UAE launches Ministry of Investment to boost FDI

this United Arab Emirates (UAE) A new investment division was established to step up efforts to attract Foreign Direct Investment (FDI) According to a report, the country has become the second largest economy in the Arab world Report run by the state emirates news agency.

Mohammad Hassan Al Suwadi will lead the new ministry, which will support the UAE’s business objectives and investment policies and promote its infrastructure to attract investment into more diverse sectors.

The ministry will be responsible for proposing the UAE’s overall investment policy in coordination with the relevant authorities. It will also formulate strategies, legislation, plans, projects, and national programs to promote the country’s investment climate and enhance its competitiveness.

The decision to create the new ministry was taken at a meeting of the UAE Cabinet chaired by Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, on July 3.

During the meeting, the authorities also approved an update to the UAE’s National Energy Strategy 2050, which aims to increase reliance on renewable energy, improve energy efficiency and promote the use of clean energy.

The cabinet also approved a federal law establishing a Financial Stability Board, aimed at promoting financial stability in the country. It also endorsed a national hydrogen strategy to support low-carbon local industries, as well as a national electric vehicle policy.

To boost FDI inflows, UAE increasingly pursues independence bilateral trade agreementbypassing the Gulf Cooperation Council, the regional political and trade bloc led by Saudi Arabia.

The UAE, a federation of seven emirates, attracted US$21 billion (AED77.12 billion) in investment in 2017. Foreign Direct Investment That figure will be $19.9 billion in 2021 and $19.9 billion in 2020, according to the United Nations Conference on Trade and Development. World Investment Report 2022. In 2021, the UAE ranks first in the MENA region for FDI inflows, accounting for 31% of total inflows.