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Mon, 11 Nov 2019 19:47 GMT

UAE Maintains Lead as Top FDI Recipient in Arab world: Ministry of Economy

Politics

7Dnews London

Mon, 10 Jun 2019 15:47 GMT

The UAE attracted US$10.35 billion in foreign direct investments in 2017, accounting for 36 percent of the total FDI inflows to the Arab countries.

These figures were released by the UAE Ministry of Economy in conjunction with Annual Investment Meeting (AIM), the world’s biggest platform for FDI, which will kick off tomorrow, April 8, 2019, Monday in Dubai, where more 20,000+ corporate leaders, policy makers, businessmen, regional and international investors, entrepreneurs, leading academics, experts, and stakeholders from over 140+ countries from Europe, North America, Latin America, Africa, Middle East, and Asia are participating in the three-day event.

The prestigious gathering this year will run under the theme ‘Mapping the Future of FDI: Enriching World Economies through Digital Globalisation’.

According to Sultan bin Saeed Al Mansouri, Minister of Economy, the UAE maintains lead as top FDI recipient in Arab world, holding second position among West Asian countries over the past five years, attracting about $10.35 billion in 2017- 40.6 percent of total FID inflows into the West Asia region.

One of the key sectors that have seen an uptick in FDIs include wholesale and retail trade. The total foreign direct investment in this sector amounted to about $29.8 billion, with a contribution of 24.9 percent of the total FDI inflows in the UAE.

In addition, real estate has also been instrumental in drawing FDIs nearly $28.4 billion.

Financial and insurance activities amounted to $23 billion, around 19.3 percent of total FDIs. Manufacturing industries attracted $10.9 billion, a contribution of 9.2 percent of total FDIs in the UAE. The Mining and Quarrying Sector had FDIs worth $10.5 billion- 8.8% of total FDIs in the UAE.

"The country is all set to consolidate its position as a global destination for doing business. The UAE has recently launched a series of initiatives to stimulate economic growth, which have been aimed at strengthening efforts to attract foreign direct investments, raise financial and economic efficiency, boost domestic production, and improve the business environment," said the Minister.

At the upcoming edition of AIM, more than 60 high level officials, including heads of state, government ministers, and other top public officials will join prominent global business figures to tackle the most pressing challenges and key opportunities amidst exponential digital innovations, technological developments, and influential global trends.

To be held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, AIM 2019 is an initiative of the UAE Ministry of Economy. This year, The AIM Investment Awards will also be held to recognise the best FDI projects from each region of the world and honor the winning countries’ Investment Promotion Agencies.

Middle East