DUBAI — The United Arab Emirates on Monday established a new Ministry of Investment and several sustainable policies for electric vehicles (EV) and autonomous vehicles, in addition to approving a long-awaited hydrogen energy strategy for the country ahead of hosting the COP28 UN climate summit in Dubai at the end of the year.
Sheikh Mohammed bin Rashid Al Maktoum, the UAE Prime Minister and Ruler of Dubai, chaired a high-level cabinet meeting in Abu Dhabi on Monday and appointed the country’s new Ministry of Investment with Mohamed Hassan Al Suwaidi at its helm.
“Our aim is to develop the investment vision of the UAE and promote the investment environment and the competitiveness of this sector in the country,” said the country’s Prime Minister, according to a press statement from the Government of Dubai.
The UAE economy is forecast to grow by 4.2% this year, according to the Arab Economic Outlook Report published by the Arab Monetary Fund last month. Despite the economic effects of the Russian invasion of Ukraine and the COVID-19 pandemic, higher oil prices, the development of non-oil sectors, and economic reform are contributing factors to the country’s growth, the report added. This is encouraging for UAE, which is one of the world’s ten largest oil producers and holds the seventh-largest proven natural gas reserves as of last year, according to the United States International Trade Administration.
