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The Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has claimed that the Foreign Direct Investment (FDI) increased by 44 percent in the year 2020.
This information was shared by Sheikh Mohammed in a tweet, which read: “Despite the UN’s estimates that global foreign direct investment flows decreased by 42% in 2020 over COVID-19, the UAE witnessed 44% growth in FDI flows in 2020, compared to 2019, to reach AED73 billion. Good Crisis management is a guaranteed investment.”
.@HHShkMohd: Despite the UN's estimates that global foreign direct investment flows decreased by 42% in 2020 over COVID-19, the UAE witnessed 44% growth in FDI flows in 2020, compared to 2019, to reach AED73 billion. Good Crisis management is a guaranteed investment.
This news comes as a welcome surprise especially considering the COVID-19 pandemic. The pandemic disrupted economies across the globe, which resulted in an abundance of loss. However, UAE has coped well through these troubling times as evident by the numbers and figures.
According to the Ministry of Economy, the cumulative FDI inflows amounted to $174 million, which was a 12.9 percent growth during the reference period. The ministry also informed that the FDI covered all economic platforms mainly geared by the Oil and Gas.
“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, and more.”
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 further added that things will improve even further during this period the next year because the pandemic is expected to subside by then.
Additionally, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, informed that “the significant growth levels secured by the UAE in terms of FDIs are reflective of increased investor confidence in the country’s investment ecosystem.”
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