UAEs efforts to diversify economy recognized on a global level: paper

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ABU DHABI, 23rd April, 2017 (WAM) -- Confidence in the UAE economy, combined with the countrys commitment to technology, will only continue to build upon the UAEs position as a global technology hub, said a local newspaper on Sunday.

"Not only will the country see more acquisitions of locally-established companies such as Souq.com by global giants such as Amazon, it will also see additional financial support for technology start-ups. This ultimately achieves the UAEs oft-stated goal of becoming a knowledge economy," the English-language newspaper The Gulf News wrote in an editorial.

The paper was commenting on a new report by A.T. Kearney that shows that the UAEs efforts to diversify its economy are being recognised on a global level.

The A.T. Kearney report is not the only report to show the results of the governments initiatives. In the World Banks Doing Business 2017, the UAE is highlighted as one of the top 10 economies that made the greatest improvements in business relations, according to the UAE paper.

"The culmination of these reports show that the UAE has made significant steps towards diversifying economy into one of the strongest and vibrant in the region, and will continue to build up its status as a global gateway. It is a milestone in development that the UAE has a right to be proud of."This, according to the paper, is not just a recognition either, but evidence that shows global investors look at the country as a place where their investments are both safe and likely to show a return.

The report by A.T. Kearney shows that the UAE ranks 21st on the world on its Foreign Direct Investment (FDI) index.

It is significant, the paper noted, that during this period of geopolitical tension, rising protectionism and regional economic transformation caused by changes in global oil prices, the UAE is the only country in the Middle East region to break into the top 25. According to the report, the inflow of foreign investments into the country has remained steady in recent years, reaching $11 billion (AED40.4 billion) in 2014 and 2015.