Dubai's ruler says the creation of a national investment fund has been approved

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum announced the approval of the establishment of a national investment fund with initial capital of 36.7 billion UAE dirhams ($9.99 billion) to encourage foreign investment, in a post on X on Wednesday.

"The goal of the fund is to encourage direct foreign investments to the country through financial incentives", he said. ($1 = 3.6729 UAE dirham) ($1 = 3.6729 UAE dirham)