Saudi Tourism Authority announces launch of Saudi Summer campaign    Incentives bonanza in mass vaccination drive in India    Deputy Minister of Education for Universities Affairs Receives US Deputy Assistant Secretary of State Daniel Benyam    Iraq Records 6,093 New COVID-19 Cases    Matloob platform launched to facilitate participation in organizing events    With first flight from Riyadh, Dubai airport's Terminal 1 reopens after 15 months    'Race Through Art' competition in association with F1 seeks to introduce Saudi art to world Contest encourages Saudi artists to showcase their talents and promote Formula 1    President of Gambia Performs Umrah    Saudi Stock Exchange Main Index Ends Trading Higher at 10,919 Points    KSrelief Concludes its Medical Campaigns to Combat Blindness in Pakistan by Performing 2,429 Surgeries    Second batch of Saudi oil derivatives grant arrives in Yemen's Hadramout governorate    King, Crown Prince congratulate Qatar's emir on anniversary of his accession to power    DGA provides domain registration service for government entities    Asia Shares Mixed    President of IsDB Receives Kenyan Ambassador to Saudi Arabia    Mexico's Coronavirus Death Toll Rises To 231,847    Saudi Press: FSDP Makes a Number of Achievements Despite Challenges Due to COVID-19    Al-Khuraiji highlights Saudi efforts in fostering international cooperation    UK Minister for South Asia Lord Ahmad concludes 2-day visit to Pakistan    KSrelief's Clinics Provide Medical Services for 570 Individuals in Zaatari Camp, Jordan    Bahrain extends support program for businesses hit by coronavirus    US voices 'grave concern' after airstrike kills dozens at market in Ethiopia's Tigray region    Pedestrian bridge collapses onto Washington, DC, highway, injuring several    John McAfee, antivirus software creator, found dead in Spanish prison    SAGO Receives First Vessel of Wheat Produced by Saudi Investment Abroad    Chairman and CEO of STC Thank Saudi Leadership for Licensing STC Bank as First Digital Bank in Saudi Arabia    Saudi national team wins 2 gold medals at Arab Athletics Championship    Saudi National Team Wins 2 Gold Medals at Arab Athletics Championship    Tokyo Olympics: Limited local fans allowed to attend but no cheering    Saudi, Indian ministries sign historic MoU on yoga cooperation    RSIFF celebrates Saudi Cinema Nights in Jeddah on June 16–17    "Scripts and Calligraphy: A Timeless Journey" Exhibition Begins to Receive Visitors Today    $10 million Red Sea Fund to back over 100 projects    Saudi Music Commission Dedicates Patriotic Song to Green Falcons    Indian man believed to have headed 'world's largest family' dies    Ministry of Health: People With Obesity are Most Vulnerable to COVID-19 Infections    Saudi National Team Beats Singaporean Counterpart 3-0 in FIFA World Cup 2022 and AFC Asian Cup 2023 Qualifiers    Saudi National Shooting Team Wins Gold, Silver Medals in Arab Shooting Championship    Saudi U-20 Team Beats Bosnia at End of Croatian Tournament    Ithra Holds Environment Exhibit    Use of external loudspeakers at mosques to be restricted to Adhan and Iqamat-ul-salah    From whom do we take Shariah? How do we get legitimacy?    Welcome to beautiful Ramadan customs    Vaccination does not invalidate fasting, says UAE Fatwa Council    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





FDIs into UAE grow by 44.2 percent in 2020
Published in The Saudi Gazette on 17 - 05 - 2021

