ABU DHABI: The UAE maintained its lead in attracting the highest amount of Foreign Direct Investment (FDI) inflows to the Arab region in 2017, according to a top official at the Ministry of Economy.
"The UAE was recipient of 40 percent of FDI inflows into Arab and Western Asian countries and 23.3 percent of FDIs directed to Middle East and North Africa in 2017, getting $130 billion worth of cumulative FDI inflows till 2017, 8.7 percent up from 2016," said Abdullah bin Ahmed Al Saleh, Under-Secretary for Foreign Affairs at the Ministry of Economy, noting that the country ranked first in the Arab region and 30th globally in 2017 in attracting FDIs, five positions up compared to 2016.Al Saleh made the statements during his speech before a workshop organised by the ministry in collaboration with the UAE International Investors Council and the Arab Investment & Export Credit Guarantee Corporation (Dhaman), which is based in Kuwait.
"Emirati FDI outflows to various world countries amounted to $14 billion in 2017, a growth of 7.7 percent from 2016, accounting for 43.6 percent of total Arab FDI outflows in the same year, therefore coming first in the Arab region and 21st globally, two positions up as compared to 2016. Cumulative FDI outflows until the end of 2017 surged to $124.4 billion, 12.6 percent up from 2016 levels," he added.
"Such a significant investment status is attributed to the efficient economic and investment policies that have been developed based on the in-depth vision of our wise leadership as part of the UAE Vision 2021 and the UAE Centennial 2071," he noted.
Despite the global economic slowdown recorded in 2017, which saw a 23 percent decline in investment flows around the globe, the FDI inflows to the UAE grew 7.8 percent to a total of $10.4 billion," he remarked.
Al Saleh underlined the importance of the new FDI law issued by the UAE as a step forward on the path to establish a fully investment-conducive environment allowing overseas investors to own up to 100 percent of UAE companies in selected sectors.
The workshop was attended by Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council, and Fahad Rashid Al Ibrahim, Director-General of Dhaman along with federal and local government officials.
© Copyright Emirates News Agency (WAM) 2018.