Dubai: Even as competition builds within the region for foreign investments, the UAE is putting more distance between it and the others. The country is ranked first regionally and ninth worldwide in the Global Competitiveness Report 2021.
Global capital and talent
The UAE ranked first in the Arab world and 15th globally in terms of its ability to attract foreign direct investment, according to the results of the Global Foreign Direct Investment Report issued by the UN Conference on Trade and Development. It attracted FDI of $19.9 billion in 2020, a growth of 11.24 per cent over 2019, despite having to endure the worst of the pandemic.
The UAE also ranked first in West Asia, receiving 54.4 per cent of the total FDI inflows, amounting to $36.5 billion, and first in the MENA region, receiving 40.2 per cent of the total FDI inflows, at $49.4 billion.
A Dh3 trillion economy
The UAE Central Bank estimates the economy would restore higher growth rates for the national economy by year-end, with forecasts of 2.5 per cent growth in real GDP terms. And a 3.6 per cent growth in non-oil GDP terms. The government is working with all stakeholders to double the national economy over the next 10 years to reach Dh3 trillion by 2031.
An ideal industrial base
The UAE has become a global and regional headquarters for more than a quarter of the world’s Top 500 companies. It remains a primary investment destination for foreign capital, where the country’s major projects in tourism, industry, transport and renewable energy projects are principal targets. Today, the UAE is one of the most advanced countries in the world in creating a regulatory environment that protects the investor and supports commercial activity, providing a flexible and competitive legislative and procedural umbrella that helps stimulate foreign investment and ensures business stability.
Projects of the 50
Projects of the 50 sets in motion key initiatives that will determine the nation’s economic success, with a particular focus on developing a knowledge economy. It is a comprehensive economic and developmental blueprint to showcase the capabilities available in the UAE to investors, entrepreneurs and talents of different nationalities and in various economic sectors.
Source: Gulf News