Sheikh Mohammed bin Rashid Al Maktoum has unveiled a bold new vision for the UAE’s economic future plan one that combines major growth in Islamic finance, a strategic push in halal exports, and an ambitious target for the country’s booming tourism industry. The announcements were made during a UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, setting the tone for what’s to come by 2031.
Islamic Finance: Heading Toward $697 Billion
The UAE’s Islamic banking sector is gearing up for significant expansion. Under the newly approved UAE Strategy for Islamic Finance and Halal Industry, the country plans to:
- Grow Islamic bank assets from AED986 billion ($268.4B) to AED2.56 trillion ($697B)
- Increase local sukuk issuances to AED660 billion ($180B)
- Reach AED395 billion ($107.5B) in international sukuk listed in the UAE
A committee led by the Central Bank governor will oversee implementation. The goal is to position the UAE as a global hub for Islamic finance and sustainable banking practices.
Halal Exports: Going Global
Alongside Islamic finance, the Cabinet also approved a major push for the halal industry. The strategy focuses on ramping up local production and boosting exports to global Islamic markets. This move is expected to make the UAE a major player in halal exports while supporting sustainable local manufacturing.
Tourism on the Rise: $122.5 Billion Goal
Tourism continues to be a major engine of growth. In 2023 alone, the sector contributed AED220 billion ($60B) to the UAE economy, supported over 800,000 jobs, and hosted more than 30 million hotel guests. The 2024 forecast is even more promising—with an expected contribution of AED236 billion ($64.3B).
Now, the UAE is targeting AED450 billion ($122.5B) in tourism-related revenue by 2031.
Key growth indicators from 2024 include:
- Hotel guest count up 9.5% from the previous year
- Total room capacity reached 215,000
- Hotel revenues hit AED37 billion ($10.1B)
Initiatives like the World’s Coolest Winter campaign and the National Tourism Charter have played an essential role in attracting both regional and global visitors.
Small & Medium Enterprises (SMEs): A Powerhouse Sector
SMEs remain a central pillar of the UAE economy. Between 2020 and 2024, SME licenses grew by 160%, with the country ranked:
- #1 globally in the International Business Leadership Observatory report (2024–2025)
- #7 globally in the Global Competitiveness Index (2024)
- #18 globally in the Emerging Ecosystems Ranking (2024)
The UAE government reaffirmed its commitment to fostering the SME ecosystem through supportive policies and scalable infrastructure.
Digital Progress and Hajj Readiness
The Cabinet also reviewed advancements in:
- AI adoption in labour market simulations and policy decision-making (via MOHRE)
- Online safety, including blocking over 8 million harmful phone numbers and content
- Preparations for Hajj 2025, in collaboration with national and local government agencies
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