“Ras Al-Hekma” .. “the crown jewel” of UAE investments abroad

The UAE continues to enhance its contribution to the economic development scene regionally and globally, through packages of giant foreign investments, in accordance with a comprehensive strategic vision that aims to open broader horizons of growth for its local economy, and support the economies of brotherly and friendly countries, in a way that enhances development and prosperity opportunities for the peoples of the region and the world.

The Ras El Hekma City development project on the northwest coast of Egypt – with direct investments amounting to $35 billion – constituted the culmination of the UAE’s rapid rise in the global investment scene, and the continuation of its supportive efforts to enhance economic and social development paths in Egypt.

The project, which extends over an area of ​​more than 170 million square metres, consists of tourist facilities, a free zone and an investment zone, in addition to residential, commercial and entertainment buildings, and a residential area that includes about 190,000 villas and apartments, accommodating up to two million people. 12 million square meters will also be allocated to retail, entertainment and recreation, with 25% of the total capacity allocated to open spaces.

The project is the largest foreign direct investment in the history of Egypt. According to the Emirates Council for Overseas Investors, Emirati investments in Egypt after signing the project deal jumped to about $65 billion, thus strengthening the country’s position as the largest Arab investor in Egypt and the third largest in the world.

The UAE has distinguished economic and investment relations with a large number of countries in the world. The value of the total assets of UAE investments abroad, whether governmental or private, is estimated at approximately $2.5 trillion until the beginning of 2024, while the comprehensive economic partnership agreements concluded by the UAE contribute to opening doors to Emirati companies and investments, and providing more promising opportunities for them abroad. .

The UAE has completed about 18 agreements, including six agreements that have fully entered into force, and another seven that have been officially signed.

UAE foreign investments are widely spread across the Arab world, regionally and globally, and include about 90 countries.

The UAE is at the forefront of countries investing in Saudi Arabia, with investments amounting to $27.75 billion by the end of 2022, according to data from the General Authority for Statistics in Saudi Arabia and the Ministry of Investment.

In the same context, the value of huge mutual investments between the UAE and Kuwait amounted to about nine billion and 656.2 million dollars between 2018 and 2022, while the number of Emirati companies investing in Kuwait reached 133 during the same period.

The UAE is the largest Arab investor in Morocco, with total investments estimated at about $15 billion, while it is the largest global investor in Jordan, where estimates indicate that mutual investments between the two countries have reached about $22.5 billion.

Regionally, Türkiye is one of the most important foreign investment destinations for the UAE, with investments estimated at approximately $7.8 billion until October 2023.

In November 2021, the UAE announced the establishment of a $10 billion investment fund in Türkiye, focusing on strategic investments, primarily the logistics sectors, including energy, health, and food.

At the global level, the total UAE investment flows to India amounted to about $16.2 billion between 2019 and 2023, and included multiple sectors.

As for China, the total UAE investment flows reached about $11.9 billion between the years 2003 and 2023.

The UAE is considered a strategic partner in the Belt and Road Initiative launched by Chinese President Xi Jinping in 2013, and has pumped $10 billion into a joint Chinese-Emirati investment fund to support the initiative’s projects in East Africa.

In South Korea, Emirati investments are expected to witness momentum in various sectors, especially since the UAE announced in January 2023 its intention to pump investments estimated at 110 billion dirhams ($30 billion) in the coming years.

UAE investments in the United States amounted to about $3.7 billion between 2018 and 2023. UAE investments also achieved significant growth in British markets over the past years, reaching about 29 billion dirhams by the end of 2021, while total UAE investments in France reached $3.3 billion in the same period.

Investing with countries of the African continent

The UAE pays special attention to strengthening investment relations with the countries of the African continent. In this context, the total UAE investments in Ethiopia have reached $2.9 billion, including various sectors, most notably the manufacturing of medicines, aluminium, food, beverages and chemicals.

Brazil represents one of the UAE’s most important and prominent partners in Latin America, with UAE investments in it estimated at about five billion dollars.

• UAE investments in Egypt jumped to about $65 billion.