Foreign direct investment (FDI) into the United Arab Emirates (UAE) grew by 44.2 percent in 2020 compared to 2019 and reached to a total of $19.88 billion. The positive results come amidst the reeling impact of the COVID-19 pandemic on the volume of global investment and trade and on the world economy in general.
The increase brought the cumulative balance of FDI inflows to about $174 billion, achieving a growth of 12.9 percent compared to the same period in the previous year.
The investments included all sectors and economic activities, with majority of the activities led by the oil and gas sector. The Abu Dhabi National Oil Company (ADNOC) concluded huge investment deals and partnerships with several foreign companies which contributed to achieving this growth.
Investments have also been robust on modern technologies which underpin the digital economy, such as artificial intelligence, the Internet of Things, blockchain, innovative medical technologies, high-speed transportation, augmented virtual reality, robotics, autonomous cars, renewable energy, innovation, technology, agriculture, among others.
Meanwhile, the UAE's outward investments flow reached up to $9.2 billion in 2020, which showed to be highly performing in regional and international markets. Various vital economic sectors with major strategic investments have revealed sustainable results.
These UAE companies have contributed to improving the competitiveness of the country especially in advanced industries and services, such as aviation, air transport services, transportation, and mining. In addition, these companies also made major progress in their investments in renewable energy, real estate and construction, communications and information technology, oil and natural gas, conventional energy and renewable energy, logistics, ports and infrastructure, tourism and hospitality as well as entertainment and aviation sectors, banking and the agricultural sector.
Abdulla Bin Touq Al Marri, UAE minister of economy, said: "The UAE's economic and investment market has further advanced its ranking globally and has kept its leading position across the region. Thanks to the directives of our wise leaders, the UAE continues to improve its ranks in global indicators for foreign investment inflow and ease of doing business, confirming the success of the government's strategies towards making the country an attractive investment destination."
"This is being done through an integrated system of policies and procedures, including the updating of economic legislations and regulatory frameworks. Government continues to launch support initiatives aimed at improving the performance of different sectors to stimulate growth of the national economy and accelerate the pace of its recovery.
"We will continue to develop initiatives that will raise the efficiency of the investment environment, increase opportunities, especially in priority sectors, enhance the confidence of investors and businessmen, and work to unify efforts at both federal and local levels to consolidate the country's position and competitiveness regionally and globally."
Bin Touq reiterated the UAE's progress in global indices for attracting foreign investments, reflects the positive outlook and confidence of investors, which stem from the government's strong commitment to economic diversity, innovation, infrastructure, and ease of doing business. He added that these factors have been proven to be the source of resilience and stability of the country's economy and its ability to overcome today's global economic challenges, as well as its efficiency and speed in coping with and tackling emergencies, crises and global changes.
Dr. Thani Bin Ahmed Al Zeyoudi, minister of state for foreign trade, said: "The UAE's leading position in global indicators to attract foreign direct investment was not a coincidence, but rather the product of a clear vision of our wise leadership to make the UAE the most preferred investment destination.
"These are visible in the policies adopted by the UAE for developing foreign direct investment and in its strategies, which enhance its leadership in attracting significant investments. These investments are directed at supporting our development plans focused on innovation, knowledge, technology and the digital economy, in accordance with the National Agenda 2021 and the UAE Centennial 2071."
Al Zeyoudi further emphasized that the country's success in attracting FDIs is testament to the confidence of the international investment community in the country's business environment. It also confirms the UAE's sound policies and openness to enhance trade and investments, such as the recent amendments to the Commercial Companies Law.
These changes are expected to bring about positive long-term impact on the flow and quality of foreign and domestic investments and the overall economic growth process of the country. He added that the new amendments further boost its competitiveness in attracting more foreign investments in new economic sectors, while also contributing to diversifying and developing businesses in the non-oil segments.
It will also enhance the development of market movement, create new job opportunities, develop skills of professionals, as well as strengthen the confidence of foreign investors, and thereby providing greater opportunities for national and foreign investors to establish strong partnerships, he remarked.
The UAE has climbed up by three ranks in attracting FDIs in 2018 and made it to the 24th ranking globally in 2019. It ranked first in the Western Asian region in attracting FDI, gaining 49.4 percent of the total inflow of foreign investment across West Asia in 2019. The country has maintained its 19th position in the world for outflows of FDI to other countries, according to the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2020.
The balance of FDI coming into the UAE until the beginning of 2020 is distributed according to continents and their relative importance as follows: Asia, Europe, followed by North America, and then Africa. In terms of countries, the United Kingdom and Northern Ireland comes in first, followed by India, China, and British Virgin Islands. Saudi Arabia comes at fifth, followed by Switzerland, France, Netherlands, the United States of America, and Japan.
In terms of sectors, the balance of direct investments into the UAE were distributed in the following: wholesale and retail trade as well as repair of vehicles and motorcycles were the leading among the sectors while real estate activities ranked second. Financial and insurance activities ranked third, followed by mining and quarrying.
The manufacturing industry ranked fifth, followed by the construction sector at sixth and then the professional, scientific and technical activities. Other sectors followed accordingly such as electricity, gas, steam and air conditioning supply, followed by transportation and storage, and lastly, information and communications technologies.
The UAE currently ranks first in the Arab world and in the region and 15th globally in the Kearney FDI Confidence Index for 2021. It advanced by four ranks compared to 2020, surpassing several major global economies such as Singapore, Australia, Portugal, Denmark, Ireland, Brazil and Finland in the general ranking of the index. — SG


Clic here to read the story from its source.