UAE committed to economic openness policies, says minister

The UAE remains steadfast in its commitment to economic openness policies and integration into the global trading system despite the recent global economic challenges, said Abdullah bin Touq, UAE Cabinet Member and Minister of Economy.

In his keynote opening speech at Sharjah Investment Forum 2023, Bin Touq said this approach has garnered significant attention, with the UAE ranking first in foreign direct investment inflow from West Asia, the Middle East and North Africa.

Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, and Sheikha Bodour bint Sultan Al Qasimi; Chairperson of Sharjah Investment and Development Authority (Shurooq), and other top officials and executives attended the sixth edition of the Sharjah Investment Forum (SIF), which officially launched on Wednesday at Al Jawaher Reception and Convention Centre.

Bin Touq added that the UAE recorded unprecedented annual growth rates of 8.5 per cent in 2022, with foreign trade reaching a record of Dh2.2 trillion and non-oil exports growing by 52 per cent to reach Dh366 billion. The UAE aim to attract $150 billion in foreign investment by 2031.

“The government's focus on diversifying the national economy and attracting foreign direct investment in sectors such as space, renewable energy, advanced financial technology and artificial intelligence remains a top priority,” he added.

The two-day Sharjah Investment Forum has brought together over 1,600 participants, including international experts, senior officials, investors, and business leaders.

The minister said the UAE's success in becoming one of the world's leading investment-exporting countries, ranking 17th globally with $22.5 billion in foreign investment flows.

“This success is attributed to a series of strategic economic and social initiatives, including the amendment of the Commercial Companies Law to allow for 100 per cent foreign ownership and the modernization of visa and residency systems. In doing so, the UAE bolstered its global position and reinforced investment prospects,” he added.

Ahmed Obaid Al Qaseer, CEO of Sharjah Investment and Development Authority (Shurooq), highlighted that the UAE is experiencing a substantial increase in foreign investments.

“The incoming volume of foreign investments has risen from $8.55 billion in 2015 to $20.7 billion in 2021, surpassing global rates, " he said, adding that the SIF 2023 is a prime opportunity for investors to capitalise on Sharjah's attractive investment environment and the revival of the business sector.

“The forum aligns with Sharjah's strategies and objectives, to reflect the tremendous opportunities for investors from the region and the world by conveying a realistic picture of the emirate’s recognisable attractive environment," he said.

"With its well-developed infrastructure of six free zones and 33 industrial zones, and favourable laws, Sharjah is well-positioned for the future of the global economy. The emirate is dedicated to the green economy and circular economy and continues to enhance its productive capabilities in areas such as agriculture, food security, information technology, and artificial intelligence,” he said.

Mohammed Juma Al Musharrakh, CEO of Sharjah FDI Office (Invest in Sharjah), stressed on the need to support sustainable and green investment options and prioritise sectors like agriculture, health, and education to drive global economic growth.

“The Emirate of Sharjah is a model of a sustainable future economy, with its waste-to-energy city and emphasis on sustainability in its economic sectors, including 35 per cent of the country's factories as well as investing nearly $1.5 billion (Dh5.5 billion) annually in education, research, and future skill development. To further enhance its potential, it is critical to forging partnerships with local, regional and global investors to ensure sustainable and qualitative growth.”

Sheikh Abdullah Al Qasimi and Sheikha Bodour Al Qasimi also witnessed the signing of a memorandum of understanding (MoU) between Juma Al Musharrakh, CEO of the Sharjah FDI Office; and Omar Swaina Al Suwaidi, Undersecretary of the UAE Ministry of Industry and Advanced Technology (MOIAT); and another MoU with Margaret Fong Shun-man, executive director of the Hong Kong Trade Development Council (HKTDC).

— waheedabbas@khaleejtimes.com

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