Dubai: The UAE Ministry of Economy Monday unveiled the UAE Investment Map, a federal-level initiative to attract private sector investment.
"The initiative will promote the sustainable and balanced development of the UAE, and contribute to the GDP growth by stimulating the investment environment and attracting investment and technology that drive the knowledge economy in addition to reducing the dependence on oil by diversifying revenue streams," said Mohammad Ahmad Bin Abdul Aziz Al Shehhi, undersecretary in the Ministry of Economy.
The programme will provide equal opportunities for all seven emirates to attract investments based on each one's competitive advantages.
International investors
The new move is aimed at introducing international investors to the investment opportunities in all sectors of the UAE economy.
Al Shehhi said the UAE Investment Map is in line with the strategic plans of the ministry for 2011-2013 to enhance the investment environment and the competitiveness of the national economy.
Although all efforts will be made to increase foreign investment, Al Shehhi said there were no plans to raise the 49 per cent foreign ownership limit for listed firms.
Official launch
"The new companies law will maintain the same percentage in terms of foreign ownership. We have the free zones with 100 per cent ownership. At the moment there is no plan to change that," he said.
In November, the UAE Investment Map will be officially launched during the UAE Investment Map conference, alongside an exhibition to introduce government services to key international investors.
The federal initiative is part of the UAE Vision 2021 to develop a knowledge-based economy.
Strategic
To achieve the vision, the Federal Government Strategy 2011-2013 has set strategic directions, including the participation of UAE nationals and developing their capabilities; increasing efficiency, flexibility and productivity in the labour market.
The UAE Investment Map will showcase investment opportunities in each emirate in sectors such as health, agriculture, real estate, alternative energy, services, industry, education, and finance, among others. In the first phase, the initiative aims to target markets such as Argentina, Brazil, Turkey, Germany, India, China and South Korea.
Other priority areas that fall within the investment map also include industries such as aluminium, automotives, aviation, information technology, telecommunications, financial services, electronics, engineering and industrial technology, health care, petrochemical industry, education and knowledge industry, and pharmaceuticals.
As part of the investment promotion, the Ministry of Economy is planning to hold roadshows in the US, Latin America, Europe and parts of Asia.
