The UAE Cabinet has approved the establishment of the Ministry of Investment, and appointed Mohamed Hassan Al Suwaidi to lead it.
The Ministry will support the UAE's business objectives, and investments policies and promoting its world-class infrastructure, as a global platform to attract investments in various sectors, Emirates News Agency (WAM) reported Wednesday.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan, Abu Dhabi. WAM
The Cabinet also approved the updates on the UAE National Energy Strategy 2050, aiming at increasing reliance on renewable energy, improving energy efficiency and promoting the use of clean energy.
The strategy will support research and development programs in energy technologies, in addition to encouraging innovation and investment in the energy sector, WAM said.
The National Strategy will work on strengthening the country’s capacity to provide clean and sustainable energy, it said.
The strategy provides new investment opportunities in renewable energy, supports efforts to strengthen cooperation with international partners to achieve sustainability goals in the energy sector, and constitutes a long-term national program to balance meeting energy needs with ensuring the sustainability of natural resources for future generations, the news agency added.
