The establishment of the bank aims to promote infrastructure investments to support Asia’s rapid development
The UAE’s Vice-President announced the opening of an office for the Asian Infrastructure Investment Bank (AIIB) on Monday while presiding over a Cabinet meeting.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai said of the bank: “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.
The UAE was chosen by the bank’s Board of Directors unanimously.
Also, four foreign agreements were approved by the Cabinet.
The UAE Circular Economy Policy 2031 was passed. The agenda calls for the creation of 22 policies in the areas of environmentally friendly infrastructure, manufacturing, and sustainable food production and consumption.
The “UAE Award for Market Leadership,” intended to honor the contributions of private sector businesses, was approved by the Cabinet. The event aims to recognize industry leaders and top workers while highlighting the competitiveness of the country’s labor market.