UAE sets $697bn Islamic bank target and aims for Halal export boost; Cabinet reviews tourism sector amid $122.5bn goal

The EAU have established ambitious objectives for Islamic finances, tourism and more doors of a cabinet meeting held at Abu Dhabi.

Among the elements on the agenda were the scenario of mass growth objectives for Islamic banks in the country, a 2024 booming review for tourism and small and medium enterprises in the country.

Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the EAU and ruler of Dubai, presided over the Eau Cabinet meeting held in QASR al Watan, Abu Dhabi.

Eau Cabinet Meeting

Sheikh Mohammed Bin Rashid Al Maktoum said: “I have presided over a cabinet meeting in Qasr al Watan in Abu Dhabi, which we approve the EAU strategy for the Islamic and halles finance industry.

“The objective is to develop the Islamic financial sector, lead global Islamic finance activities and increase the export of halal products worldwide.

“Our goal is to increase the assets of our Islamic banks of AED986B ($ 268.4bn) to AED2.56TN ($ 697 billion) in six years and increase the value of Islamic Sukuk in the list in the EAA to 200 billion.

“We also approve the formation of a committee chaired by the governor of the Central Bank to implement the strategy. EAU will continue to diversify and expand their national economy in all sectors.”

Duration The meeting, the EAU cabinet approved the EAU strategy for the Islamic Finance and Halal industry, with the aim of building a national Islamic finance sector worldwide, facilitating their activities and promoting leadership in sustainable finances.

It also seeks to boost exports by increasing local ha hal production and reaching global Islamic markets.

By 2031, the strategy is aimed at significant growth, with the aim of increasing local Islamic bank assets to AED2.56TN ($ 697 billion), increase the local emissions of Sukuk to AED660bn ($ 180bn) and International of Sukukuklisting in the EAU of the EAU in the list of other objectives.

Sheikh Mohammed Bin Rashid added: “We are also reviewed, today, the results of the Eau tourism sector for the year 2024. The tourism sector, travel and hospitality in the country that cause the year 2023 is the persective IS, Yyyyyyyy as they are expected to be expected more than AED236bn ($ 64.3bn) in 2024.

“We have the necessary infrastructure, and our goal is to increase the contribution of the sector to AED450 billion ($ 122.5 billion) in the next six years.”

The EAU Cabinet reviewed the performance of the Emirates Tourism Council and the positive results of the tourism sector, promoted by initiatives such as the “World’s Coost Winter” campaign and the National Tourism Charter.

The tourism results of the year 2024 revealed that the guests of 30 million were recorded in the hotels in the country by the end of the year, scoring an incentive or 9.5 percent, compared to the previous year, the number of rooms grew 4 percent to 215,000 and hotel and hotel, hotel and hotel and hotel and hotel ($ 10.1bn).

Tourism, including trips and hospitality, contributed AED220 billion ($ 60 billion/11.7 percent) to the national economy 2023.

It is projected that its contribution will reach AED236BN ($ 64.3 billion) in 2024, and provides around 800,000 jobs in 2023.

She 160 percent.

“Our goal is the continuous support and expansion of this sector, providing the best environment to launch and maintain small and emerging companies, which are a central pillar of our national economy.”

The cabinet reviewed the latest updates on the national and medium -sized national sector (SME). The EAU occupied the first place worldwide for the fourth consecutive year in accordance with report 2024-2025 of the International Observatory of Business Leaders 2024444444444444444444444444444444444444444444444444 4444444444444444444444444444444444444444444444444444. 424444444444444444 STIGY.

“The country witnessed a growth of more than 160 percent in the number of SME licenses issued between 2020 and 2024.

The cabinet also reviewed:

• Results of the implementation of the Ministry of Human Resources and Emiratizations (Mohre). These included a labor market simulation model promoted by AI and an online platform that facilitates the analysis to support decision -making and solutions promoted by AI to current challenges. Automated solutions were also implemented that mimic human actions in digital systems
• The performance results of the Eau Council for digital well -being, combined with national efforts to combat harmful online and social networks, such as blocking content and accounts related to medications, malware interruption and phishing schemes, and the prohibition of products.
• Preparations for the 2025 Hajj season, directed by the Hajj Department of the EAU, which operates under the General Authority of Islamic Affairs and Commission and Zakat and in association with the entities of local governments