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.
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