UAE is planning to come up with new initiatives for Emiratis investing abroad, in order to “safeguard their interests and serve the nation’s economic orientation and visions”.
Abdulla bin Touq Al Mari, the Minister of Economy of the country, said that the government would open up markets and help investors to find suitable opportunities and projects, “especially in priority sectors that serve the country’s efforts in the food security sector”. The government will also encourage the Emirati investors to attract and localise advanced technology and also to support digital transformation, he added.
It was in the virtual meeting of the 25th UAE International Investors Council (UAEIIC) that he stated that the government is preparing to provide all the necessary aids for the Emirati investors abroad and that they are preparing to outline a clear plan for the future endeavours.
“The Emirati investments abroad will represent the main enablers that the state relies on to achieve the economic goals in the next 50 years, through their role in the sectors and economy, by transferring knowledge, opening and developing commercial and investment partnerships for Emirati investors in various foreign markets”, he added.
“Despite of the pandemic and its effects on the economy, numerous opportunities are coming up where we will invest and serve our economic orientation and vision”, he said.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jamal Saif Al Jarwan, secretary-general of the council, also took part in the meeting. Dr Al Zeyoudi, said that the Emirati investments abroad will bring in reputation and enhance competitiveness of the national economy among the different sectors and will enable them to increase their profits.
He also added that, “The UAE is the largest Arab investor and has more than 34% of the total investment exported abroad from the Middle Eastern countries and is one of the top 20 global countries investing abroad during 2019”.
“Working with UAEIIC will enable us to expand our economic reach and will help us to follow up with various institutions at local and international markets and will help us to diversify markets and explore new opportunities and create new partnerships”, said Al Zeyoudi.
Taking into consideration of the international investment rate, the numbers have gone high and has even doubled and tripled over the past years. UAE has surpassed Turkey and has become the largest recipient of the foreign direct investment in the Middle East.
Fahad Al Gergawi, CEO of Dubai FDI, was of the opinion that, “With Dubai as the pivotal hub in the global economy and a centre of business, UAE will continue to play the leading economic role in the Middle East. The UAE should also constantly update and improve the strategic business factors such as investment facilitation, services and cost of doing business to have world-class standards in the UAE and compete with other leading business destinations”.
He also added that through the new FDI law, numerous opportunities are made available in UAE for investors and further growth will make Dubai and UAE more attractive.
The UAEIIC which was set up in 2009, aims to strengthen the nation’s economic development and to provide help for the Emirati investors abroad to overcome their trouble while investing in a foreign country with the help of government agencies.