UAE Cabinet Approves Investment of USD 100B For Asian Infrastructure bank

The UAE Cabinet has approved the establishment of an office for the Asian Infrastructure Investment Bank, which has a $100 billion capital.

Four international economic agreements, as well as the UAE's circular economy policy agenda, were approved during a Cabinet meeting on Monday presided over by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. In addition, the Cabinet reviewed the Climate Action Council's accomplishments and approved its action plan for achieving climate neutrality for the UAE by 2050.

The Cabinet approved the 'Ajyal Schools' operational model, which involves outsourcing 28 public schools to experienced private sector operators for a three-year period. This move is intended to transfer experiences and broaden parental options.

Furthermore, the Cabinet approved the establishment of the UAE Award for Market Leadership, which will recognise distinct practises, honour leading businessmen and employees, and highlight the UAE's labour market's competitiveness.

“Today, I chaired the Cabinet meeting in Qasr Al Watan, Abu Dhabi, where we approved four international agreements, and the establishment of an office for the Asian Infrastructure Investment Bank (AIIB) in the country. The bank brings in 57 countries, with a starting capital of $100 billion and aims at driving investments in infrastructure to promote Asia’s accelerated development,” Sheikh Mohammed said.

“During the meeting, we adopted the UAE Circular Economy Policy 2031. Also, we reviewed the UAE Council for Climate Change and Environment report and its action plan for the upcoming period, to achieve UAE Net Zero by 2050.”

The UAE Circular Economy Policy 2031 was approved by the Cabinet. The agenda calls for the development of 22 policies in areas such as sustainable transportation, sustainable food production and consumption, sustainable manufacturing, and green infrastructure.