UAE ranks first in Arab world and 19th globally in luring foreign direct investment
Under the patronage of Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council of the Emirate of Abu Dhabi, activities of the 12th Annual Investment Meeting commenced yesterday, with the involvement of 44 ministers, 18 heads of organisations, and people from 70 different countries.
Dr Thani Al-Zeyoudi, Minister of State for Foreign Trade, underscored the UAE’s power to lure investors and international companies in large numbers, as the Emirates ranked 19th worldwide and first in the Arab world in attracting foreign direct investment in 2022. He also stressed the country’s growing focus on sustainable investment, technology, and green sectors.
Al-Zeyoudi highlighted the UAE’s vision towards bolstering ties with several strategic partners, such as India, Indonesia, and Turkey. He also referred to the competitive factors the investment environment enjoys in the country, including the Emirates’ regional geographic position, facilities provided in the business environment, and the development of the infrastructure sector.
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Ahmed Al Zaabi, head of the Department of Economic Development in Abu Dhabi, said the GDP of the emirate approached 1.1 trillion dirhams for 2022, and non-oil sectors contributed towards 50% of the total. Abu Dhabi plans to raise non-oil exports to roughly 179 billion dirhams by 2021, i.e., by more than 140%.
The emirate helps promote the investment and financial sector as it has become the seat of three of the leading sovereign wealth funds in the world, with total assets reaching beyond 3.68 trillion dirhams. In addition to it, Abu Dhabi has also been able to strengthen its financial system, luring a number of leading financial institutions.
Abu Dhabi is also home to several international banks and two of the largest state banks. The market value of the Abu Dhabi Stock Exchange has increased by roughly five times over the past few years, exceeding $650 billion – majorly driven by the magnificent growth of state-owned and private companies.
