Dhabi, has approved the UAE Strategy for Islamic Finance and Halal Industry, alongside key initiatives targeting economic growth, biosafety, tourism, and SME development.
The strategy aims to position the UAE as a global leader in Islamic finance by growing Islamic bank assets to AED2.56 trillion and increasing sukuk listings to AED660 billion by 2031. A committee led by the Central Bank governor will oversee its implementation.
The Cabinet also reviewed strong results from the tourism sector. In 2023, the industry contributed AED220 billion to the national economy and supported over 800,000 jobs. Hotel guest numbers rose 9.5 percent to 30 million, and the sector's 2024 contribution is projected to reach AED236 billion. Plans are in place to raise this to AED450 billion within six years.
An updated National Biosafety Framework was approved to strengthen the UAE's capabilities in biological risk management, research, and emergency response. The Cabinet also reviewed biofuel initiatives supporting the country's sustainability goals.
Further discussions covered the growth of the SME sector, which saw a 160 percent increase in business licenses. The UAE ranked first globally in the 2024–2025 International Business Leadership Observatory and maintained strong positions in other international competitiveness rankings.
Other approvals included restructuring the UAE Gender Balance Council and the UAE Council for Environmental and Municipal Work, new performance frameworks for federal employees, legislative updates across sectors, and ratification of international agreements focused on trade, investment, and cooperation.
The Cabinet reaffirmed its commitment to economic diversification, innovation, and sustainable development through a series of forward-looking strategies and reforms.
News Source: Emirates News Agency
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
7 hours ago
- Sharjah 24
Sharjah Islamic Bank lists $500 million sukuk on Nasdaq Dubai
These perpetual sukuk, which cannot be redeemed before six years, were issued by the entity "SIB Tier 1 Sukuk IIND Ltd." They comply with Basel III requirements and saw strong demand from regional and international investors, providing the bank with additional capital to support its long-term growth plans. With this listing, the total value of sukuk listed by Sharjah Islamic Bank on Dubai Nasdaq has risen to $2.5 billion through five listings, enhancing Dubai's strategic role in developing the Islamic capital markets ecosystem. To celebrate the listing, Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, rang the opening bell for the trading session at Dubai Nasdaq, alongside Hamed Ali, CEO of Dubai Nasdaq and Dubai Financial Market. Ahmed Saad stated that the listing of the $500 million perpetual capital sukuk on Dubai Nasdaq is a strategic step that enhances Sharjah Islamic Bank's position as a leading financial institution trusted by investors both locally and internationally. He noted that this issuance supports their long-term growth plans and strengthens their capital base in line with Basel III requirements, solidifying their financial position. He emphasized the importance of the ongoing partnership with Dubai Nasdaq, the leading platform that serves as a comprehensive window to global markets, providing a stimulating environment to attract capital. He mentioned that through this listing, Sharjah Islamic Bank reaffirms its commitment to supporting the UAE's efforts to establish itself as a global hub for Islamic finance and actively contribute to the growth and sustainability of this vital sector. For his part, Hamed Ali, CEO of Dubai Nasdaq and Dubai Financial Market, confirmed that this listing is an important step that goes beyond capital raising, reflecting a comprehensive shift led by pioneering regional institutions like Sharjah Islamic Bank towards developing and diversifying local debt markets. He clarified that as the demand for diverse investment instruments compliant with Islamic law continues to grow, Dubai Nasdaq is solidifying its position as a trusted center for innovation in the Islamic finance sector. The ongoing momentum in sukuk issuances serves as tangible evidence of the maturity of the financial ecosystem, which now bridges local aspirations with global capital flows. He added that the continuous relationship with Sharjah Islamic Bank underscores the strategic role that financial institutions play in building robust capital markets that keep pace with future changes in the UAE and beyond. With this listing, the total value of sukuk listed on Dubai Nasdaq reached $95.7 billion, reinforcing its position as one of the largest global destinations for listing Sharia-compliant fixed-income instruments. The total debt instruments market on Dubai Nasdaq has surpassed $136 billion, distributed across 160 listings, reflecting the growing confidence of international investors in Dubai's status as a key destination connecting capital flows between the Middle East and the world.
