Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum — Sheikh Mohammed’s son and the present deputy ruler of Dubai — has been appointed deputy prime minister and finance minister.
Mohammed bin Hadi Al Husseini replaces long-serving Obaid Humaid Al Tayer because the Emirates’ minister of state for finance, whereas Maryam Al Muhairi turns into the minister of local weather change and setting.
Suhail Mohamed Al Mazrouei stays power minister, but additionally takes on the position of infrastucture minister reflecting the merger of each ministries.
Sheikh Mohammed introduced the reshuffle as a part of a brand new authorities technique geared toward expediting change by way of “transformational initiatives” within the Emirates.
“The brand new technique comes with the completion of our earlier plan, UAE Imaginative and prescient 2021, by way of which we achieved all our ambitions prior to now 10 years,” he stated on Twitter.
The announcement comes as Gulf international locations search to safe funding and increase their worldwide standing because the significance of oil declines.
The UAE lately introduced plans to launch 50 new financial initiatives to spice up the nation’s competitiveness and entice 550 billion dirhams ($150 billion) in overseas direct funding within the subsequent 9 years.
The Gulf state has launched a number of measures over the previous yr to draw funding and foreigners to assist the economic system get well from the results of the pandemic. The adjustments additionally come amid a rising financial rivalry with Gulf neighbour Saudi Arabia to be the area’s commerce and enterprise hub.