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Arabian Business
15-04-2025
- Business
- Arabian Business
UAE Cabinet reviews tax system, sport strategy, industrial progress, tree-planting scheme and more
The UAE Cabinet met to review national tax system, sport strategy, industrial economy and more. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi. UAE Cabinet meeting Sheikh Mohammed said: 'During the meeting, we also approved the restructuring of the Emirates Council for Balanced Development, chaired by H.H. Theyab bin Mohamed bin Zayed Al Nahyan. The council's goal is to develop impactful projects that ensure balanced growth across all parts of the country. 'In its previous term, the Council completed projects in UAE villages and launched distinctive community and development initiatives that support our national agenda'. The Cabinet also reviewed the outcomes of the 'Make it in the Emirates' Forum 2024 and approved the objectives for its upcoming 2025 edition. The Forum has emerged as a key national platform to attract industrial investments, stimulate local production, and boost the competitiveness of UAE-made products. The Forum has hosted more than 13,000 visitors and participants across its editions. It featured more than 200 specialised panels and workshops, unveiling high-value investment opportunities, announcing manufacturing and supply agreements, and providing innovative financing solutions. In 2024, the industrial sector contributed more than AED210bn ($57.2bn) to the national GDP—a 59 per cent increase compared to 2020. Industrial exports reached AED197bn ($53.6bn), reflecting a 68 per cent growth compared to 2020. The national spending exceeded AED110bn ($30bn), marking a 244 per cent increase compared to 2020. Sheikh Mohammed added: 'We also discussed the Ministry of Industry and Advanced Technology's preparations for hosting the 'Make it in the Emirates' Forum. This forum strengthens our industrial sector by offering purchase opportunities, investment prospects, financing solutions, and partnerships worth AED160bn ($43.6bn). 'Our industrial sector contributes AED210bn ($57.2bn) to our GDP, having grown by 59 per cent over the past four years.' The Cabinet also approved the launching of the Global Alliance for Energy Efficiency. This initiative aligns with the 'UAE Consensus' announced at COP28 and aims to double energy efficiency rates annually by 2030. The Cabinet reviewed updates of the national campaign 'Plant the Emirates', a key initiative aimed at expanding green areas and promoting environmental awareness across the country. As of April 2025, a total of 459,698 trees have been planted in collaboration with strategic partners. The campaign also successfully distributed 593,246 seedlings and scattered over 6.5 million seeds across natural habitats. The campaign witnessed strong youth and community engagement, involving over 5,000 students and 8,257 volunteers. Agricultural guides were distributed to 1,349 schools nationwide, and 109 specialized agricultural workshops were conducted. The Cabinet approved the formation of the National Agricultural Centre Board of Directors, chaired by Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, Sheikh Mohammed added: 'We approved the launch of the Energy Efficiency Global Alliance, which was announced during the UAE's hosting of COP28. The alliance aims to foster international cooperation, share expertise, and develop global policies to double energy efficiency across all sectors by 2030. 'We reviewed the results of the 'Plant the Emirates' campaign, which we launched at the start of the season, as well as the outcomes of the National Sports Strategy and the annual report on money laundering and terrorism financing risks in the UAE. 'We also looked at the results of the new financing mechanisms for the Sheikh Zayed Housing Programme, which issued 9,400 approvals worth AED7.5bn ($2bn) over the past three years. We will continue to improve these mechanisms to meet the growing annual demand for housing. During the session, the Cabinet reviewed the latest updates and the progress made on developing the UAE's tax system. The UAE continues to strengthen its global economic standing by building an integrated, competitive, transparent tax ecosystem that facilitates tax compliance and supports achieving financial sustainability and development goals. The country's tax system has made significant progress in recent years, encompassing legislative, technical, and procedural aspects, locally and globally. The country achieved leading results in global competitiveness indicators, according to the IMD World Competitiveness Report 2023. It ranked second globally in the Index of Combating Tax Evasion, fourth in the Consumption Tax Rate, and fifth in the Efficiency of Tax Policy. Sheikh Mohammed said: 'We discussed the progress of the UAE's tax system, which supports financial sustainability and strengthens our global competitiveness. 'The UAE ranks fifth globally in tax policy efficiency and second in combating tax evasion, according to the annual report by the International Institute for Management Development (IMD) in Switzerland. 'The efforts of the teams working on the tax ecosystem in the UAE have resulted in the registration of 520,000 companies under the Corporate Tax and 470,000 under the Value-Added Tax. 