As part of the economic expansion goals of the UAE, a new integrated national platform will be set up under the Ministry of Economy to attract new foreign investments mainly in the areas of sustainable energy, tourism, and financial management.
The decision to initiate such a platform was taken in a UAE cabinet meeting chaired by the Prime minister, Vice President, and ruler of Dubai, Sheikh Mohamed bin Rashid Al Maktoum.
About The Project
The foreign investor compass project is one of the most ambitious and transformative platforms started under the Ministry of Economy and it will create an attractive profile of the nation laying out its areas of strength. The project consists of multiple strategies like the use of a digital platform that would present the available opportunities, promotional tools, etc. with ease of accessibility.
This would enable interested investors to have a detailed understanding of the various economic domains that UAE has to offer like education, healthcare, smart cities, creative industry, fintech, logistics, and agricultural sector.
The cabinet meeting had also approved the National Building Regulations and Standards which was meant to create and inspect the sustainability standards of UAE infrastructures that include roads, houses, and buildings. The UAE is committed to reducing its carbon footprint and formulating a sustainable economy through progressive action plans.
Multiple guidelines have been charted out in the National Building Regulations and Standards like reducing the use of natural resources in construction by fifteen percent, use of energy in roads by forty-five percent, reducing water consumption by sixteen percent, and reducing energy use in homes by twenty-five percent. This is part of a larger goal to use around 75 percent of total energy as clean energy that powers the whole of UAE and to reduce carbon emissions to very low levels by 2050.
The cabinet also gave a nod to a national policy aimed at cultivating healthy lifestyles among the residents of the UAE. It will promote partnerships of different sectors to ensure the necessary treatment and intervention is made to prevent disease caused by leading an unhealthy lifestyle. It will also create campaigns to sensitize the people about the importance of maintaining a proactive lifestyle that will help in maintaining long-term health and well-being.
The policy will assist in the development of a ‘smart health initiative’ by which both public and private health sectors can come together in developing a strengthened healthcare sector throughout all parts of the UAE. The technological developments in the health service sector can also be improved as this policy would strive to adapt new modern methods of diagnosis and lab tests. It will also make the process of prescriptions and medicine distribution hassle-free using digital services.
A cleaning campaign focusing on the major tourist destinations was also green-lighted during the cabinet meeting. This was decided as part of International volunteer day which is celebrated on December 5.
The decisions made in the cabinet meeting were all meant towards creating a more investment-friendly economy for the UAE and this is part of a larger goal for the UAE to increase the productivity of its non-oil economy.
UAE is one of the major players in the non-oil investment sector in the whole of the middle-east with a very impressive track record. The non-oil sector had reached a growth of around 72.3 percent in 2021 and the UAE non-oil exports are targeted to reach a total of $48 billion by 2031.
The tourism sector in UAE is also facing huge growth as the post covid phase is proving to be a gold mine for the middle-eastern regions. This year’s FIFA world cup is conducted in Qatar and it is creating a huge tourist influx into the neighboring Dubai as people are hoping to spend their Christmas and new year at the emirate.
SEO Content writer with over 3 years of experience in writing news articles, B2B blogs, product reviews for health supplements and product descriptions for E-commerce companies. A rich portfolio of articles published in renowned portals such as My Customer and Dumb Little Man.