Khaleej Times, Tuesday, Mar 07, 2023 | Sha'ban 15, 1444
UAE: Sheikh Mohammed announces $100 billion Asian Infrastructure Investment Bank office
Emirates: An office of the Asian Infrastructure Investment Bank (AIIB)
will be established in the UAE, the country’s Vice-President announced on Monday
as he chaired a Cabinet meeting.
“The bank brings in 57 countries, with a starting capital of $100 billion and
aims at driving investments in infrastructure to promote Asia’s accelerated
development,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The bank's Board of Directors chose the UAE with a unanimous vote.
The Cabinet also approved four international agreements.
It passed the UAE Circular Economy Policy 2031. The agenda includes developing
22 policies in sustainable transport, food production and consumption,
manufacturing and green infrastructure.
The Cabinet approved the ‘UAE Award for Market Leadership’, aiming to recognise
the efforts of the private sector enterprises. The aim is to honour leading
businessmen and employees of the sector, and highlight the competitiveness of
the country’s labour market.