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Saud bin Saqr: UAE looks forward to attracting $150 billion in FDI by 2031

Saud bin Saqr: UAE looks forward to attracting $150 billion in FDI by 2031
7 May 2024 23:57

SARA ALZAABI (ABU DHABI)

His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, on Tuesday said that the UAE has become a key source of foreign direct investments (FDI) on a global scale and is looking forward to attracting $150 billion in FDI by 2031.

Delivering the keynote address at the opening of the 13th edition of the AIM Congress in Abu Dhabi, His Highness said: “The UAE has always understood that development can, and should, be reciprocal. I am convinced that by joining forces, we can establish a new investment landscape, with growth that is inclusive, sustainable, and as far as possible, universal.”

“The UAE has demonstrated that when wisdom and a sense of duty meet vision and hard work, anything is possible. The commitment shown by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to our people and our future inspires us all, and His Highness has shown that, with the right vision, and the right plan, dreams can come true.”

His Highness said that the UAE accounts for one-third of the total FDI in the MENA region and ranked second to the US for greenfield FDI in 2023, underlining the country’s status as a destination for the world’s biggest and boldest projects.

Elaborating on the UAE’s high levels of investment and economic and social development, His Highness said: “Firstly, we channelled our strategic wealth into the construction of infrastructure, and the formation of robust institutions. Secondly, we concentrated on the soft infrastructure - the establishment of a regulatory, legal and commercial environment that gives investors’ confidence. Thirdly, and perhaps most importantly, we nurtured our greatest asset, our people, understanding that to thrive we needed to educate the generations, and the leaders, to come.”

The opening ceremony saw the participation of His Excellency Andry Rajoelina, President of the Republic of Madagascar; His Highness Sheikh Mohammed bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah; Sheikh Hamed bin Zayed Al Nahyan; His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance; His Excellency Sheikh Shakhboot Nahyan Al Nahyan, UAE Minister of State, Sheikh Khalid bin Saud Al Qasimi, Vice Chairman of Ras Al Khaimah’s Investment and Development Office; His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology; His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; and His Excellency Ahmed Aboul Gheit, Secretary General of the Arab League.

Supported by the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development, the event witnessed the participation of ministers, government officials, and decision-makers from around the world, in addition to more than 12,000 visitors from over 175 countries.

An initiative of the AIM Global Foundation, AIM Congress (Annual Investment Meeting), held under the theme “Adapting to A Shifting Investment Landscape: Harnessing New Potentials for Global Economic Development”, aims to empower the global economy by promoting effective promotion strategies, facilitating economic productivity and expansion, and addressing global challenges, with a focus on the SMEs Track and Regional Focus Forums Track.
The opening session witnessed keynote speeches and panel sessions.

In his keynote address during the opening ceremony, Al Zeyoudi said: “We are experiencing rapid transformations and unprecedented opportunities for global economic development. At the same time, we are being confronted with interlocking challenges that have tested the resilience of nations worldwide.”

The minister asserted the necessity for sustainable growth and inclusive prosperity nowadays, as well as the importance of uniting efforts to overcome shared challenges. “It would prove our capability to build a better future for us all,” Al Zeyoudi said.

He underscored the UAE’s commitment to sustainable development, economic diversification, innovation, and excellence.

“The United Arab Emirates, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has remained steadfast in our commitments to sustainable developments, economic diversifications, and a belief in innovation and excellence. Guided by the ambitious goals outlined in the UAE Centennial 2071 and Abu Dhabi Economic Vision 2030, we have embarked on a transformative journey toward a knowledge-based economy. One that is characterised by resilience, agility, and forward thinking,” Al Zeyoudi said.

 

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