The UAE ranked second after the US for greenfield foreign direct investment last year, as project announcements in the Emirates rose by 28 per cent, bolstering its position as a worldwide FDI hub despite global economic uncertainties, a UN report has said.
Greenfield FDI flows into Saudi Arabia, the Arab world's biggest economy, also jumped by 63 per cent last year, according to the report by the UN Conference on Trade and Development, released on Wednesday.
The UAE has set an ambitious target to attract Dh550 billion ($150 billion) in foreign investment by 2031 and rank among the top 10 countries globally in terms of attracting FDI, as part of its economic diversification strategy.
It has unveiled several initiatives and policies, from allowing 100 per cent foreign ownership of companies to more flexible visa programmes, aiming to attract capital and talent to the country.
In July 2022, the UAE also unveiled the NextGen FDI programme, which seeks to speed up licensing, increase the issuance of bulk or golden visas, improve banking services and provide commercial and residential lease incentives for advanced technology companies seeking to relocate to the country.
The country's comprehensive economic partnership agreements are also aimed at enhancing bilateral investments.
The UAE has signed Cepas with India, Cambodia, Georgia, Israel, Indonesia and Turkey, and plans to sign 26 deals in total, officials say.
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