Emirates: An office of the Asian Infrastructure Investment Bank (AIIB) will be established in the UAE, the country’s Vice-President announced on Monday as he chaired a Cabinet meeting.

“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,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The bank's Board of Directors chose the UAE with a unanimous vote.

The Cabinet also approved four international agreements.

It passed the UAE Circular Economy Policy 2031. The agenda includes developing 22 policies in sustainable transport, food production and consumption, manufacturing and green infrastructure.

The Cabinet approved the ‘UAE Award for Market Leadership’, aiming to recognise the efforts of the private sector enterprises. The aim is to honour leading businessmen and employees of the sector, and highlight the competitiveness of the country’s labour market.