UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum has approved the establishment of the Ministry of Investment in the UAE.

According to Emirates Today, Sheikh Mohammed bin Rashid Al Maktoum chaired a cabinet meeting at Qasr Al-Watan in Abu Dhabi on Monday. The establishment of the new ministry was approved on the instructions of President Sheikh Muhammad bin Zayed Al Nahyan.

The Emirati Cabinet has issued eight important decisions regarding the federal government.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the Emirates said on Twitter regarding the approval of the new ministry that “Sheikh Mohammed Hassan Al Suwaidi has been appointed as Minister of Investment”.

“The aim of the new ministry is to develop the investment concept of the state on modern lines and to make the domestic investment environment attractive”.

In addition, the UAE has to continue with the necessary legislation and regulations to maintain its identity as an international investment front.