VP approves plan for Halal Industry, Islamic Finance

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has chaired the UAE Cabinet meeting held at Qasr Al Watan, Abu Dhabi.

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Sheikh Mohammed said, "I have chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and Halal Industry. The goal is to develop the Islamic financial sector, lead global Islamic finance activities, and boost the export of Halal products worldwide.

"We aim to increase the assets of our Islamic banks from Dhs986 billion to Dhs2.56 trillion within six years and raise the value of listed Islamic sukuk in the UAE to over Dhs660 billion by 2031. We also approved the formation of a committee chaired by the Central Bank governor to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors."

Sheikh Mohammed Bin Rashid added, "We also reviewed, today, the results of the UAE tourism sector for the year 2024. The sector of tourism, travel, and hospitality in the country provided during the year 2023 over 800,000 jobs, and contributed 11.7 percent to the national economy, and it is expected to score more than Dhs236 billion in 2024. We have the necessary infrastructure, and our goal is to raise the sector's contribution to Dhs450 billion over the next six years."