The Minister of Economy of the United Arab Emirates has said that he expects foreign direct investment (FDI) in the country to reach between $11 billion-$11.5 billion in 2018.

Economy minister Sultan bin Saeed Al Mansoori gave the figure a press conference in Dubai on Monday morning.

An $11 billion figure would represent a 5.8 per cent increase on foreign direct investment, which stood at $10.4 billion for 2017, according to a press release issued from the ministry. An $11.5 billion figure would represent an increase of 10.6 percent. Last year, FDI increased by 7.8 percent compared to 2016, the statement added.

The United Arab Emirates passed a new FDI law earlier this month, allowing 100 percent ownership of onshore companies in the country by foreigners for the first time, although foreign ownership was previously allowed in the country's free zones.

(Reporting by Yasmine Saleh; Editing by Michael Fahy)

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