Sheikh Hamdan, who chaired the meeting of the Executive Council on Thursday, also approved a policy banning single-use plastics, Dubai Media Office said in a statement.
The approved incentives will double the size Dubai's agricultural sector by 2033, reinforce its global leadership in agricultural technology and enhance the food security sector, Sheikh Hamdan said.
“These steps represent significant measures to expand the contribution of agriculture to Dubai’s diverse economy by doubling the size of the sector. We call on investors, experts and innovators to join our global platform for research, development and innovation.”
The initiative aims to "position Dubai as a global leader in adapting and deploying AgriTech, transforming the city into a hub for agricultural research and innovation", the DMO statement said.
This also aims to attract international companies and nurture local enterprises, contributing to economic growth and supporting food security.
The agricultural incentive package covered five main areas – investment benefits and fee exemptions, competitive financing loans, research and development platforms, attracting world-leading companies and facilitating local market entry for local producers.
Sheikh Hamdan also stressed the social impact of curbing single-use plastics, nurturing sustainability and promoting climate awareness, particularly ahead of Cop28, the statement said.
The Executive Council also approved a plan to boost Dubai's industrial sector in line with the goals of the Dubai Economic Agenda D33.
The plan features three key programmes spanning 2024 to 2033, the DMO statement said.
It includes a national programme to support manufacturing companies, a special programme to cater to priority sectors and a strategic programme that will foster growth through exemptions, investments in infrastructure and capital facilities.
Earlier this week, Dubai government approved the emirate's budget for 2024 to 2026, allocating Dh246.6 billion ($67.14 billion) of expenditure.
Dubai’s economy expanded by an annual 3.2 per cent in the first half of 2023 to reach Dh223.8 billion, driven by 3.6 per cent growth in the second quarter of the year, according to government data.
The emirate's economic performance extends the momentum of growth achieved in 2022, when it expanded by 4.4 per cent. It is forecast to grow by 3.5 per cent in 2023, according to Emirates NBD.
The council also approved the government procurement programme's in-country value scheme, an initiative to support local businesses, boost SME growth and promote local production.
The programme aims to add local production evaluation criteria to government procurement tenders and requires government departments to allocate a percentage of purchases to SMEs, the statement said.
The council has also extended its single-use bags reduction policy to encompass more plastic material as part of the phasing out of single-use plastics by 2026. This policy now extends to items such as single-use plastic bags, tableware and styrofoam containers.