The United Arab Emirates, a Middle Eastern country, is making great achievements under the government of His Highness Sheikh Mohammed. The UAE is taking its vision to develop one step further for its citizens in the fields of artificial intelligence, digital innovation, science and space, power projects or green energy, zero carbon emission targets, clean water projects, etc.
This country is deepening its focus on a non-oil-based economy and trade, to set up and achieve goals for a better nation government of UAE is working actively for it. They are promoting G2G relations, by providing liberalism and flexibility this country is trying to establish new relations with other nations of the globe to achieve mutual benefits and fulfil goals of a better future.
Focusing on emerging markets and building strategic partnerships further builds on this momentum, opening up new investment opportunities. They are signing memoranda of understanding (MoUs), CEPA- comprehensive economic partnership agreements, free trade agreements, etc to attract foreign investment or FDI.
The UAE is ranked 8th according to Kearney’s 2024-(FDI) Foreign Direct Investment Confidence Index, which is top in the Middle East.
Jamal Bin Saif Al Jarwan the Secretary-General of the UAE International Investors Council (UAEIIC) said that UAE has solidified its position as a leading regional and global player in FDI.
The UAE attracted over $23 billion of FDIs in several projects for the government and private sectors in 2022. And from then it is continuously growing.
According to the reports UAE set a target to attract $150 billion in foreign investment by year 2031.
UAE’s commitment to economic engagement is visible through its rapidly growing partnerships, alliances, and cross-border deals. There are several deals with many of the nations and region, like the USA, EU, France, Egypt, India, and more.
1. An important milestone was the UAE-India Comprehensive Economic Partnership Agreement (CEPA) in 2022. It provided many initiatives with 0% of customs duties and by this a strong. economic tie built between nations. The bilateral trade enhanced by 27.5%.
2. For the energy sector ties with China is notable. UAE signed 3 nuclear agreements with Chinese nuclear energy organizations. Renewable energy deals are important so the UAE is diversifying and finding partners.
3. UAE became the hub of tech entrepreneurs. They are getting a quick tech startup license to start.
4. The US is another partner of UAE in FDI. According to the data of 2022 US FDI in the United Arab Emirates (stock) was $16.9 billion. The major focus areas are mining, manufacturing, trade, and IT sector development.
5. France is the EU’s leading FDI investor in the UAE. Non-oil trade between France and the UAE is worth US$8 billion in 2022. French foreign direct investment in the UAE stands at US$4.4 billion. Economy, finance , industrial, and digital sovereignty are the key work areas.
6. The Hellenic Republic of Greece also became an MoU partner of the UAE by signing a deal for the growth of digital infrastructure investment. The agreement envisions the development of data centers in Greece with a combined capacity of 500 megawatts
7. UAE signed another important MoU with Italy for scientific research. The MoU aims to support joint scientific research programs in areas that serve the sectors of the future economy, most notably renewable energy, technology, food security, space, and modern agricultural technology.
8. UAE signs another MoU with Mauritius to enhance energy, water, and sanitation. The objective of this agreement is to enhance the latest technology for energy, hydrogen, water efficiency, application of digital technology, LGG, etc.
9. Another notable MoU is with Jorden to knowledge exchange and build strong maritime education and training programs for economic and cultural development.
Apart from these, there are many countries which have signed MOUs and some FDI with UAE. Those countries are Indonesia, Türkiye, Israel etc. Flexible and easy to follow regulations, geopolitical location and good environment to work are some of the major reasons that are attracting FDI in UAE.
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