'The tax system is a key part of our economic foundation for the future. Its efficiency reflects the strength of our competitive economy, and the tax culture we've built is a new step we've successfully taken recently. 'I extend my thanks and appreciation to the team contributing to the UAE's financial sustainability through a world-class tax system.' The Cabinet also reviewed the results of implementing the National Sports Strategy, which aims to elevate the sports sector's contribution to society, health, and national identity. Among the key outcomes was the successful launch of the National University Games Project, involving 1,767 students. The Cabinet reviewed updates on the National Autism Policy, which focuses on enhancing services for this segment of the community, creating a unified and integrated service model for individuals with autism and their families. Among the accomplishments were the development of national diagnostic guidelines and the rollout of an early detection program. As part of the UAE Government's continued efforts to enhance services for UAE nationals, the Cabinet reviewed the outcomes of implementing the new loan financing mechanism for the Sheikh Zayed Housing Programme for the period 2022- 2024. A total of 9,468 housing loan decisions were issued over three years, exceeding the target of 9,000 decisions—an average of 3,000 annually. The total value of approved financing reached AED7,505,616,108. On the cultural front, the Cabinet reviewed progress in implementing the National Strategy for Cultural and Creative Industries. Key initiatives included the launch of the Emirates Culture and Creativity Medal, the National Culture and Creativity Grant Program, and the National Framework for Cultural Activities in Schools. The UAE Cabinet approved the adoption of the Public Benefit Entities Classification Guide. This decision is based on the Federal Decree-Law governing public benefit institutions and reflects the best international practices and standards while also considering the unique characteristics of the UAE's institutional environment. The guide defines the scope of public benefit activities covered under the law, which includes social, cultural, scientific, educational, professional, creative, artistic, recreational, and environmental fields. The Cabinet approved the National Assessment Report on the Risks of Money Laundering and Terrorism Financing in the country, endorsed regulations concerning the management of space resources, and approved legislation related to tax. In foreign affairs, the Cabinet approved the ratification of 12 international agreements and the signing and starting of negotiations on 32 international agreements and memoranda of understanding. Sheikh Mohammed said: 'Today, we also approved 44 international agreements in economic, developmental, and governmental fields, and we authorised the start of negotiations for investment protection and promotion agreements with 30 countries worldwide. 'The UAE will continue to build economic and investment ties with friendly and sisterly nations, maintaining its open economic approach that has solidified its position as a global economic hub connecting East and West. During the meeting, the UAE Cabinet also approved the launch of the first integrated regulatory intelligence ecosystem within the UAE Government. This new legislation and laws development system, which is the first of its kind globally, is based on the most advanced artificial intelligence approaches and solutions, marking a global first in smart governance.
Hi Dubai
15-04-2025
- Business
- Hi Dubai
UAE Cabinet Approves World-First AI Legislative Ecosystem and Sweeping National Reforms
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi, where transformative decisions were made to elevate governance, legislation, and development. A key highlight was the approval of the world's first AI-powered Regulatory Intelligence Ecosystem, which will revolutionize the legislative process by integrating federal and local laws, judicial rulings, and public services into a dynamic system. The newly established Regulatory Intelligence Office will oversee its implementation, ensuring faster, smarter, and adaptable law-making. The Cabinet also approved the restructuring of the Emirates Council for Balanced Development, chaired by H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, with a mandate to drive balanced growth across the nation. Industrial development took center stage as the Cabinet reviewed the 'Make it in the Emirates' Forum, noting a 59% growth in the industrial sector over four years. Preparations for its 2025 edition are underway, with over AED 160 billion in opportunities projected. On sustainability, the launch of the Global Alliance for Energy Efficiency, announced at COP28, was greenlit to promote international collaboration in doubling energy efficiency by 2030. The Cabinet also reviewed the success of the 'Plant the Emirates' campaign, which has resulted in over 459,000 trees planted. Other discussions covered progress in the UAE's advanced tax system, housing loans worth AED 7.5 billion, sports development initiatives, autism policy updates, cultural sector achievements, and the ratification of 44 international agreements, reaffirming the UAE's global engagement and future-ready governance. News Source: Emirates News Agency