Zawya
9 hours ago
- Zawya
How data can unlock the travel trade for Eswatini
Measuring travel in trade statistics is complex. Travel spending can include street food and hospital bills, which makes it hard to gather data. Only 56 countries currently report travel data by partner country. That's essential data for understanding a country's travel market. In Eswatini, the travel trade is booming, so ITC is working with the African kingdom to improve its data to find more ways to grow. In 2023, international travel receipts close to $1.4 trillion—surpassing pre-pandemic levels and making it the world's leading trade in services category. Travel is classified as a service, including spending on goods and services by non-resident travelers —ranging from accommodation to healthcare. Capturing this data is difficult, especially when transactions occur in cash or via local accounts. While traveller surveys help, they are expensive and often limited. Eswatini's travel sector is growing fast. In 2023, it contributed $52 million to the economy—a 51% increase from 2022. Export revenues from travel exceeded $21.4 million, topping pre-COVID figures. However, better data is needed to fully leverage this growth. 'A lack of reliable trade data has limited Eswatini's ability to benefit from intra-African trade,' noted Melusi M. Masuku, Principal Secretary at the Ministry of Commerce, Industry, and Trade. To address this, the International Trade Centre (ITC) has partnered with Eswatini's key institutions—including the Central Bank, Central Statistics Office, and Eswatini Tourism Authority—to improve travel data systems. A technical workshop in April 2025 focused on integrating data from multiple sources, capturing cash transactions often missed in official records, and improving the effectiveness of exit surveys. Unique challenges remain. Eswatini uses both the lilangeni and South African rand, and most official data is based on bank declarations, missing many exchanges. 'Comprehensive data will help us design better tourism strategies,' said Fakazile Mabuza of the Eswatini Tourism Authority. Khetsiwe Dlamini-Maziya from the Central Bank emphasized the role of the African Trade Observatory (ATO) in validating data and fostering institutional collaboration, which is critical for data accuracy. The ATO provides reliable and timely data, giving African businesses trade intelligence, including trends, opportunities, and market access conditions. The ATO workshop in Eswatini also encouraged dialogue between statisticians and tourism stakeholders to promote shared data collection efforts. Looking forward, ITC aims to help Eswatini refine its travel statistics, automate processing, and publish bilateral travel trade data. As countries transition to new global standards like the Balance of Payments Manual, Seventh Edition (BPM7), continued technical support will be crucial. The African Trade Observatory is led by the African Union, implemented by ITC, and funded by the European Union. Distributed by APO Group on behalf of International Trade Centre.
Gulf Today
10 hours ago
- Gulf Today
Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank
Nasdaq Dubai today welcomed the listing of a US$500 million Additional Tier 1 (AT1) Sukuk issued by Sharjah Islamic Bank (SIB). The perpetual, non-call six-year AT1 Capital Certificates were issued by SIB Tier 1 Sukuk IIND Ltd and are compliant with Basel III regulations. The issuance attracted strong interest from both regional and international investors, providing Sharjah Islamic Bank with additional capital to fuel its long-term growth plans. This latest transaction brings the Bank's total outstanding on Nasdaq Dubai to $2.5 billion across five listings. It also reinforces Dubai's strategic role in advancing the Islamic capital markets ecosystem. To mark the occasion, Ahmed Saad, DCEO of Sharjah Islamic Bank, rang the market opening bell at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Saad commented, 'The successful listing of our $500 million perpetual Additional Tier 1 Sukuk on Nasdaq Dubai marks a significant milestone in Sharjah Islamic Bank's strategic growth journey. This issuance reflects our strong fundamentals, robust investor confidence, and commitment to maintaining a solid capital base in line with Basel III requirements." Ali stated, "This listing reflects more than capital raising —it's part of a broader shift as regional institutions like Sharjah Islamic Bank lead the deepening of local debt markets. As demand for diversified, Shariah-compliant instruments continues to grow, Nasdaq Dubai is proud to serve as a trusted platform for innovation in Islamic finance. "The momentum we are seeing in Sukuk issuances signals a maturing financial ecosystem where local ambition meets global capital flows. SIB's continued engagement underscores the strategic role financial institutions play in building resilient, forward-looking capital markets across the UAE and beyond." With this listing, the total value of Sukuk listed on Nasdaq Dubai has reached $95.7 billion, underlining its status as one of the world's largest venues for Islamic fixed-income securities. Nasdaq Dubai's broader debt capital market has now surpassed $136 billion across 160 listings, reflecting growing international confidence in Dubai as a gateway for capital flows between the Middle East and the world. WAM
