The UAE has secured the prime position in the Middle East and Africa (MEA) region in terms of the number of new foreign direct investment (FDI) projects in the country’s biotechnology sector and ranked third in the region for the volume of capital invested in these projects during the period from 2003 to 2020.
The new rankings were revealed by the FDI Markets Index, which was recently issued by the Financial Times’ FDI Intelligence magazine, which specializes in foreign investment trends around the world.
The FDI Markets Index monitors capital flows and new FDI projects across the globe and identifies the best FDI destinations in the world through reference comparisons. The result of the index shows that the largest number of biotech projects in the MEA is in the UAE.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted that these advanced rankings achieved by the UAE in the field of FDI in biotech reflect the country’s prime position in the regional and global investment landscape.
“Over the past years, the UAE has succeeded in consolidating its position as an attractive destination for investments and business, and today, it is reinforcing its position as a regional and global hub for investment in the sectors of the new economy. This latest recognition is set to further strengthen the confidence of global investors in the efficiency and quality of the UAE’s business climate and highlight the extent of development and readiness of its markets to be a preferred destination for future projects.”
The UAE government is continuing its efforts to boost the policies that attract foreign investments and widen its scope of incentives and facilities for companies and investors. The most important step taken among it is the recent amendment of the Federal Law on Commercial Companies, which is a milestone in increasing the flexibility and sustainability of the business conditions in the country.
Mr. Al Zeyoudi further states that many research and innovation centers have been established in this field like the Dubai Science Park Lab Complex, the Al Jalila Foundation for Medical Innovation, the Research Bank UAE of the Ministry of Health and Prevention, and many other institutions, facilities and projects specialized in modern biological technologies.
“The UAE’s ongoing transformation towards a flexible and sustainable economic model is set to further enhance opportunities and prospects for the rapid growth of projects in the sectors of the future such as biotechnology, which will cement the UAE’s position in this sector in the coming years,” Mr. Al Zeyoudi concluded.