Fri 05-08-2022 14:31 PM
ABU DHABI, 5th August, 2022 (WAM) -- Foreign Direct Investments (FDI) in the UAE witnessed significant growth in recent years, despite the challenges posed by the COVID-19 pandemic.
According to a report by the Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to US$20.667 billion in 2021 compared to $9.566 billion in 2012.
FDI inflows witnessed remarkable growth over the last decade, rising from $9.764 billion in 2013, $11.071 billion in 2014, $8.55 billion in 2015, $9.604 billion in 2016, and $10.354 billion in 2017, $10.385 billion in 2018, $17.874 billion in 2019, and $19.884 billion in 2020.
In light of this growth, the UAE was ranked 19th globally in the list of top 20 countries that attract FDIs, and the first in West Asia and the Middle East and North Africa region.
Moreover, the cumulative FDI balance received by the UAE also increased by 141.6 percent from 2011 to 2021, rising from $71.02 billion to reach $171.563 billion last year, representing an increase of more than $100.5 billion over 11 years.
In recent years, all national economic sectors have continued attracting FDIs. According to data from the Central Bank of the UAE, the national manufacturing sector grew by 13 percent, the healthcare sector by nine percent, the information and communication technology sector by six percent, the financial, banking and insurance sector by four percent, the real estate sector by four percent, the oil and gas sector by three percent, and the services sector by two percent, compared to 2020.
Meanwhile, the value of global FDI inflows amounted to $1.6 trillion, an increase of 64 percent compared to 2020.
Last year, most developed countries witnessed growth in terms of FDIs. In the US, FDI inflow more than doubled to $367 billion while in developing economies, FDI inflows increased by 30 percent to $837 billion.