UAE Cabinet Reviews 2024 Achievements in Global Competitiveness Reports

Post by: Elena Malik

Photo: Dubai Govt. Media Office 

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, recently chaired the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi. This meeting marked the final session of 2024 and was attended by several high-ranking officials, including His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and His Highness Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.

During the meeting, Sheikh Mohammed spoke about the significant achievements of the UAE in 2024. He mentioned that the year had been filled with remarkable accomplishments, including unprecedented economic growth and solid progress in global competitiveness. The UAE had reached its highest-ever competitive performance, ranking first in 223 international development indicators. The country also secured a position among the top five in 444 indicators and was in the top ten in 661 indicators across several global reports.

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Sheikh Mohammed highlighted the UAE's excellence in key areas such as business environment, economy, infrastructure, digital systems, talent mobility, foreign investment, exports, and tourism. He credited the country's success to the hard work of its exceptional citizens and the visionary leadership guiding the nation. Looking forward to 2025, Sheikh Mohammed expressed confidence that even greater achievements were ahead.

The Cabinet also approved important decisions during the meeting. One of these was the establishment of the Education, Human Resources, and Community Development Council, which will be chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan. This council, with a team of ministers and specialized committees, will focus on improving education, private education, and the social sector. Sheikh Mohammed expressed optimism about the council's work and its role in ensuring that UAE families and children receive the best possible services.

Another key decision was the formation of the UAE Entrepreneurship Council, led by Alia Al Mazrouei. The council will focus on supporting youth projects and encouraging entrepreneurship. A fund of AED 300 million was allocated to help young people launch their businesses, providing them with the tools and opportunities to thrive in the UAE’s dynamic economy.

The UAE Cabinet also introduced the "Zero Bureaucracy Award," with a prize pool of AED 7 million. This award will recognize individuals, teams, and government agencies that make government processes more efficient and simpler, helping save resources and improve public services. This initiative is part of the UAE’s commitment to enhancing national competitiveness and innovation.

Additionally, the Cabinet approved the National Policy for Preserving the UAE’s Modern Architectural Heritage. This policy will protect the country’s architectural landmarks, which are vital to the UAE’s national identity. Currently, 130 such sites have been identified, with plans to increase this number to 1,000 in the future. The goal is to preserve these landmarks for future generations.

The UAE’s performance in the 2024 Global Competitiveness Reports was also reviewed. The country continued to improve in global rankings, taking first place in 223 indicators and securing a top-five position in 444. The UAE showed strong performance in various sectors, including investment, aviation, digital infrastructure, and finance. For instance, the UAE ranked first in mobile broadband subscriptions per 100 inhabitants, internet usage, and the number of total internet users. It also placed highly in tourism revenue, air transport service efficiency, and digital and technological talent.

In addition, the Cabinet approved several new initiatives. These include the restructuring of the Industrial Development Council, which will be led by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology. The aim is to accelerate industrial growth in the UAE and promote innovation. Another important decision was the restructuring of the Board of Directors of the UAE Space Agency.

The Cabinet also approved a resolution that encourages people to report illicit trade in goods by offering rewards. This initiative will help the authorities track down illegal trading activities, which can harm the economy. A reverse charge mechanism for precious metals and gemstones, involving VAT, was also introduced to simplify tax processes and strengthen the competitiveness of the market for these products.

In international affairs, the Cabinet approved 25 new agreements and memorandums of understanding (MoUs) with various countries, including the UAE’s agreements with Ireland on legal matters and with the United States on customs cooperation.

The Cabinet's efforts in these areas aim to continue strengthening the UAE’s position as a global leader in various fields, from technology and education to business and tourism. As the UAE moves forward, these decisions and initiatives set the stage for even greater success in the years to come.

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