The UAE was ranked as the third-largest foreign direct investment market globally in terms of project activity in 2023, moving up from fourth position the previous year, as the country continues to boost business with its investor-friendly policies.
The UAE, the Arab world’s second-largest economy, attracted $23 billion of foreign direct investment (FDI) last year in 1,277 projects spanning sectors including business and professional services, software and IT services and financial services, according to the latest report by data and analytics company GlobalData.
The US and Germany were the two biggest FDI markets globally last year.
“The UAE is just one of those places where it's almost a real safe haven for investors, and investors continue to come,” Glenn Barklie, principal economist and head of FDI services at GlobalData, said on the sidelines of the AIM Congress in Abu Dhabi on Wednesday.
Global companies are boosting their investments in the UAE and setting up offices amid new initiatives from the government including opening up 100 per cent foreign ownership of companies, reduced visa restrictions and incentives for small and medium enterprises.
The country posted record FDI of about $23 billion in 2022. Official figures for last year have yet to be released. It aims to attract Dh550 billion ($149.7 billion) in FDI by 2030, and eventually reach Dh1 trillion by 2051.
The UAE also moved up on Kearney’s 2024 Foreign Direct Investment Confidence Index, jumping from 18th to eighth place as the country focuses on diversifying the economy away from oil.
No comments:
Post a Comment