Sheikh Mohammed hails ‘year of unprecedented economic growth’

UAE Cabinet approves Dh300 million fund to support young entrepreneurs in final meeting of the year

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, chaired a Cabinet meeting on Wednesday. Photo: UAE Presidential Court

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, chaired the last Cabinet meeting of the year at Abu Dhabi’s Qasr Al Watan on Wednesday.

He described 2024 as a year “of unprecedented economic growth” and said the UAE attracts the “best global expertise and wealth”. He also noted how the country came first in 223 international development indicators and the top five in a further 444.

The Cabinet approved the formation of an Emirates Entrepreneurship Council, to be headed by Alia Al Mazrouei, Minister of State for Entrepreneurship. A fund worth Dh300 million was also allocated to support youth projects to motivate them into entering entrepreneurship, Sheikh Mohammed said.

“Our country is blessed, its goodness is widespread and great, and its economic movement benefits everyone, far and near,” he said. “We want our youth to benefit from this tremendous economic movement, understand the foundations of excellence in it, exploit the great opportunities it provides, and lead this movement to greater and broader horizons.”

Cutting bureaucracy

The launch of a Dh7 million award for federal government employees was also approved, whereby any effort to reduce government bureaucracy and procedure will be celebrated.

“We will thank the creative people and celebrate the hard-working and dedicated government employees who work day and night to provide resources, serve the public, and consolidate the country’s competitiveness,” Sheikh Mohammed said.

Preserving heritage and looking to the future

The Cabinet also agreed on a national policy for preserving the country’s modern architectural heritage, with 130 sites having been approved already. This will increase to 1,000 sites in the coming years, Sheikh Mohammed said, as he stressed the importance of preserving UAE heritage for future generations.

A new government system for the Education, Human Development and Community Council, headed by Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, and Deputy Sheikha Mariam bint Mohamed bin Zayed, was also approved.

This council will include seven members made up of ministers, members of executive and specialised committees, members of sectoral committees for higher education and leading figures from the private education and social sectors.