The UAE cabinet has given the go-ahead for the formation of the new Ministry of Investment, in bid to  support the country's business objectives and investments policies. Mohamed Hassan Al Suwaidi has been appointed as the Minister of Investment, reported Wam.

 

Al Suwaidi is the managing director and chief executive of Abu Dhabi-based investment and holding company ADQ.

 

Besides this, Alsuwaidi also holds several other positions including that of chairman at Abu Dhabi National Energy Company (Taqa) and deputy chairman at Masdar as well as second vice chairman of Aldar Properties.

 

It will support the UAE's business objectives, and investments policies and promote its world-class infrastructure, as a global platform to attract investments in various sectors.

 

The new ministry will also be responsible of proposing the general investment policies of the UAE in coordination with the relevant authorities.

 

In addition to this, it will preparing strategies, legislation, plans, projects and national programmes to promote the investment environment in the country and enhance its competitiveness.