Dubai / WAM
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has hailed the UAE, as a safe and sought-after investment magnet, due to its security and safety elements and political stability, in the midst of the regionâ€™s political and economic tensions. He further said that the UAEâ€™s advanced infrastructure and strong legislative system has boosted its position as a unique destination for Foreign Direct Investment (FDI).
Al Mansouri pointed out that the Ministry aims to increase the contribution of FDI to 5% of the countryâ€™s GDP over the next five years, in line with the goals of the National Agenda of UAE Vision 2021. He said that new and renewable energy sectors were key to attracting foreign capital to the UAE in the coming period, due to the giant projects implemented by the UAE Government, mainly in renewable energy and retail.
Al Mansouri explained that the UAE realised the need to diversify its economy with less reliance on oil sector. Many years ago, the UAE began to lay the foundations of a strong and competitive business environment, while sealing a number of trade cooperation agreements, taking advantage of its geographical location which links it to more than 220 markets around the world. He revealed that the ministry is currently working on an FDI law which would regulate guarantees, incentives, and clarify institutional framework.
He pointed out that the accumulated foreign investment in the country had increased by the end of 2015 to USD 126 billion, compared to USD 115 billion at the end of 2014, supported mainly by increased investments in manufacturing and heavy industries.