VP hails measures taken to combat money laundering

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

“The Cabinet approved during the meeting the restructuring of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism under the chairmanship of Sheikh Abdullah Bin Zayed Al Nahyan. Over the years, the Committee has made strides in advancing national policies and strengthening measures to combat money laundering and terrorism financing across the country,” Sheikh Mohammed said.

“The Committee will continue its work to ensure the UAE remains a global leader combating money laundering and terrorism financing, an oasis of safety and security, and an ideal business environment for entrepreneurs and investors across all sectors,” he added.

Sheikh Mohammed said, “We also approved the establishment of the National Maritime Navigation Center, which will operate under the Ministry of Energy and Infrastructure.

Sheikh Mohammed concluded, “We approved the 2024 Annual Report of the Higher Commission for Free Trade Negotiations.”

The UAE Cabinet reviewed the 2025 Global Competitiveness Ranking results, published by the IMD World Competitiveness Center in Lausanne, Switzerland. This year, the UAE is ranked among the top five globally, scoring 96.09 out of 100 points.”

The 2025 edition also introduced five new indicators: food waste, environmental performance, freely elected government, passport mobility, and media bias.

This year, the UAE made significant progress in the business efficiency pillar, rising seven spots to rank third globally. It also maintained a strong standing globally in economic performance and government efficiency, ranking second and fourth, respectively.

The UAE also ranked second globally in social cohesion, flexibility of residency laws, and government policy adaptability, while securing third globally in graduates in sciences, leverage of digital tools and technology, and healthcare infrastructure.

The Cabinet reviewed the 2024 report of the Higher Commission for Free Trade Negotiations. The report highlighted the signing and conclusion of negotiations for 27 Comprehensive Economic Partnership Agreements (CEPAs) with various countries, of which eight have already come into effect.

These agreements drove the UAE’s foreign trade volume to an unprecedented Dhs5.23 trillion in 2024, according to the World Trade Organisation (WTO). The UAE’s non-oil exports reached a historic milestone, exceeding Dhs440 billion in 2023, marking a 16.3% growth compared to 2022 and a remarkable 83% increase from 2019.

The Cabinet reviewed the year 2024 achievements of the Emirates Council for Balanced Development.

Highlights included the completion of major projects in Qidfa, such as the waterfront development, Palm Walk, and cycling tracks. Strategic projects were also initiated in Masfout, including Marble Park, a Ladies’ Club, Friday Market, and restoration of Al Sharia and Al Falaj areas as cultural landmarks.

The Council also launched the “UAE Villages Councils” programme, creating ten integrated community councils and distinct digital branding for each village under the initiative “Jothoor” (Roots) to empower female artisans in the UAE.

Several cultural festivals and local market initiatives were organised, attracting over 206,000 visitors, supporting 171 families, and engaging 790 volunteers.

The Cabinet reviewed the achievements of the fourth edition of the “Make it in the Emirates” platform (2025). This initiative attracted over 122,000 visitors and participants, facilitated Dhs168 billion in potential procurement agreements to localise the manufacturing of 4,800 products.

The Cabinet reviewed during the meeting a report on the Sheikh Zayed Housing Programme, which highlighted the federal government housing decisions issued during the first half of 2025. The total number of decisions issued during that period reached 1,838, with a total value exceeding Dhs1.25 billion.

The Cabinet approved the establishment of the National Maritime Navigation Center under the Ministry of Energy and Infrastructure.

WAM