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With FDI inflows reaching $22 billion this year, UAE remains top choice for investors

With FDI inflows reaching  billion this year, UAE remains top choice for investors

Experts say the UAE will continue to drive foreign direct investment (FDI) capital into the region as investors prefer the country for its business-friendly policies, excellent infrastructure and structural changes aimed at diversifying the economy.

Hatem El Safty, CEO of Business Link, said the UAE will attract a major portion of potential FDI inflows of US$66 billion in the Middle East, North Africa and Pakistan (MENAP) by 2023, as global investors view the UAE as an ideal investment destination.

Referring to a recent report by the Institute of International Finance, he said the UAE is expected to attract US$22 billion in FDI inflows this year, while the MENAP region is expected to receive US$56 billion in FDI inflows due to business and visa reforms.

“We’ve seen how willing people are to invest in the UAE, and allowing 100% foreign ownership of businesses is a stroke of genius from the government to attract more potential investors,” El Safty said.

Over the past 10 years, foreign direct investment in the UAE has grown by 116%, showing that the UAE economy is growing and diversifying despite geopolitical tensions, a slowing global economy and volatile oil prices in international markets.

In 2022, the UAE has attracted foreign investment in various sectors. The oil and gas sector accounted for 59 percent of total FDI, followed by IT and communications at 10 percent, as the country is taking a series of measures to encourage investment in the industrial sector and increase its contribution to AED300 billion (81.68 US$) billion) from AED 133 billion in 10 years.

“Increasing investment reflects global trust in the UAE economy. At Business Link, we have noted in particular the upsurge in e-commerce and IT-related industries since the pandemic hit the global economy two years ago,” said Business Link Business Setup Consultants Marketing Director Faisal Qureshi said.

The UAE continues to attract global attention in terms of foreign investment and entrepreneurship thanks to its ease of doing business initiatives, consistent economic policies and pro-business measures. Investors receive several incentives from the government, removing barriers to investment flow. Some of these include:

• 100% company ownership

• Various legal titles

• No minimum capital requirement

• Golden Visa eligibility

• 40+ free zone setting options

• No income tax

“As investors have shown interest in the UAE economy, we have noticed a surge in Business Century. High net worth individuals are likely to move to the emirate and expand their operations in the region,” Qureshi said.

Copyright © 2022 Khaleej Times. all rights reserved. Supplied by SyndiGate Media Inc. (Syndicate Information).

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