Yesterday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, witnessed the launch of the National Investment Strategy 2031, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister and Head of the Presidential Court. This was during a key session within the work of the annual meetings of the UAE government 2024, which will be held in the capital, Abu Dhabi, during the fifth and sixth days of this November.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “Clear goals lead to great achievements… and the UAE’s exceptional jump of 35% in foreign direct investment flows during 2023 to reach 112.6 billion dirhams, despite the decline in foreign investment flows globally, confirms the success of Our directions and strategies, and the high confidence that our country enjoys among all global circles.”
His Highness added: “The National Investment Strategy 2031 comes today to build on the achievements achieved with thoughtful, qualitative plans, programs and initiatives aimed at establishing the UAE as a global strategic hub for investment.”
His Highness stressed: “The UAE has strong attractions for investments, companies, businesses and talents. Our goal is to double the flow of cumulative foreign direct investments to reach 1.3 trillion dirhams in 2031.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, in a post on the “X” platform, yesterday: “On the second day of the annual meetings of the UAE government in the capital, Abu Dhabi… we launched the UAE Investment Strategy, which aims to increase the cumulative foreign direct investment stock three times by 2031, reaching 2.2 trillion dirhams.”
His Highness added: “Within the meetings, we honored a group of distinguished entities in applying artificial intelligence in their areas… and we witnessed the honoring of a group of intellectuals and innovators in the country. The second day witnessed specialized sessions, the signing of agreements, and various meetings between various governments in the Emirates. The annual meetings bring together the most important 500 An official in the state, uniting them in the spirit of one team… and uniting them in the one future, and in the love of the one country. We are optimistic about the coming government year filled with work, achievement, and achieving national goals.”
The launch of the National Investment Strategy 2031 was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, and His Highness Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, His Highness Sheikh Rashid bin Saud bin Rashid Al Mualla, Crown Prince of Umm Al Quwain, His Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, Speaker of the Federal National Council, Saqr Ghobash, and Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairwoman of the Dubai Culture and Arts Authority, and a number of ministers and officials.
Foreign investment inflows doubled
During the session, His Highness Sheikh Mohammed bin Rashid Al Maktoum listened to a presentation by the Minister of Investment, Mohammed bin Hassan Al Suwaidi, about the objectives of the National Investment Strategy 2031, and its most important programs and initiatives, where he stressed that the UAE has achieved continuous leaps over the past decade in attracting foreign investment flows. Direct, despite the global decline, pointing out that the UAE’s share of foreign investment flows has multiplied 5.5 times from 2015 until 2023, as the flow of foreign direct investment to the UAE witnessed a growth of 17.3% during this period, compared to a global decline of -5.3%.
He revealed that the strategy aims to achieve an ambitious national vision by establishing the UAE as a global strategic hub for investment, and is based on the objectives of the “We are the Emirates 2031” vision and its plans to transform the country into the global center of the new economy, by achieving a head start in the sectors and industries of the future, which leads to competitive rates of growth. Economic, strengthening its leadership as a capital for the most prominent talents, preparing a generation of Emirati talent that leads economic productivity, and being an attractive incubator for future innovators and entrepreneurs.
Ambitious programs and initiatives
The Minister of Investment said that the strategy aims to double the cumulative foreign direct investments between the years 2025-2031 to about 30% of the volume of investments in the country, which currently stands at 15%, and to reach 1.3 trillion dirhams, to support achieving the desired economic growth, and we aim to increase the foreign balance. Cumulative direct investment will increase 3 times, reaching 2.2 trillion dirhams in 2031.
It also includes five strategic directions, including three directions within the axis of foreign investment growth accelerators, which include attracting and enabling new investments in priority sectors, developing foreign direct investments in existing assets and projects, and consolidating relations with partner countries, and two directions within the axis of basic enabling factors, which include: Strengthening relations with investors, raising levels of transparency, and raising the UAE’s competitiveness and investment attractiveness.
He added that the strategy aims to raise the attractiveness of qualitative foreign investments in priority sectors of the national economy, particularly industry, especially advanced industries, communications and information technology, financial services, transportation and logistics services, renewable energy and water, in addition to infrastructure.
