UAE seeks to attract $150b FDI in 10 years

Projects of the 50, a series of developmental and economic undertakings designed to propel the UAE to a higher growth orbit aimed at more than doubling the size of its economy to Dh3 trillion by 2030 from Dh1.4 trillion, will be a key theme at the Annual Investment Meeting



AIM 2022 will throw the spotlight on the strategic initiative that will bring in new capital to the country and also consolidate its leading position as an ideal hub for global investments. — Supplied photo
AIM 2022 will throw the spotlight on the strategic initiative that will bring in new capital to the country and also consolidate its leading position as an ideal hub for global investments. — Supplied photo
by

Issac John

Published: Mon 14 Mar 2022, 6:21 PM

The UAE’s landmark ‘Projects of the 50’ initiative, which was unveiled to mark the nation’s 50th National Day in 2021, will be pivotal in the second-largest Arab economy’s efforts to attract over $150 billion foreign direct investment (FDI) in the next 10 years.

Projects of the 50, a series of developmental and economic undertakings designed to propel the UAE to a higher growth orbit aimed at more than doubling the size of its economy to Dh3 trillion by 2030 from Dh1.4 trillion, will be a key theme at the Annual Investment Meeting (AIM) to be held from March 29 to March 31, 2022, at the Dubai Exhibition Centre, EXPO 2020 Dubai.

In the wake of a string of investor-friendly reforms, the UAE is better-positioned as one of the best global destinations for FDI and talents going forward.

The UAE was the world’s 15th-biggest recipient of foreign direct investment in 2020, ranking one place above the UK and seven places higher than the prior year, according to the UN Conference on Trade and Development.

Although FDI flows plunged 35 per cent globally in 2020, investment into the UAE increased 11 per cent to almost $20 billion.

Following two years of sweeping reforms and new legislations including a revamped FDI and commercial companies law, the UAE has unveiled a string of regulations aimed at boosting investor confidence, promote ease of doing business and strengthen its non-oil economy as the country builds on reforms to make it a more competitive destination to live and work.

AIM 2022 will throw the spotlight on the strategic initiative that will bring in new capital to the country and also consolidate its leading position as an ideal hub for global investments.

According to the event’s organisers, the ‘Projects of the 50’ initiative includes a diverse mix of programs that AIM will rally in key support for them through a series of workshops and networking-focused activities.

Dawood Al Shezawi, president of the AIM organising committee said, the ‘Projects of the 50’ program will cover important sectors including economy, entrepreneurship, advanced skills, digital economy, space, and advanced technologies. “The key objective is to reinforce the UAE’s position as a global player across various industry verticals and increase our competitiveness across key sectors on the global level. AIM 2022 will help give a better understanding of this unique initiative among a diversity of stakeholders from the government and private sectors.”

Key economic projects and plans announced by the UAE in 2021 included an industrial strategy to boost the sector’s contribution to national GDP to Dh300 billion, compared to the current Dh133 billion, and a plan aimed at doubling foreign trade value to Dh3 trillion during the same period, an increase of Dh1.5 trillion, in addition maintaining an annual economic output exceeding Dh1.5 trillion and investing nearly Dh600 billion in renewable energy to achieve climate neutrality by 2050.

The UAE’s economic objectives also included generating economic proceeds amounting to Dh200 billion through the UAE Railway Programme, which included investments amounting to Dh50 billion, doubling foreign investments in the country to Dh1 trillion in nine years, an increase of Dh550 billion, and achieving an annual increase of Dh45 billion in exports across 10 foreign markets through 10x10 Programme.

AIM 2022 will be offering a series of workshops, lectures, and networking events heavily focused on bolstering and improving sustainable investments.

Al Shezawi said AIM will also feature five other pillars — FDI; SMEs; Foreign Portfolio Investments (FPI); Startups; and Future Cities.

AIM will provide key insights on how the government and other stakeholders stimulate and facilitate the flow of investments between countries and establish investment partnerships in vital sectors. The competitiveness of any country depends on the capacity of the government and other important stakeholders to innovate and upgrade. As such it is important for the public and private sector to work jointly in accordance with clear frameworks for mutual benefit and growth, Al Shezawi said.

— issacjohn@khaleejtimes.com


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