UAE Cabinet approves Sheikh Mansour investment role and homes plan

Dozens of environmental projects to be carried out ahead of Cop28 summit

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, chairs the Cabinet meeting at Qasr Al Watan in Abu Dhabi. All photos: Sheikh Mohammed bin Rashid / Twitter

At the meeting, the Cabinet launched a platform that will help Emiratis who are building a home

It also approved the restructuring of the Emirates Investment Authority board of directors, with Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, as chairman

In addition, the Cabinet approved 78 environmental projects and initiatives to be implemented in preparation for the UAE hosting Cop28 at the end of November

The UAE Cabinet has established a new online platform that will help Emiratis who are building a home.

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, who chaired the meeting at Qasr Al Watan in Abu Dhabi, said the Cabinet had launched the platform, the name of which means "home" in Arabic.

It will provide citizens with construction solutions, banking facilities and exclusive offers for each stage of the building process.

"The goal is to enable citizens to benefit from the same commercial facilities that government entities receive during construction, with the aim of reducing costs and improving quality," Sheikh Mohammed said on Twitter.

Sheikh Mohammed said the Cabinet approved the restructuring of the Emirates Investment Authority (EIA) board of directors, with Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, as chairman.

"The authority manages the investments and development of the assets of the Federal Government and aims to raise the income of the Emirates' budget through these investments," Sheikh Mohammed said.

Two years ago, EIA launched an investment strategy that aimed to double the size of its assets within 10 years.

It planned to achieve this goal by investing in new sectors or increasing investment through existing assets, which will help it generate more returns.

Since its inception in 2007, the authority has created a federal investment establishment that handles assets allocated by the federal government.

Cop28 projects

The Cabinet also approved 78 environmental projects to be carried out by the UAE in preparation for hosting Cop28 in November.

"These initiatives include national strategies to reduce carbon emissions, regulate the use of solar energy products, promote sustainable tourism and other initiatives that support sustainable and environmentally friendly development in the UAE," Sheikh Mohammed said.

Last month more than 150 ministers and senior officials took part in a Green Retreat, setting out the UAE's crucial climate-change goals in the run-up to the Cop28 summit in Dubai.

The event brought together high-level representatives from federal and local government, leading private-sector companies and prominent business leaders with the shared mission of enhancing plans to safeguard the planet.

Sheikh Mohammed also said the Cabinet reviewed the results and achievements of the Emirates Council for Food Security, which included the Agricultural Climate Innovation Initiative in collaboration with the US, the establishment of a global agricultural innovation platform in co-operation with the World Economic Forum, the creation of the Dubai Food Technology Valley and other projects.

Service exports

The Cabinet also approved the Council of Ministers' agenda for developing service exports, which aims raise the production as well as increasing the competitiveness of Emirati exports in international markets.

The agenda is set to contribute in strengthening the UAE’s position as a global service provider and enhancing its ranking within the best countries in gross national income per capita.

It will focus on education, medical tourism, conventional and Islamic financial services, and the creative economy.

"The Ministry of Economy will work to build international partnerships and develop programmes to support the international exports of UAE companies in these sectors," Sheikh Mohammed said.

"We also reviewed the country's foreign trade report in 2022, where our non-oil foreign trade exceeded for the first time the Dh2.2 trillion barrier for the first time."

New educational model for Higher Colleges of Technology

The Cabinet approved the new educational model for the Higher Colleges of Technology, which will come into effect at the beginning of the academic year 2023/24.

The new model is aimed at enhancing the contribution of Higher Colleges of Technology to leading an effective role within the workforce development system in the country.