UAE moves towards stronger growth… First package of 50 projects today
“The UAE is embarking on an advanced stage of development internally and externally, through the new cycle of national strategic projects.”
During a press conference this morning in Dubai, the UAE government will announce the first package of 50 projects to be announced this September. The conference will be attended by Minister of Cabinet Affairs Mohammad Al Gergawi, Minister of Industry and Advanced Technology Dr. Sultan Ahmed Al Jaber, Minister of Economy Abdulla bin Touq, Minister of Economy Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, and Minister of State for Advanced Technology Sarah Al Amiri.
The UAE’s expected announcement today is a clear indication that the country is recovering from the consequences of the Coronavirus pandemic and remaining on the list of the few countries in the world to preserve the attractiveness of its investment environment, after a difficult year worldwide.
Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Action Applications, and Saïd Al-Attar, Head of the UAE Government Information Office, are also participating.
The launch of these projects coincides with the State’s celebrations of the golden jubilee. With the projects it has completed over the past 50 years, they will form a national asset for future generations and will maintain their status on the list of the most successful and competitive countries.
The new projects contribute to the achievement of qualitative leaps in the national economy, which is a top national priority for the UAE government. In its various specializations, it also confirms the concept of economic diversification pursued by the state in all its economic strategies, in order to reach the goal of a better economy worldwide.
Over the past year, despite a 35% drop in FDI inflows globally, investment in the UAE increased by 11% compared to 2019.
According to recent data from the United Nations Conference on Trade and Development (UNCTAD), the total foreign investment in the UAE in 2020 was about $20 billion (73.45 billion dirhams).
In 2020, the UAE ranked 15th in the world among the top recipients of FDI in 2020, ranking first regionally and seven higher than the previous year.
In addition to energy, the UAE has attracted investments in other sectors; medium and high technology, pharmaceutical industry, non-oil industries, services and tourism.
Emirati superiority
The UAE’s advantage comes as a number of changes to commercial and corporate laws have been made over the past few years in an effort to stimulate investment.
For example, new rules allowing 100% foreign ownership by insiders in most sectors of the economy came into effect earlier this year.
“In 2018, for example, according to UAE government data, the country ranked first among Arab countries in terms of investment attractiveness, accounting for 33.3 percent of the total value of FDI received in Arab countries.”
Direct investment in the State is diversified and the most important economic sectors that attract direct investment are wholesale and retail trade, real estate activities, financial services and insurance, manufacturing, mining and quarrying.
New investment projects
Today’s conference announces new investment packages, coinciding with the UAE’s celebration of 50 on the one hand and less than four weeks since the launch of the 2021 World’s most prominent event, “Expo 2020 Dubai”.
The World Expo is expected to attract large investments to the country in the post-event period, as the UAE is expected to promote itself as one of the most attractive areas in the world for investment and entrepreneurship.
The UAE has completed preparations for the 2020 Dubai World Expo, which will run from October 2021 until the end of March 2022.
The site to host the World Expo is currently being finalized, with less than 25 days remaining until the World Expo opens. A total of 192 countries are participating, while 25 million tourists are expected to participate.
More than 30,000 volunteers have registered to help with Dubai 2020; Emiratis make up 61% of all people aged 18-24.
