UAE sets $697bn Islamic bank target and aims for Halal export boost; Cabinet reviews tourism sector amid $122.5bn goal
Among the items on the agenda were the setting of massive growth targets for Islamic banks in the country, a review of 2024's booming year for tourism and small and medium enterprises in the country.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting held at Qasr Al Watan, Abu Dhabi.
UAE Cabinet meeting
Sheikh Mohammed bin Rashid Al Maktoum said: 'I have chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and Halal Industry.
'The goal is to develop the Islamic financial sector, lead global Islamic finance activities, and boost the export of Halal products worldwide.
'We aim to increase the assets of our Islamic banks from AED986bn ($268.4bn) to AED2.56tn ($697bn) within six years and raise the value of listed Islamic sukuk in the UAE to over AED660bn ($180bn) by 2031.
'We also approved the formation of a committee chaired by the Central Bank governor to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors.'
During the meeting, the UAE Cabinet approved UAE Strategy for Islamic Finance and Halal Industry, aiming to build a globally competitive national Islamic finance sector, facilitate its activities and drive leadership in sustainable finance.
It also seeks to boost exports by increasing local halal production and reach global Islamic markets.
By 2031, the strategy targets significant growth, aiming to increase local Islamic bank assets to AED2.56tn ($697bn), increase local Sukuk issuances to AED660bn ($180bn), and international Sukuk listed in the UAE to AED395bn ($107.5bn), among other objectives.
ترأست اجتماعاً لمجلس الوزراء في قصر الوطن بأبوظبي اعتمدنا خلاله استراتيجية الإمارات للمالية الإسلامية وصناعة الحلال..
الهدف هو تطوير الصناعة المالية الإسلامية، وقيادة أنشطة التمويل الإسلامي العالمي، ورفع مستوى صادرات منتجات الحلال لجميع أنحاء العالم..
هدفنا رفع أصول بنوكنا… pic.twitter.com/0pQ7tBYOZ1
— HH Sheikh Mohammed (@HHShkMohd) May 6, 2025
Sheikh Mohammed bin Rashid added: 'We also reviewed, today, the results of the UAE tourism sector for the year 2024. The sector of tourism, travel, and hospitality in the country provided during the year 2023 over 800,000 jobs, and contributed 11.7 percent to the national economy, and it is expected to score more than AED236bn ($64.3bn) in 2024.
'We have the necessary infrastructure, and our goal is to raise the sector's contribution to AED450bn ($122.5bn) over the next six years.'
The UAE Cabinet reviewed the performance of the Emirates Tourism Council and the positive results of the tourism sector, driven by initiatives like the 'World's Coolest Winter' campaign and the National Tourism Charter.
The year 2024 tourism results revealed that 30m guests checked in to the country's hotels by end of the year, scoring an increase of 9.5 per cent, compared to the previous year, room numbers grew by 3 per cent to 215,000 and hotel revenues rose by 4 per cent to AED37bn ($10.1bn).
Tourism, including travel and hospitality, contributed AED220bn ($60bn/11.7 per cent) to the 2023 national economy.
Its contribution is projected to reach AED236bn ($64.3bn) in 2024, and provided over 800,000 jobs in 2023.
Sheikh Mohammed bin Rashid said the Cabinet reviewed SMEs in the country, adding : 'We also reviewed updates on the small and medium enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year in the International Business Leadership Observatory report of 2024–2025 and 18th among the world's top 100 in the Emerging Ecosystems Ranking in 2024. SMEs licences have grown by 160 percent.
'Our aim is to continue supporting and expanding this sector, providing the best environment for launching and sustaining small and emerging businesses, which are a core pillar of our national economy.'
كما استعرضنا اليوم أيضاً ضمن مجلس الوزراء نتائج القطاع السياحي الإجمالي في الدولة للعام 2024… حيث ساهم قطاع السياحة والسفر والضيافة في الدولة بأكثر من 800 ألف وظيفة خلال عام 2023، وبلغت نسبة مساهمة هذا القطاع في الاقتصاد الوطني 11.7%، ومن المتوقع وصوله إلى أكثر من 236 مليار… pic.twitter.com/Cy6OHKWgW4
— HH Sheikh Mohammed (@HHShkMohd) May 6, 2025
The Cabinet reviewed the latest updates on the national Small and Medium Enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year according to the 2024-2025 report of the International Business Leadership Observatory, seventh globally at the 2024 Global Competitiveness Index, and 18th globally among the 2024 top 100 Emerging Ecosystems Ranking.
'The country witnessed a growth of more than 160 per cent in the number of SMEs licenses issued between 2020 and 2024.
The Cabinet also reviewed:
The Ministry of Human Resources and Emiratisation's (MOHRE) AI implementation results. These included an AI-driven labour market simulation model, and an online platform that facilitates analysis to support decision-making and AI-driven solutions to current challenges. Automated solutions mimicking human actions in digital systems were also deployed
The performance results of UAE Council for Digital Wellbeing, combined with national efforts to combat harmful online and social media practices, such as blocking drug-related content and accounts, disrupting malware and phishing schemes, and banning over 8 million phone numbers linked to harmful products
Preparations for the 2025 Hajj season, led by the UAE Hajj affairs department, which operates under the General Authority of Islamic Affairs and Endowments and Zakat and in partnership with local governments entities
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