The UAE, the Arab world’s second-largest economy, received Dh167 billion ($45.5 billion) in foreign direct investment last year, and the country has its sight firmly set on achieving its aggregate FDI target of Dh1.3 trillion by 2031.
The 48 per cent annual FDI rise in 2024 is a “international vote of confidence in the UAE's economy”, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on X on Thursday, citing a report issued by the UN Conference on Trade and Development.
“The UAE accounted for 37 per cent of the total foreign investment flows in the region … (Out of every $100 that comes as foreign investment to the region, $37 of it goes to the UAE),” he said.
The country, also ranked second globally in the number of new foreign direct investment projects, after the US, he added.
2031 strategy
Last November, the UAE launched a strategy to double its cumulative FDI to Dh1.3 trillion in the next six years as it continues to push to diversify its economy.
The investment strategy launched at the annual meetings of the UAE government in Abu Dhabi, also aims to triple the cumulative FDI balance to Dh2.2 trillion by 2031, and targets key sectors such as advanced manufacturing and renewable energy.
“We have a clear development agenda drawn up by Mohammed bin Zayed. We have a unified team committed to his instructions, and we have a people united around their leadership. This is the secret to our success,” Sheikh Mohammed said.
“Our message from the UAE: development is the key to stability … and the economy is the most important policy.”
The UAE aims to achieved its 2031 targets through five strategic directions: attracting new investments in priority sectors; expanding FDI in existing projects; strengthening international partnerships; enhancing investor relations; and boosting the UAE's overall competitiveness, the government said at the time.
Focus on FDI
The UAE has been focusing on boost FDI as part of its efforts to diversify its economy away from hydrocarbons.
The Emirates attracted $30.68 billion of FDI inflows in 2023, compared with $22.73 billion in 2022, an annual growth of 35 per cent, the UNCTAD said in its 2024 World Investment Report in June. FDI outflows from the country stood at $22.3 billion, compared with $24.8 billion in 2022.
In terms of cumulative FDI balance, the UAE has “significantly outpaced global growth rates” in the decade through to end of 2023, according to Ministry of Investment data.
To boost FDI, the UAE has unveiled several initiatives including 100 per cent foreign ownership of companies, reduced visa restrictions and incentives for small and medium enterprises. It 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 technology companies seeking to relocate to the country.
Push for trade deals
The UAE's push to sign a series of Comprehensive Economic Partnership Agreement with its partners around the globe has also helped to boost FDI.
The UAE is currently negotiating a Cepa deal with the EU, and already signed several agreements with major economies, such as India and Malaysia.
Launched in 2021, Cepa deals reduce tariffs and remove trade bottlenecks and boost bilateral investment in priority areas.
The programme helped the UAE hit record non-oil trade in 2024 of $816.7 billion, marking a 14.6 per cent annual increase. The country seeks to increase its foreign trade to Dh4 trillion by 2031.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
