Economy UAE targets FDI surge to nearly $600bn by 2031 By Pramod Kumar November 6, 2024, 8:43 AM Wam Dubai ruler and UAE vice president Sheikh Mohammed bin Rashid Al Maktoum at the National Investment Strategy 2031 launch in Abu Dhabi The UAE has launched a national investment strategy targeting a threefold increase in foreign direct investment (FDI) to AED2.2 trillion ($599 billion) by 2031, vice president, prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said. The strategy intends to position the UAE as a global centre for strategic investment, the UAE state-run Wam news agency reported, citing Sheikh Mohammed. The key focus areas include attracting new investments in priority sectors, expanding FDI in existing projects, strengthening international partnerships, promoting investor relations and boosting the UAE’s global competitiveness. Investment minister Mohamed bin Hassan Al Suwaidi said that the UAE’s share of global FDI flows rose 5.5 times, with inflows rising 17 percent since 2015 despite a global decline of 5.3 percent. The investment strategy aligns with the “We the UAE 2031” vision, aiming to establish the UAE as a global investment hub by fostering emerging sectors, attracting top talent and promoting Emirati leadership, innovation, and entrepreneurship, he said. How the UAE has made a global mining power grab UAE believes trade with Africa is worth the risk UAE ranks second in global greenfield FDI projects In 2023, the UAE ranked second globally after the US in the number of new FDI projects, reaching 1,323, up 33 percent from 2022. FDI inflows surged to AED113 billion in 2023, a 35 percent increase from AED84 billion in 2022, moving the UAE up to 11th place globally in FDI attraction, according to the UN Trade and Development report. Al Suwaidi said the UAE’s FDI balance grew by 150 percent, significantly outpacing the global average growth of 97 percent over the past decade.
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 4 hours ago
Construction Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Transport PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 3 hours ago
Leisure & Hospitality Hilton set to triple Egypt presence with new brands Hilton is set to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties over the coming years. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under […] 2 hours ago