Continuing achievements for the Emirates
During the session, the Minister reviewed the most important goals and programs of the National Investment Strategy 2031, and highlighted the UAE’s latest achievements in this field, as it came in second place globally after the United States in the number of new foreign direct investment projects during the year 2023, with 1,323 new projects registered, with a growth rate of about 33% compared to 2022.
It recorded inflows of inward foreign direct investment projects during 2023, amounting to about 112.6 billion dirhams, compared to about 83.5 billion dirhams in 2022, with a record growth rate of about 35%, and advanced 5 places to 11th place in the world in its ability to attract foreign direct investment, according to the report. UNCTAD.
At the level of the foreign direct investment stock in the Emirates, Mohammed bin Hassan Al Suwaidi indicated that over the past decade, he witnessed an increase at a rate far exceeding the global rate, as the foreign direct investment stock in the Emirates increased between 2013 and 2023 by 150%, while the global rate did not exceed 97%. %.
Competitiveness and attractiveness of the country
The Minister of Investment stressed that the most prominent strength factors in the UAE’s competitiveness and its attractiveness to foreign investments are the high economic competitiveness that the UAE possesses, supported by economic diversification, leadership in technology, and its embrace of global competencies and talents, as well as the country’s unique position as a global center for trade, which the UAE government has strengthened with 112 bilateral investment treaties and 18 agreements. A comprehensive economic partnership. In addition, the UAE includes advanced financial centers that are the first regionally and among the world’s leaders in their level. What distinguishes the UAE is that it is among the best countries in the quality of infrastructure globally, and the leading positions regionally and globally occupied by the country’s cities on quality of life indicators. Luxury living and ease of business.
He pointed out that the National Investment Strategy 2031 is based on a new economic approach based on axes
Several, the most important of which are benefiting from the strengths and excellence of each emirate, enhancing cooperation and competition in the private sector to accelerate the wheel of innovation, integrating modern global trends with local growth engines with the aim of leadership, benefiting from the success of leading national companies, paving the way for the next generation of them, and focusing on research. Development and innovation to enhance value-added jobs and create an economy led by investors and the private sector.
Flexibility in the face of challenges
He reviewed the current global challenges that affect the flow of investments between countries, including the escalation of geopolitical tensions, the shift in investment flow centers, the restructuring of supply chains, and the resettlement of investments in countries that are among the main investment exporting centers with the issuance of laws that increase competition to attract investments. His Excellency also reviewed the regional challenges in this regard, and presented examples of successful global experiences in attracting qualitative investments in vital sectors.
Mohammed bin Hassan Al Suwaidi touched on the important requirements for unleashing the UAE’s full potential, which aims to enhance its attractiveness and investment competitiveness in a world full of challenges and opportunities, which calls for programs characterized by boldness and innovation, as the UAE, despite attracting a large number of foreign direct investment deals over the past decade, possesses opportunities. To double these numbers, and to also rely more heavily on foreign direct investment to meet its investment requirements, attract repeat investments, and retain major investors.
The InvestUAE brand, “Invest in the UAE,” was launched and aims to enhance the UAE’s position as a leading global investment destination. Through this brand, promotional efforts will be unified into one platform that highlights the diverse investment opportunities offered by the country in various sectors. While the Ministry of Investment focuses on formulating policies and regulating the investment environment, InvestUAE will focus on promotional and marketing activities, such as awareness campaigns, investment summits, and participation in global events, in addition to digital campaigns and advertisements directed at international investors. This trend will contribute to strengthening the UAE’s presence in global markets and expanding strategic partnerships, which supports sustainable economic growth and diversifies the national economy.
Vice President of State:
. The UAE achieved an exceptional jump of 35% in foreign direct investment flows during the year 2023 to reach 112.6 billion dirhams, confirming the success of our directions and strategies.
. The National Investment Strategy 2031 comes today to build on the achievements achieved with well-thought-out plans, programs and qualitative initiatives, aiming to establish the UAE as a global strategic hub for investment.