ZAA set the ambitious goals of Islamic finance, tourism and others during the Cabinet Meeting in Abu Dhabi.
Among the position, the agenda was to establish huge growth goals for Islamic banks in the country, an overview of the developing 12 months of tourism and small and medium -sized enterprises in 2024.
Sheikh Mohammed Bin Rashid Al Maktoum, vp, Prime Minister Zea and ruler of Dubai, chaired the meeting of the Zea office at Qasr Al Watan, Abu Dhabi.
Zea’s meeting meeting
Sheikh Mohammed Bin Rashid Al Maktoum said: “I used to be Office Meeting at QASR Al Watan in Abu Dhabi, during which we approved the ZEA strategy for Islamic funds and Halal industry.
“The goal is to develop the Islamic financial sector, manage global Islamic financial activities and increase the export of Halal products around the world.
“Our goal is to increase the assets of our Islamic banks from AED986 billion (USD 268.4 billion) to USD 2.56t (USD 697 billion) in six years and increase the value of the Islamic lock in the United Emirates AED660BN (USD 180 billion) until 2031.
“We also approved the creation of a guide committee by the Governor of the Central Bank to implement the strategy. Zeae will continue to diversify and expand their national economy in all sectors.”
During the meeting, the Zea Cabinet approved the Zea strategy for the Islamic financial industry and Halal industry, geared toward constructing a globally competitive national Islamic finance sector, facilitates its activities and leadership in sustainable finance.
It can also be geared toward increasing exports by increasing the local production of Halal and reaching global Islamic markets.
Until 2031, the strategy is geared toward significant growth, geared toward increasing local Islamic banking assets to $ 2.56TN (USD 697 billion), increasing local SUKUKA emissions to AED660 billion USD (USD 180 billion), including AED 660 billion USD (USD 180 billion).
Sheikh Mohammed Bin Rashid added: “Today we also checked the results of the ZEA tourism sector for 2024. The tourism, travel and hospitality sector in the country delivered in 2023, over 800,000 jobs and we contributed to 11.7 percent to the national economy, and that is to get greater than 236 billion AED236BN (USD 64.3 billion) in 2024.
“We have the necessary infrastructure, and our goal is to increase the sector’s contribution in the AED450BN (USD 122.5 billion) in the next six years.”
Zea’s office has reviewed the results of the Emirates Tourism Council and positive results of the tourist sector, powered by initiatives such as the “coolest winter in the world” campaign and the National Tourist Card.
2024 Tourism results revealed that 30 -million guests checked in in hotels in the country until the end of the 12 months, which is an increase of 9.5 percent, compared to the previous 12 months, the number of rooms increased by 3 percent to 215,000, and the hotel revenues increased by 4 percent to AED37 billion (USD 10.1 billion).
Tourism, including travel and hospitality, contributed to the AED220 billion (USD 60 billion/11.7 percent) to the national economy in 2023.
It is anticipated that his contribution will reach $ 236 billion (USD 64.3 billion) in 2024 and will provide over 800,000 jobs in 2023.
Sheikh Mohammed Bin Rashid said that the office reviewed the SME in this country, adding: “We also reviewed the updates of the Small and Medium Enterprises sector (SME). ZEA in the first place around the world in the fourth 12 months in 2024 in 2024.
“Our goal is to further support and expand this sector, providing the best environment to run and maintain small and emerging companies that are the basic pillar of our national economy.”
The office has checked the latest updates of the National Small and Medium Enterprise Sector (SMEs). ZAA occupied the first globally for the fourth 12 months in a row according to the report 2024-2025 of the International Business Leadership Observatory, the seventh world around the world at the indicator of global competitiveness in 2024 and 18. In the world amongst the 100 most significant ecosystem rankings in 2024.
“The country witnessed an increase of over 160 percent of the number of SME licenses issued in 2020–2024.
The office also checked:
- The results of the implementation of AI of the Ministry of Human Resources and Emiratization (MOHRE). They included a model of AI labor market simulation and an web platform, which facilitates the evaluation of supporting decision -making and solutions based on AI in current challenges. Automatic solutions that mimic human activities in digital systems have also been implemented
- The results of the Digital Wellbeing Council of the ZAA Council, combined with domestic efforts to combat harmful online practices and social media, such as blocking content and drug -related accounts, disturbing malware and Phishing schemes
- Preparations for the Hajj 2025 season, headed by the HADJ Department in the United Arab Emirates, which operates under the general body of Islamic and donations and Zakat, as well as in cooperation with local governments
