3 October, 2021
UAE aims to attract $150 Billion FDI over next 9 years
The UAE plans boost the country’s competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years.
The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance.
The UAE — which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia — will work on comprehensive economic agreements with countries showing high potential for growth.
The Gulf state has launched several measures over the past year to attract investment and foreigners to help the economy recover from the effects of the Covid-19 pandemic. The changes also come amid a healthy and growing economic competition in the region with Gulf neighbour Saudi Arabia to be the region’s trade and business hub.
Only one of the eight countries targeted for expanded relations is from the region, part of a growing shift toward markets further afield. They include South Korea, Indonesia, Kenya, Ethiopia and Turkey.
It will also expand economic ties with Britain, India and Israel, where the Gulf state normalized ties a year ago. The UAE’s foreign policy will serve the country’s economic interests going forward, according to a policy document released by His Highness Sheikh Mohammed bin Zayed Al Nahyan.
The eight targeted markets make up 10% of the world’s economic output and are home to around a quarter of the world population, said Omar Al Olama, Minister of State whose portfolio covers artificial intelligence, digital economy and remote work.
The announcements come as Dubai plans from October to host the World Expo, one of the world’s biggest in-person events since the Covid-19 pandemic. The UAE has accelerated reform plans during the pandemic.
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