The ministry said later that Russian aircraft and air defence systems had downed a total of 15 ATACMS in the past week
world2 hours ago
The foreign direct investment (FDI) inflows to the UAE jumped 3.9 per cent to hit Dh76 billion in 2021.
The uptick signals that the UAE’s goal of achieving a target of Dh550 billion and Dh1 trillion in foreign investments by 2030 and 2051, respectivel, is achievable.
The remarkable FDI growth reflects the confidence of the international community in the UAE’s investment environment. It also underscores the efficiency of the trade and investment openness policies pursued by the country, the Ministry of Economy said.
The inward investment growth in 2021 has driven the total FDI balance surge by 13.7 per cent to Dh630 billion. Over the past 10 years, FDI inflows into the UAE have grown by 116 per cent, while the total balance of those investments during the same period grew by 113 per cent, according to data released by the ministry.
Abdulla bin Touq Al Marri, Minister of Economy, said that the FDI performance is the country’s latest achievement under the vision and directives of its wise leadership based on the principles of proactivity and foresight.
The UAE’s outward FDI flows grew 19.1 per cent to Dh82.6 billion in 2021. The outward FDI surged by 789 per cent over the past 10 years, which led to an increase in the UAE’s investments in foreign markets to nearly Dh 830.5 billion by the end of 2021 — a growth of 11.1 per cent compared to the end of 2020.
The minister noted that in terms of the ability to attract FDI, the UAE advanced by nine ranks in 2020 compared to 2019 and ranked 15th globally. At the same time, it advanced six positions globally in terms of outward FDI flows to rank first in the Arab world and 13 globally, according to Unctad’s World Investment Report 2021.
The UAE also ranked first in the Arab world and 15th globally in Kearney’s FDI Confidence Index for the year 2021, advancing four places compared to the year 2020, thus outperforming a number of major global economies such as Singapore, Australia, Portugal, Denmark, Ireland, Brazil and Finland in the general ranking of the index.
Al Marri said the growth in FDI has proven the strength and flexibility of the UAE’s national economy and the attractiveness of its business and investment environment once again, highlighting the advantages it offers to the global investment community.
“These integrated and pioneering competitive advantages and incentives consolidate the UAE’s position as an economic and commercial capital both regionally and globally, making it a preferred and attractive destination for FDI and pioneering projects from various international markets,” he said.
“This result is a natural outcome of the pioneering measures and initiatives implemented by the UAE to develop its economic sectors and significantly enhance its investment climate. These policies align with a new economic model that is more flexible and sustainable, with more openness to global markets, and are also in line with future economic trends and emerging technologies,” said Al Marri.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the UAE’s position in the global indicators for attracting and exporting FDI is not a coincidence, but rather the result of a clear vision adopted by the leadership to enhance the country’s position as a major hub on the global investment landscape.
The most prominent among the new reforms is the granting of 100 per cent free and full foreign ownership of projects and investments in all economic sectors, with the exception of a limited number of activities with a strategic impact. Another notable initiative is the launch of the ‘Projects of the 50,’ which includes several strategic and qualitative initiatives to attract pioneering projects and talents.
“We will continue our efforts in this direction during the next stage, following the UAE’s recent hosting of the Investopia summit that strengthened the country’s position as a destination for future investments. It has set forth the goal to attract Dh550 billion worth of foreign investments to the country by 2030, to eventually reach Dh1 trillion by 2051,” said the minister.
— issacjohn@khaleejtimes.com
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