UAE's new Investment Minister sworn in before President Sheikh Mohamed

Mohammed Alsuwaidi joined the Cabinet on Monday, and has been given the task of driving investment into the country

President Sheikh Mohamed and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with new Investment Minister Mohammed Alsuwaidi. All photos: UAE Presidential Court

Mr Alsuwaidi will head a newly created ministry aimed at shaping the nation's investment vision

President Sheikh Mohamed and Sheikh Mohamed bin Rashid, Vice President and Ruler of Dubai, at Shati Palace

The President and the Vice President attended the swearing in of the new Minister of Investment

President Sheikh Mohamed said national investment was a key priority in the UAE's development journey

President Sheikh Mohamed and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, attended the swearing-in ceremony of the UAE's new Minister of Investment, Mohammed Alsuwaidi, in Abu Dhabi on Thursday.

Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court, was also present.

Mr Alsuwaidi, managing director and chief executive of Abu Dhabi-based investment and holding company ADQ, was chosen to head up a newly created ministry aimed at shaping the nation's investment vision.

Sheikh Mohammed confirmed his appointment following a meeting of the UAE Cabinet on Monday.

“The aim of the new ministry is to develop the country's investment vision, stimulate the investment environment internally and continuously enhance the competitiveness of our procedures and legislation to ensure that the country remains a global destination for investment and a major player in the global investment movement,” Sheikh Mohammed wrote on Twitter.

President Sheikh Mohamed congratulated Mr Alsuwaidi on joining the country's ministerial ranks at the ceremony held at Qasr Al Shati in the capital, state news agency Wam reported.

He said national investment was a key priority in the UAE's development journey.

The President underlined the ministry's goals to enhance the country's economic standing by cultivating an environment attractive to investment.

The reception was attended by a number of ministers and officials, including Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security.

Besides heading ADQ, Mr Alsuwaidi holds several other positions. He is chairman of the Abu Dhabi National Energy Company, better known as Taqa, Pure Health and ADC Acquisition Corporation, according to ADQ’s website.

Mr Alsuwaidi is also deputy chairman of Abu Dhabi’s clean energy company Masdar and second vice chairman of Aldar Properties.

He is also a board director at Adnoc Distribution, Adnoc Gas, the Abu Dhabi Pension Fund, the Emirates Nuclear Energy Corporation, Louis Dreyfus Company, Al Dahra Holding, Lulu Group International and MiZa.