UAE: 170 countries have chosen to invest, grow and expand in the Emirates, says ADDED chief

Investors from more than 170 countries have chosen the UAE to invest, grow, and expand over the past decade, reaffirming the trust of the global investment community in the country’s strong fundamentals and positive outlook, a top official said in Abu Dhabi.

Addressing the eighth World Investment Forum (WIF), organised by the United Nations Conference on Trade and Development (UNCTAD), Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) highlighted the UAE’s commitment to foster collaboration, strengthen economic partnerships, and tackle the pressing global challenges.

“The UAE's dedication to building bridges between nations and fostering economic relationships is set to unlock a world of opportunities. As a global hub for business and finance, the UAE has also made bilateral trade agreements, cementing our reputation as a reliable partner for international trade and cooperation,” he said in his opening day address at Abu Dhabi National Exhibition Centre (ADNEC).

Noting the growing strength in FDI, Al Zaabi said the UAE has successfully enticed a staggering $23 billion (Dh84.6 billion) in 2022, up 10 per cent from 2021.

“As a result, the UAE has leaped six places in the global FDI rankings to become a major global player, 16th in the world. The UAE is now the world's fourth largest recipient of greenfield projects with nearly a thousand ambitious ventures announced last year, an 84 per cent increase.”

Al Zaabi underlined that the UAE is also one of the world’s most active nations investing overseas, helping growth across 122 countries and 35 diverse sectors over the past five years.

“Our commitment to sustainable development is demonstrated by substantial investments of nearly $45 billion (Dh165.6) in renewable energy. In 2022, the UAE FDI outflows dedicated nearly $36 billion (Dh132.5 billion) to renewable energy projects.”

In 2022, UAE’s FDI outflows increased by 10 per cent to reach $25 billion (Dh92 billion), to be ranked 15th globally, reaffirming its role as a global leader in investments that help other countries to grow and prosper.

“The UAE was one of the first countries to commit to Net Zero by 2050, and as we prepare to host COP28, we have been clear on the urgent need for actions, with industry playing their full part in finding solutions to the global climate and energy challenges we face,” Al Zaabi said.

He pointed out that the UAE committed $54 billion (Dh200 billion) last July to triple the contribution of renewable energy in the coming seven years.

“In the past 15 years, we invested more than $40 billion (Dh147 billion) in clean and renewable energy sources, and we plan to invest an additional $160 billion (Dh589 billion) over the next three decades on the road to net zero,” Al Zaabi added and noted the discussions at the forum to address challenges and develop solutions for priority issues in global investment and trade will feed into negotiations at COP28.

Supported by the Ministry of Economy and ADDED, more than 7,000 senior government officials, decision-makers, business leaders, and other investment stakeholders from 160 countries are participating in the five-day event.

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