UAE FDI flow increases while global FDI flow decreases: Al Mansoori
Foreign Direct Investment (FDI) in to the UAE recorded 7.29 percent growth to US$10.3 billion in 2017, up from $9.6 billion in 2016 and 21.17 percent up from US$8.5 billion FDI flow to UAE recorded in 2015, according to UAE Central Bank and the UAE Federal Competitiveness Council.
However, this is at the backdrop of a 16 percent decline in global FDI flow of US$1.52 trillion in 2016, according to the United Nations Council on Trade and Development (UNCTAD).
“In contrast to the positive world macroeconomic figures, international financial flows depict a stark different picture. Global FDI fell by 16 per cent in 2017 to an estimated $1.52 trillion, according to the latest UNCTAD Global Investment Trends Monitor,” H.E. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said in his inaugural address at the 8th Annual Investment Meeting (AIM) that is underway at the Dubai World Trade Centre.
“The UAE, the economy is strong and is expected to grow at 3.9 per cent in 2018 spurred by increased inflows in foreign direct investment (FDI), as well as the achieved growth in tourism and travel sectors among other non-oil sectors.
“The UAE attracted around US$9.6 billion in 2016 compared to US$8.5 billion in 2015, and expected to reach around US$10.3 billion in 2017 according The UAE Central Bank estimates.
“The UAE continued to attract sizable levels of FDI and is set to maintain its lead as number one FDI recipient in the Arab world. This is due to the Federal and Local Government authorities’ efforts to facilitate the investment Environment.
“In this context, we should look more closely at regional economic and investment data. Development efforts, policies of economic diversification and the enhancement of productive capacities adopted by a number of countries in the region have resulted in the continuation of positive expectations in GDP growth rates.”
World merchandise exports, valued at US$15.46 trillion in 2016, is expected to grow this year as the global economy likely to record 3.9 percent growth in 2018.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, participated at the inaugural session of the Annual Investment Meeting (AIM) being held at the Dubai World Trade Centre on Monday, April 9, 2018.
The three-day Annual Investment Meeting (AIM) congregation of high-profile officials that include 25 federal ministers, 19 mayors, eight organisation heads, one head of parliament and investors will see the signing of a number of agreements and announcements that will help countries boost the flow of Foreign Direct Investment (FDI).
This will make the AIM the largest such gathering of government leaders and private sector business leaders and investors, organised by Ministry of Economy. Last year, more than 19,000 visitors including VIPs, dignitaries and government delegations participated at the three-day conference. This year More than 20,000 investors and business visitors are expected to participated at the eventful three-day-long activities that will address issues related to global follow of Foreign Direct Investment (FDI).
Al Mansoori said, the Annual Investment Meeting became a regional and international landmark for Foreign Direct Investment and exchange of knowledge and best practices between emerging and developed markets, where it gains tremendous and continuous support from the leaders, decision makers and officials worldwide.
“We live in an increasingly interdependent world. The pace of technological change is staggering, and Foreign Investment indeed plays a key role in harnessing this interdependence in a way that enhances our access to technology, the ingredients of innovation and to enhance prospects for meeting sustainable development goals (SDGs),” he added.
“It becomes critical to address some of the major FDI issues facing both developed and developing countries, not only for strengthening investment but to serve our efforts to direct the investment movement on a positive path serving the global economic growth.”
The prestigious line-up of Ministers also include H.E. Kim Hyun Chong, Minister of Trade, Ministry of Trade, Industry and Energy, South Korea, HE Dr. Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, Sultanate of Oman, H.E. Suresh Prabhu, Minister of Commerce and Industry, India, H.E. Mccullen Ntsikelelo Jack, Provincial Minister (MEC) for Finance – Economic Development and Tourism, Northern Cape Provincial Government, Republic of South Africa, H.E. Hassan Come, Minister of Commerce and Industry, Central African Republic, H.E. Dr. Sahar Seif Al Nasr, Minister of Investment and International Cooperation and H.E. Mostafa Madboui, Minister of Housing and Utilities Department from Egypt, are among other chief guests and speakers for the AIM 2018.
Governors and Mayors from the Federal Republic of Nigeria, Ukraine, Mayor of the Municipality of Timisoara, Romania, Governor of Kano State, The Federal Republic of Nigeria, Governor of the Perm region of Russian Federation, Mayor of Municipality of Adjovscina, Republic of Slovenia, Metropolitan Chief Executive of Republic of Ghana, Governor of Kilifi County Government, the Republic of Kenya and many other governors and mayors from Ecuador and other countries are going to attend AIM 2018. More than 143 countries participate in the eighth session of the Forum and about 20 thousand investors and visitors from around the world.
A number of global ministers, inspiring business and thought leaders will lead interesting discussions on investment trends, public-private partnerships, sustainability, investment promotion, cryptocurrencies, and sovereign wealth fund at the forthcoming Annual Investment Meeting (AIM) to be held at the Dubai World Trade Centre from April 9 to 11, 2018.