The President reaffirmed that the new ministry’s aim is to enhance the country’s economic standing by fostering an environment that makes the UAE an attractive destination for investment…reports Asian Lite News
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, witnessed the swearing-in ceremony of Mohamed Hassan Alsuwaidi as the UAE’s Minister of Investment.
Also present was His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court.
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During the ceremony at Qasr Al Shati in Abu Dhabi, His Highness Sheikh Mohamed bin Zayed congratulated Alsuwaidi on his appointment and wished him every success in his new role, noting that investment is a priority area within the UAE’s comprehensive development strategy.
The President reaffirmed that the new ministry’s aim is to enhance the country’s economic standing by fostering an environment that makes the UAE an attractive destination for investment. This, he said, will contribute to the UAE’s ongoing sustainable development and economic growth in the coming years.
His Highness Sheikh Mohammed bin Rashid reiterated that the ministry’s goal is to continue building upon the solid foundations of the UAE’s investment environment and further enhance its competitiveness to ensure that the country remains a global destination for investment and a major player in the global investment arena.
The new minister sworn in as the country’s FDI experienced a remarkable 10 percent increase, soaring to an impressive US$23 billion.
Abdullah bin Touq Al Marri, Minister of Economy, said, “The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in the UAE. These outcomes serve as a testament to the insightful guidance and foresight of our wise leadership in fostering a robust and sustainable national economy.”
“They stand as tangible evidence of the successful endeavours undertaken to cultivate a competitive investment environment and implement adaptable economic policies. Furthermore, these results complement the outstanding and exceptional performance witnessed across diverse economic and commercial domains, in line with the objectives of ‘We the UAE 2031’ vision,” Bin Touq explained.
“Ranking fourth in the world in incubating new projects reflects the UAE’s leading position as a preferred destination for international companies, investors, and entrepreneurs. It solidifies the UAE’s appeal as an attractive environment for entrepreneurial ventures and serves as a magnet for regional and global FDIs,” he added.
“The economic legislation and policies adopted by the UAE have played a prominent role in strengthening and building a top-tier investment and business ecosystem in line with international best practices. This proactive approach has facilitated a swift transition towards a new economic model centered around flexibility and innovation. Through collaborative national efforts, we are striving to achieve further growth and prosperity for the UAE economy, boost the country’s development trajectory, and uphold its leading and competitive position at the regional and global levels,” the UAE Minister of Economy concluded.
Meanwhile, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said that the growth is underpinned by our stable political environment and flourishing economic climate.
A year ago, Al Zaabi noted the UAE stood at the 22nd position in FDI inflows, and today it leaps to 16th position.
“The UAE now proudly stands as the world’s fourth largest recipient of greenfield projects with nearly a thousand ambitious ventures announced, signifying an outstanding 84 percent increase,” Al Zaabi told a press conference held in Abu Dhabi today to launch the UNCTAD’s annual World Investment Report 2023, titled “Investing in sustainable energy for all”.
UNCTAD’s annual World Investment Report monitors global and regional foreign direct investment (FDI) trends and presents key national and international investment policy developments.
“As our doors are open to investors from around the globe, the UAE is also among the world’s largest and most active investors. In 2022, UAE’s FDI outflows also increased by 10 percent to reach US$25 billion. Our country moved up to 15th place from 20th place in 2021, reaffirming UAE’s role as global leader of investments that help other countries to grow, provide jobs to millions of people and shape a brighter future for humanity.”
Meanwhile, the swearing-in ceremony was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; H.H. Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan; Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Special Affairs Advisor at the Presidential Court; Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs; and other ministers and senior officials.
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