Sheikh Mohammed and Sheikh Mansour attend the Cabinet meeting at Al Watan Palace in Abu Dhabi.

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday highlighted the remarkable growth of the business landscape in the country, stating that the number of registered companies increased to 1.021 million until the first half of this year, showing a significant expansion of 152%, according to the National Economic Register of the UAE.

His Highness via the X platform, said, “I presided over today's Cabinet meeting at Al Watan Palace in Abu Dhabi, marking the inaugural gathering of the new government season. At the outset of the meeting, we were briefed about the workflow of the new academic year. This year, our educational institutions have welcomed over 1.1 million students, and so both national and private universities commenced a new year successfully. The education sector started the year with guidance from the President. Studies have resumed. We look forward to a successful academic year and an education system that will benefit the nation.”

He added, 'Today, we approved the agenda for the UAE Government's annual meetings, which will be held on 5th and 6th November 2024 in Abu Dhabi. It will focus on three main areas, namely family, national identity and AI.”

 “We have requested that all organisations submit proposals for initiatives and projects that would facilitate the advancement of their respective sectors. By doing so, we aimed to provide support for national priorities and contribute to the formulation of a coherent national agenda for the year 2025,” Sheikh Mohammed added.

Furthermore, he stated that the Cabinet discussed the most significant outcomes of the initiative to enhance the UAE's economic and investment ecosystem during the meeting.

The economic decisions taken by the government during and after the COVID-19 pandemic have contributed to the realisation of tangible outcomes, which is a positive outcome. By the conclusion of the initial six-month period in 2020, the total number of companies in the country had reached 405,000, as evidenced by the statistical data pertaining to the validity of issued licences. In a mere four years, the number of registered companies in the country has increased to 1,021,000, representing a growth rate of 152%, according to the National Economic Register.

The UAE has experienced a period of accelerated economic growth, with a real GDP growth rate that has positioned it as the fifth-largest economy in the world. Furthermore, it has become among the top ten international economies in terms of competitiveness indicators. In the previous year, the UAE attracted a record Dhs112 billion in foreign direct investment (FDI). The UAE succeeded in achieving the second-highest number of (FDI) projects in the world, with 1,323 new projects initiated, representing a 33% increase over the previous year.

Sheikh Mohammed also said, “The government has taken decisive action since the onset of the pandemic, issuing 30 decisions, legislation and economic policies that have directly contributed to significantly accelerating our economic growth. We are committed to continuing on this path and are confident that our economic future is stronger and better."

He continued, “Furthermore, we have approved the National Strategy for Countering Money Laundering and Combating the Financing of Terrorism and the Proliferation of Armaments, with a view to ensuring the sustainability of oversight of financial institutions and virtual asset service providers. This aims to consolidate the principles of governance and transparency in our national economy.”

Sheikh Mohammed also announced the approval of the reconstitution of the Higher Committee for Free Trade Negotiations, which will be chaired by the Minister of Economy. Furthermore, the decision was taken to join an international alliance known as the Nationally Determined Contributions Partnership. The objective of this alliance is to promote sustainable development goals and to develop the necessary tools to adapt to climate change, he added.

Furthermore, the Cabinet also approved the unified government financial statistics at the state level for the year 2023. The total revenue generated by the government was Dhs546 billion. The total expenditure for the period in question was Dhs402 billion.

The most significant government expenditures were allocated to security and public safety, health, education, economic affairs, social protection, housing and utilities.

 “Our country's resources are growing, and they will continue to serve our people, our facilities, our economy, and the future of our march. We ask God to protect the country and the people and grant us success in our future endeavours and projects, Sheikh Mohammed added.