Ministry of Economy Signs Memorandum of Understanding to Enhance UAE Attractiveness for Foreign Direct Investment and Support Private Sector Partnerships Signing took place at…

Abu Dhabi:

The Ministry of Economy (MoE) has signed a Memorandum of Understanding (MoU) with Presight, the region’s leading artificial intelligence data analytics company, to boost foreign direct investment into new sectors in the UAE. The initiative will help attract foreign companies to expand and invest in the UAE market and support partnerships with the private sector. The signing took place during the 12th Annual Investment Conference (AIM) 2023, which was recently held at the Abu Dhabi National Exhibition Centre.

The MoU was signed by HE Juma Al Kait, Assistant Undersecretary for Foreign Trade, Ministry of Economy, and Dr. Adel Al Sharji, Chief Operating Officer, Presight.

HE Al Kait said: “Thanks to the direction and vision of its wise leadership, the UAE now has a more competitive and flexible investment environment, made possible through the introduction of forward-looking economic and investment policies and legislation. The country is increasingly important to the world An open economy contributes to the development of an investment and business environment in line with international best practices. This in turn facilitates the inflow of foreign direct investment into the country, in line with the vision of ‘Our UAE 2031’, which aims to Double the GDP to AED3 trillion.”

HE Al Kait added: “In July 2022, we launched the NextGenFDI program to attract digital global companies to the UAE. Today, we continue our efforts to support the national business and investment sector through our partnership with Presight. This collaboration will Strengthening government-private sector partnerships and promoting promising investment opportunities in the country to accelerate the national FDI agenda, thereby strengthening the UAE’s position as a leading global investment and business destination.”

HE Al Kait added that the UAE is a regional and global leader in FDI, which helps strengthen its position as a global hub for trade and investment. The UAE attracted US$20.7 billion in foreign direct investment in 2021, a 4% increase over 2020, ranking first in West Asia, the Middle East and North Africa. Furthermore, according to a report by the Institute of International Finance, foreign direct investment inflows into the UAE are expected to reach $22 billion by 2022, accounting for 4.3 percent of the national economy’s GDP.

Dr. Adel Al Sharji, Chief Operating Officer of Presight, said: “We are honored to join hands with the Ministry of Economy (MoE) to advance the UAE’s economic and investment goals. Our partnership aims to identify and promote promising investment opportunities in emerging industries, which will attract foreign investment and strengthen the UAE’s position as a global investment and business hub as we commit to our national vision of doubling GDP to AED 3 trillion by 2031.

We believe in our ability to unlock new opportunities for growth and prosperity and forge a path to a prosperous future for the UAE. ”

Under the terms of the MoU, Presight will work with the Ministry of Economy to attract foreign direct investment into new areas of the UAE by deploying big data, analytics and artificial intelligence in education, healthcare, infrastructure and financial services. Focusing on attracting leading AI companies is expected to create a pool of promising AI companies and technologies, driving M&A activity in the industry. The MoU underscores that the government will attract AI companies as part of its broader strategy to diversify the UAE’s economy and create new economic sectors. Likewise, these efforts are expected to support the attraction of talent into the UAE, contributing to the development of a vibrant and dynamic AI ecosystem.

Presight is an Emirati company listed on the Abu Dhabi Stock Exchange and is majority-owned by the Abu Dhabi-based G42 Group. Through its world-class computer vision, artificial intelligence and comprehensive analytics platform, the company interprets data from all sources to support the decision-making process. Presight is active in 14 countries on three continents and has more than 300 employees from more than 30 countries.