UAE assures support to Emirati investors abroad in UAEIIC meeting

By Backend Office, Desk Reporter
UAE
Representational Image

The 25th UAE International Investors Council (UAEIIC) meeting assured its support in protecting the interest of Emirati investors overseas and will sketch future goals in line with the country’s economic vision.

In the virtual meeting, the UAE Economy minister Abdulla bin Touq Al Mari offered the government’s help to set up a new market for the Emirati investors for bringing ease in choosing the best deals and projects, especially in the food and security sector.

Al Mari further affirmed the UAE government’s backing for the country’s investors in bringing and localizing advanced technology as well as aiding digital transformation.

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 apart from the members of the UAEIIC, investors and private sector representatives.

Abdulla bin Touq Al Mari
Abdulla bin Touq Al Mari
UAE Economy Minister

“Emirati investments abroad represent one of the main enablers that the state relies on to achieve the ambitious economic goals in the next 50 years, through their role in transferring knowledge, diversifying the economic base, opening and developing commercial and investment partnerships for Emirati investors in various foreign markets.”

Even though the pandemic has led to numerous changes in the global economy, many new opportunities have also emerged which the council will work on investing and use it to deliver economic growth for the UAE. The country’s policies have always been encouraging the national companies and fulfilling their requirements for a sustainable development.

Dr. Al Zeyoudi said that the investments made overseas have always increased the Emirati reputation and competitiveness of the national economy, especially in sectors like the aviation industry, air transport services, logistics, ports, financial and banking sectors, real estate, telecommunications and information technology.

Today, the UAE has secured the position as the largest Arab investor abroad and has contributed more than 34 percent of the investment made by Middle Eastern countries overseas and is also one of the top 20 global countries investing abroad during 2019 with $155.5 billion, a 11 percent jump compared to 2018.

The government will work to improve the role of the UAEIIC in collaborating with other global as well as local institutions to diversify markets, explore new opportunities and create partnerships that serve the UAE’s economic development vision, said Dr. Al Zeyoudi.

The United Nations Conference on Trade and Development’s (Unctad) World Investment Report 2019 revealed that foreign direct investment (FDI) outflows from the UAE increased $1 billion when compared to $15 billion in 2018, positioning the country as the 19th largest foreign direct investor of the year.

Greenfield investments from the UAE to Africa more than doubled from $1.81 billion to $3.93 billion and investments to developing Asian countries more than tripled from $6.18 billion in 2017 to $22.1 billion last year.

As per Unctad, in 2019, the UAE surpassed Turkey to become the largest recipient of foreign investment in the Middle East as the FDI inflow jumped over 34 percent to $14 billion.

Fahad Al Gergawi, CEO of Dubai FDI, says that the latest FDI law brought by the UAE government has offered new opportunities for the investors and it will further increase the investor’s attraction towards the UAE and Dubai.

UAEIIC

The UAE International Investors Council (UAEIIC) was established in 2009 to support the nation’s economic development process and support Emirati investments abroad and help them in the challenges they confront while making investments, through regular coordination with the competent government agencies.

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