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ABU DHABI, 10th May, 2023 (WAM) — Dr. Khaled Hanafi, Secretary-General of the Federation of Arab Chambers of Commerce, said that the UAE has become a hub for foreign investment, leading the Arab, regional and global rankings in attracting investment.
In a statement to the Emirates News Agency (WAM) on the sidelines of the Annual Investment Meeting (AIM) 2023, Hanafi stressed that business owners in the Arab region consider the UAE an attractive investment destination due to the ease of investing in the country , and its world-class status and leadership in the Arab world.
He added that the UAE has successfully implemented simplified and streamlined investment and tax laws and regulations, in addition to laws that facilitate the entry and exit of investments without any barriers or barriers, as well as laws that ensure the free movement of capital and a stable exchange rate. .
Hanafi said that the UAE has positioned itself as an investment hub for many companies and institutions around the world, offering attractive investment opportunities and projects, affirming that investing in the UAE allows investors and business leaders to expand and enter other markets, especially in Africa and Asia.
He then pointed out that AIM is an important annual event that showcases the investment available in the Arab region and is a major supporter of its economy, noting that it has witnessed tremendous momentum and gained a significant international presence, reflecting the New investment opportunities available in the area.
He further said that investing in the Arab region will lead to continued growth in income and higher employment in Arab countries, adding that the return on investment is high as it is optimally utilized.
Hanafi explained that investment is primarily the responsibility of the private sector, while the government’s role is to legislate and attract.
He emphasized that with the increase of investment into Arab countries, investment among Arab countries will also increase, and the current proportion does not exceed 20%.
He added that increasing Arab investment would require upgrading procedures and laws and generally creating a favorable investment environment, noting that the Arab League is currently working to facilitate the flow of business leaders.
Hanafi emphasized the need to focus on increasing capacity to receive investments by providing value-added real facilities, such as major ports in the Arab region, hinterlands for each port, including value-added activities, developing Arab supply chains, and launching industries, agriculture and services A complex that enhances investment attractiveness and reduces risk while increasing expected returns and income.
Hanafi stressed that the Federation of Arab Chambers of Commerce is the first non-governmental Arab economic institution that embraces the concept of economic cooperation and integration among Arab countries. Composed of chambers of commerce, industrial and agricultural associations, and federations of 22 Arab countries of the Arab League, the alliance represents the private sector and plays an important role in promoting trade and investment cooperation among Arab countries.
In addition, Hanafi added that the alliance actively advocates the establishment of an Arab common market and the development of general principles aimed at achieving Arab economic unification. The coalition supports governmental and private efforts to integrate and coordinate the economies of all economic sectors in Arab countries, including commerce, industry, agriculture, finance, investment, services and other activities.
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