Sheikh Mohammed approves UAE Strategy for Islamic Finance and Halal Industry

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi.

Sheikh Mohammed said, “I chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and the Halal Industry.

“The goal is to develop the Islamic finance industry, lead global Islamic finance activities, and raise the level of halal product exports worldwide.

“Our goal is to increase the assets of our Islamic banks from Dhs 986 billion to Dhs 2.56 trillion within six years, and to increase Islamic sukuk issuances listed in the UAE to more than Dhs 660 billion by 2031.

“We also decided to establish a committee headed by the Governor of the Central Bank to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors, God willing.”

Sheikh Mohammed said, “Today, we also reviewed, within the Cabinet, the results of the overall tourism sector in the country for the year 2024... The tourism, travel and hospitality sector in the country contributed to more than 800,000 jobs in 2023, and the contribution of this sector to the national economy reached 11.7%, and it is expected to reach more than 236 billion dirhams in 2024... We have the necessary infrastructure, and our goal is to reach a contribution of 450 billion dirhams over the next six years, God willing.”

The Dubai Ruler said, “Today, in the Cabinet meeting, we approved updating the UAE's National Biosecurity Framework to ensure strengthening national capabilities for prevention and response, increasing research and innovation activities, developing our biological emergency management system, and strengthening the country's biosecurity infrastructure.

“During the meeting, we reviewed the latest developments in the country's small and medium-sized enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year in the Global Entrepreneurship Monitor 2024-2025 report, and 18th globally among the top 100 emerging ecosystems for startups in 2024. SME licenses witnessed a 160% growth.

“Our goal is to continue supporting and expanding this sector and providing the best environment for launching and supporting small and emerging companies, which constitute a key pillar of the national economy.”