Dubai: The UAE will remain the preferred destinations to attract foreign investments, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai said on Sunday after opening the seventh Annual Investment Meeting.
“The UAE will remain a favourite destination for FDI because it enjoys stability, security and legislation enacted to protect capital and create an encouraging, safe and clean environment for investment,” Shaikh Mohammad was quoted as saying by the official agency, WAM.
Shaikh Mohammad received a number of foreign ministers led by Rustam Minnikhanov, President of Tatarstan. Delegates from various countries along with 55 ministers from 120 countries attended the conference.
Record FDI
The policies of Abu Dhabi to attract foreign investments is bearing fruit and it’s achieving a record of sorts.
The FDI in Abu Dhabi has increased 8 per cent to reach Dh95.145 billion, compared to Dh88.095 billion the previous year even as other emerging markets fared badly, Sultan Bin Saeed Al Mansouri, minister of economy told delegates at the AIM.
“Our plans and strategies in Abu Dhabi don’t only take into consideration accelerating growth, but also how to achieve sustainability,” said Al Mansouri.
According to a United Nations trade body, the UAE is the largest investment attracting country in the Mena region.
“This competitive position has not been achieved by chance, but instead through determination and hard work. Achieving it also required a clear vision of leadership, strategies, teams, performance indicators, continuous follow-up, learning and benefiting from the experiences of other countries, and through interaction and cooperation of the private sector in building sustainable partnerships,” Al Mansouri added.
Global picture
The global FDI inflows in 2016 shrank by a fifth to $1.5 trillion (Dh5.5 trillion). “This decline was more pronounced in emerging markets than in developed economies. As a result, emerging markets face increasing challenges to attract global FDI,” Al Mansouri said. In 2015, global FDI was at $1.8 trillion.
“To succeed in our efforts, decision-makers in emerging markets must recognise the different motivations and incentives of foreign investments in different sectors, which require a mix of differentiated policies to maximise the potential benefits of FDI,” he added.
