25th meeting of UAEIIC

We will do everything possible to support the interests of Emirati investors abroad and diversify the global markets in front of them: Bin Touq

  

* More than 11% growth in UAE's total balance of investment flows last year

Abu Dhabi: H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, headed the 25th meeting of UAE International Investors Council (UAEIIC), which was held virtually with the participation of H.E. Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, and H.E. Jamal Saif Al-Jarwan, Secretary General of the Council, in addition to members of the Council, investors and representatives of the private sector.

Through the meeting, they discussed a number of important files, primarily of which is reviewing the coming strategic plan of the Council, besides the development of a comprehensive vision for new policies and initiatives that included the development of future work mechanisms, which can contribute to dealing with the challenges posed by Covid-19 pandemic crisis, plus marking new opportunities to expand member companies' business portfolio, in addition to updating council laws, legislation and fundamental system.

"In light of the wise decisions of our judicious leadership and the government's ambitious development plans, we determined a clear plan for the future goals of the Council, that connected to UAE's economic vision, and we will work to support and adopt all initiatives that protect the interests of Emirati investors abroad, opening new markets for them and facilitating their ability in getting promising opportunities and acquiring new projects, especially in the priority sectors that serve the country's efforts in food security files, attracting and localizing advanced technology, and supporting digital transformation", H.E. Abdullah Bin Touq, Minister of Economy and Chairman of the UAE International Investors Council said.

The Emirati investments abroad represent one of the main enablers that the state relies on to achieve the ambitious economic goals in the next 50 years, through their role in transferring knowledge, diversifying the economic base, opening and developing commercial and investment partnerships for Emirati investors in various foreign markets, Bin Touq confirmed.

"Despite the transformations and changes taking place in the global economy today as a result of Covid-19 crisis, there are many new opportunities that have emerged during this pandemic, which we will work on to invest and make the best use of them to serve our economic orientations and vision, His Excellency added.

He noted that supporting and motivating national companies are considered as integral parts of the country's initiatives and efforts to fulfill the requirements of comprehensive and sustainable development.

Likewise, H.E. Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said that Emirati investments abroad have played a major role in enhancing the reputation and competitiveness of the national economy, especially in vital economic and industrial sectors such as the aviation industry, air transport services, logistics, ports, financial and banking sectors, real estate, telecommunications, and technology Information.

UAE today considered as the largest Arab investor abroad, and it has more than 34% of the total investment exported abroad from West Asian countries, ranks first above all Arab countries, tops West Asia, and one of the top 20 global countries investing abroad during 2019, H.E. Al-Zeyoudi noted.

The total balance of outward investment flows reached $ 155.5 billion in 2019, with a growth rate of more than 11% from 2018.

"We will work during the next phase to enhance the role of UAE International Investors Council in coordination and follow-up with various institutions concerned with investment at the local and international levels in order to serve its goals in diversifying markets in front of national investments, reaching new opportunities and creating partnerships that serve UAE's economic development vision", His Excellency added.

It's worth mentioning

The UAE International Investors Council established in 2009, with the purpose of contributing to the UAE's economic development process, and supporting Emirati investments abroad to be a fundamental pillar of the national economy based on diversification, innovation, and sustainable competitiveness. The council focuses on uniting the efforts of Emirati investors abroad and helps them in overcoming the challenges facing their investments through continuous coordination with the competent government agencies.

The 2020 membership of UAE International Investors Council consists of the Ministry of Economy, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Finance, the General Civil Aviation Authority, in addition to Mubadala Investment Company, Emirates Telecommunication Group (Etisalat), Abu Dhabi Polymers Company Ltd. (Borouge), Abu Dhabi Ports, DP World, Dubai Holding, Dubai Investments, Majid Al Futtaim, Sharaf Group, Millennium & Copthorne Hotels in the Middle East and Africa.

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