The UAE Cabinet has given its approval for the establishment of an office for the Asian Investment Bank with a capital of $100 billion. The bank, which has more than 75 participating countries, has chosen the UAE to establish its regional office.

During a Cabinet meeting on Monday, which was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, four international economic agreements were also approved, along with the circular economy policy agenda in the UAE. Additionally, the Cabinet reviewed the achievements of the Climate Action Council and approved its action plan for achieving climate neutrality for the UAE by 2050.

Moreover, the Cabinet adopted the operational model of 'Ajyal Schools' (Generation Schools), which involves outsourcing 28 public schools to experienced private sector operators for a period of three years. This move is aimed at transferring experiences and diversifying options for parents.

Furthermore, the Cabinet has approved the establishment of the Emirates Award for Leadership in the Labour Market, which aims to honour distinguished practices of establishments and workers to consolidate these practices and enhance competitiveness in the UAE's labour market.