UAE to set up Asian Investment Bank office with US$100 billion

The UAE cabinet approved the establishment of an Asian Infrastructure Investment Bank office in the country with a capital of US$100 billion.

Four international economic agreements were also approved, along with the circular economy policy agenda for the UAE, at a cabinet meeting on Monday chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. In addition, the Cabinet reviewed the achievements of the Climate Action Committee and approved its action plan to achieve climate neutrality in the UAE by 2050.

The Cabinet adopted the “Ajyal Schools” operating model, outsourcing 28 public schools to experienced private sector operators for a period of three years. This move is aimed at passing on experiences and diverse choices for parents.

In addition, the Cabinet approved the establishment of the UAE Market Leadership Awards, which will recognize unique practices and honor leading businessmen and employees, and highlight the competitiveness of the UAE labor market.

“Today, I chaired a cabinet meeting in Qasr Al Watan, Abu Dhabi, where we approved four international agreements and opened an Asian Infrastructure Investment Bank (AIIB) office in the country. The bank introduced 57 countries, with an initial capital of US$100 billion, to drive infrastructure investment for accelerated development in Asia,” Sheikh Mohamed said.

“During the meeting, we adopted the UAE Circular Economy Policy 2031. In addition, we reviewed the report of the UAE Council on Climate Change and Environment and its next phase of action plan to achieve net zero emissions in the UAE by 2050.”

Cabinet approves formulation of UAE Circular Economy Policy 2031. The agenda includes 22 policies in areas as diverse as sustainable transport, sustainable food production and consumption, sustainable manufacturing and green infrastructure.

Cabinet has approved public and private school calendars for the next three school years (2023/2024, 2024/2025, 2025/2026). According to the decision, schools must have at least 182 school days.

The Cabinet also reviewed the report of the UAE Research and Development Council for 2022, which discusses the country’s national priorities for the next phase of the R&D sector in areas such as energy transition, health and quality of life, food and water security.

In addition, a number of reports were reviewed, including the UAE Council of Scientists report 2022, the UAE Council on Climate Change and Environment report, the UAE National Committee for Sustainable Development Goals report, and the Federal Authority for Nuclear Regulation (FANR) report 2022.

Cabinet reviewed the 2022/2023 Open Data Inventory Report (ODIN). According to the results, the UAE ranks 9th globally out of 192 countries covered in the report.

During the meeting, the cabinet approved four international agreements with Turkmenistan, Timor-Leste, Austria and the Czech Republic.

In addition, the cabinet meeting approved the establishment of an embassy in Lisbon, and an agreement was signed with the General Secretariat of the Gulf Cooperation Council to establish the headquarters of the Gulf Institute of Strategy and Security in the country.