Title: UAE Climbs Six Places in Global FDI Rankings, Solidifying its Position as a Global Economic Hub

Published: Fri 20 Oct 2023, 8:27 PM

In a significant achievement, the United Arab Emirates (UAE) has climbed six places in the rankings for Foreign Direct Investment (FDI) attraction, now securing the 16th position globally. This climb highlights the UAE’s continuous efforts to position itself as a leading global economic link.

According to Abdullah bin Touq Al Marri, Minister of Economy, hosting events like Gitex Global 2023 has played a critical role in solidifying the country’s position as a global economic hub. Gitex Global 2023, the world’s largest technology and startup exhibition, brought together major international companies, businessmen, investors, and global talents. The event witnessed the participation of over 6,000 exhibitors, 180,000 tech executives from 180 countries, and more than 800 government entities from the Middle East, Africa, and South Asia regions.

Al Marri emphasized that these events serve as vital platforms for experts and specialists from various sectors to exchange opinions, display the latest products and services, and build new connections. In addition to Gitex, the UAE has recently hosted several other significant events, including the UNCTAD 8th World Investment Forum 2023, Dubai Air Show, Arab Health Medical Expo, Global Future Councils, and green economy events leading up to COP28.

The positive momentum in the UAE’s economy is reflected in the preliminary estimates of its gross domestic product (GDP) for 2022. The UAE’s GDP at constant prices reached Dh1.62 trillion, marking a positive growth of 7.9 percent as compared to the previous year. At current prices, the GDP totaled AED1.86 trillion, showcasing an increase of over Dh337 billion, or a growth of 22.1 percent.

Al Marri also highlighted that the UAE achieved the highest FDI inflows in its history in 2022, amounting to Dh84 billion ($23 billion). This represents a 10 percent increase from 2021 and the highest figure recorded by the country in a single year. Regionally, the UAE ranked first in attracting FDI inflows and was the fourth-largest recipient of greenfield investment projects globally, following the United States, the United Kingdom, and India.

The UAE’s success in hosting major events and its impressive economic growth rates further solidify its position as an ideal destination for global investments and business opportunities. The country continues to attract top international entities and individuals, fostering innovation, knowledge exchange, and economic development.

It is evident that the UAE’s strategic vision, under the leadership’s directives, is driving its ascent in the global rankings, and these efforts are expected to yield even greater results in the future.

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