UAE to set up $100 billion Asian Investment Bank's regional office
Four international economic agreements also approved at Cabinet meeting
The UAE Cabinet gave its approval for the establishment of an office for the Asian Infrastructure Investment Bank, which has a capital of $100 billion.
During a Cabinet meeting on Monday, which was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, four international economic agreements were also approved, along with the circular economy policy agenda in the UAE. Additionally, the Cabinet reviewed the achievements of the Climate Action Council and approved its action plan for achieving climate neutrality for the UAE by 2050.
The Cabinet adopted the operational model of 'Ajyal Schools', which involves outsourcing 28 public schools to experienced private sector operators for a period of three years. This move is aimed at transferring experiences and diversifying options for parents.
Furthermore, the Cabinet approved the establishment of the UAE Award for Market Leadership, which will recognise distinct practices and honor leading businessmen and employees, and highlight the competitiveness of the UAE’s labour market.
“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.”
UAE Circular Economy Policy 2031
The Cabinet approved developing the UAE Circular Economy Policy 2031. The agenda includes developing 22 policies in various fields, including sustainable transport, sustainable food production and consumption, sustainable manufacturing, and green infrastructure.
School calendar
The Cabinet adopted the public and private school calendar for the coming three academic years (2023/2024, 2024/2025, 2025/2026). As per the decision, schools must have a minimum of 182 school days.
Research and development
The Cabinet also reviewed the Emirates Research and Development Council report for the year 2022, which addressed the country’s national priorities for research and development sector during the next stage, in the energy transition, health and quality of life, food and water security, among others.
Also, the meeting reviewed a number of reports, including the Emirates Scientists Council report for the year 2022, the UAE Council for Climate Change and Environment report, the UAE's National Committee on SDGs report, and the Federal Authority for Nuclear Regulation (FANR) report 2022.
The Cabinet reviewed the Open Data Inventory Report (ODIN) 2022/2023. According to the results, the UAE ranked 9th globally out of 192 countries covered by the report.
During the meeting, the cabinet approved four international agreements, with Turkmenistan, East Timor, Austria, and Czech Republic.
Additionally, the Cabinet meeting approved establishing an embassy in Lisbon, in addition to signing an agreement with the Secretariat General of the Gulf Cooperation Council to host the headquarters of the Gulf Academy for Strategic and Security Studies in the country.