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The cabinet signed off on an anti-money-laundry strategy at its first ministerial meeting of the new government season, chaired by prime minister and vice president Sheikh Mohammed bin Rashid Al Maktoum at Qasr Al Watan yesterday, Wam reports.
#1- Cabinet signed off on the National Strategy for Anti-Money Laundering and Terrorism Financing, aiming to strengthen oversight of financial institutions and virtual asset providers. The strategy sets out 11 goals “aimed at enhancing international cooperation, improving transparency, and strengthening the UAE’s position as a global leader in this field.”
#2- The Cabinet approved the three planks of its 2025 agenda, which will include family, Emirati national identity, and AI as priorities. The prime minister urged all “entities” to contribute with their initiatives and projects to draft a comprehensive national agenda for 2025.
ALSO APPROVED- The restructuring of the Supreme Committee for Trade Negotiations and the UAE’s joining of the global coalition, the Nationally Determined Contributions Partnership, aimed at promoting sustainable development goals and climate adaptation measures. Cabinet also signed off on an international AI policy strategy that it says focuses on transparency, ethics, and global cooperation
ON THE ECONOMY- Ministers noted that the number of registered companies in the UAE rose 152% to over 1 mn by mid-2024 from 405k in mid-2020. The UAE also attracted a record AED 112 bn in FDI in 2023. More than 1.3k projects landed foreign investment, a 33% rise from the previous year.
REMEMBER- The UAE attracted around USD 30.7 bn of FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region, according to UNCTAD data. It also led with USD 225 bn in cumulative FDI balances, comprising 21% of total incoming balances across the region.
Cabinet also signed off on the books for 2023, with government revenues coming in at AED 546 bn in 2023. Meanwhile expenditures reached AED 402 bn in 2023, with key spending directed towards security, health, education, economic initiatives, social security, and infrastructure, it said.
