FDI inflows into UAE jumped over 44.2 % to $19.88bln in 2020: Ministry of Economy

The cumulative value of foreign direct investments inflows amounted to $174bln

  
DIFC continues to accelerate growth in first half of2020. Image courtesy Dubai Media Office Twitter handle.

DIFC continues to accelerate growth in first half of2020. Image courtesy Dubai Media Office Twitter handle.

ABU DHABI: The FDI inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019, despite the fallout of the COVID-19 pandemic which has taken its toll on the global economy, according to a report by the Ministry of Economy.

The cumulative value of foreign direct investments inflows amounted to $174 bn, a growth of 12.9 percent during the reference period. FDIs covered all economic platforms, primarily the Oil & Gas, considering the massive investment partnerships struck by the Abu Dhabi National Oil Company (ADNOC) with a number of foreign companies. The UAE has drawn FDIs for digital economy, including Artificial Intelligence, Internet of Things, blockchain, medical knowhow, augmented and virtual reality (AR and VR), robotics, self-drive automobiles, renewable energy, innovation, agritech, etc.

In terms of FDI outflows, they amounted to $9.2 billion and covered various vital economic sectors, including aviation, transportation, mining, renewable energy, real estate, construction, communication, oil & natural gas, traditional & renewable energy, logistics, ports and infrastructure, tourism, leisure, banking, and agriculture sectors.

Abdullah bin Touq Al Marri, Cabinet Member and Minister of Economy, said, "The investment landscape of the UAE has been steadily developing over the past years with the rapid introduction of progressive measures that have earned the nation a coveted position internationally while leading regionally thanks to the directives of our wise leadership to provide a business-friendly environment conducive to facilitating doing business and development that serves the greater good of the country." He added that the next period will see more measures to strengthen the investment landscape and grow investor confidence in priority sectors.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the significant growth levels secured by the UAE in terms of FDIs are reflective of increased investor confidence in the country's investment ecosystem.

© Copyright Emirates News Agency (WAM) 2021.

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