The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, convened its first meeting of 2025 at Qasr Al Watan in Abu Dhabi to review key national achievements from the previous year. The Cabinet highlighted robust economic growth, regulatory reforms, and key policy initiatives that strengthened the UAE’s global standing.
The UAE’s GDP is projected to surpass Dh1.7 trillion for the first time, driven by foreign trade volumes exceeding Dh2.8 trillion in 2024. Foreign direct investment (FDI) is estimated to reach Dh130 billion, up from Dh111 billion in 2023, consolidating the UAE’s position as the leading FDI destination in the region and 11th globally. Non-oil exports exceeded Dh540 billion, underscoring the nation’s economic diversification strategy.
“During the meeting, we reviewed the achievements of 2024, which stands as the most remarkable economic and developmental year in the nation’s history since its establishment,” said Sheikh Mohammed. “Under the leadership of my brother, the UAE President, our country strengthened its global presence, signing more than 140 international agreements across vital sectors, including the economy, sustainability, clean energy, technology, artificial intelligence, security, defence and international humanitarian efforts.”
Legislative and regulatory modernisation
A comprehensive legal overhaul was a key highlight of 2024, with the UAE concluding a three-year initiative to update 80% of its economic, social, and regulatory laws. This effort involved 2,500 officials across 215 national teams who issued or revised 47 federal laws and over 130 regulatory resolutions. The “UAE Legislation” digital platform, hosting more than 1,000 federal laws, attracted 500,000 monthly visits, 40% of which were from international users.
Business growth
More than 200,000 new economic licenses were issued in 2024, bringing the total number of registered businesses to nearly 1.1 million. The industrial sector contributed Dh210 billion to GDP, with industrial exports surpassing Dh190 billion. Over 15,000 companies supported this sector, employing more than 11,000 Emirati citizens.
The Cabinet highlighted the success of the Nafis program, which resulted in 131,000 Emirati citizens joining the private sector—up from 29,000 before the program’s launch—reflecting a 350% increase in Emirati private-sector participation. The year also saw the launch of 25,000 Emirati-owned small and medium-sized enterprises (SMEs).
Economic partnerships
The country expanded its global economic partnerships by signing 12 new Comprehensive Economic Partnership Agreements (CEPAs) in 2024, bringing the total to 24. Agreements with countries like Australia, Türkiye, and Bahrain focused on reciprocal investment and trade cooperation. The UAE also joined the international Lunar Gateway space station project and became the first Arab nation to establish a permanent polar research base.
Infrastructure and tourism
In 2024, UAE airports handled over 150 million passengers, and the hospitality sector hosted 30 million hotel guests, contributing to over 105 million occupied hotel nights. This placed the UAE’s hotel occupancy rates among the highest globally. The government’s modernised visa and entry permit system issued over 23 million permits, reinforcing the UAE’s appeal as a business and tourism hub.
Cultural and sustainability initiatives
The Cabinet enacted 54 resolutions to strengthen national identity, including approving a federal cultural heritage law and launching the National Youth Agenda 2031. The UAE hosted the World Conference on Culture and Arts Education and signed international cultural cooperation agreements.
In line with the Year of Sustainability, the government implemented 87 policies and initiatives, including the “Plant the Emirates” national program, a federal law to mitigate climate change impacts, and the National Policy on Biofuels. The UAE also participated in international environmental forums and signed agreements on renewable energy, the circular economy, and biodiversity.
Education sector reforms
The education sector underwent significant restructuring with the establishment of the Ministry of Family and the Ministry of Higher Education and Scientific Research. The policies introduced included a new classification framework for universities and a scholarship-based funding model for federal institutions. The UAE’s education system served over 1.2 million students across 1,325 public and private schools, with more than 23,000 new student seats added in 2024. The higher education sector included 107 institutions with over 200,000 students, of whom 96,000 were international.
Healthcare and pharmaceutical
The UAE’s National Drug Policy highlighted a steady increase in medicine sales, averaging 11.1% annual growth and projected to reach Dh20.5 billion in 2024. The number of medical product factories grew by 90% between 2018 and 2024, while locally manufactured pharmaceuticals accounted for 23% of the market. Pharmaceutical patents increased from 166 in 2017 to 536 in 2023.
“As we embark on this new year, the UAE Government reaffirms its commitment to the President, the people of the UAE, all residents, and everyone who believes in our development model,” said Sheikh Mohammed. “We will continue on the path of progress, openness, and modernisation, ensuring the most favourable business environment and the highest quality of life for all.”
The Cabinet approved hosting key international conferences and establishing regional headquarters for several global organisations. It also endorsed agreements with international partners in the energy, cybersecurity and education sectors.
