In the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Minister of the Presidential Court; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and His Highness Lieutenant General Sheikh Saif bin Zayed Al Nahyan, the UAE Cabinet meeting was presided over by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE
Sheikh Mohammed bin Rashid Al Maktoum said, "Today, I chaired the Cabinet meeting in Qasr Al Watan, in Abu Dhabi, where we adopted under the directives of the President Sheikh Mohamed bin Zayed, the establishment of the Ministry of Investment and appointed Mohamed Hassan Al Suwaidi as the minister. Our aim is to develop the investment vision of the UAE, and promote the investment environment and the competitiveness of this sector in the country."
Al Maktoum added, "As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of renewable energy over the next 7 years, and invest AED150 to AED200 billion during the same period to meet the country's growing demand for energy."
His Highness Sheikh Mohammed said, "We also approved the National Hydrogen Strategy, which has recently emerged as one of the most important types of clean energy. The strategy aims to promote the UAE's position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development center."