Ahmed Al Zaabi praises UAE's role as global leader of investments

ABU DHABI, 5th July, 2023 (WAM) -- Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said that the UAE have witnessed a remarkable surge in foreign direct investments, as the country's FDI experienced a remarkable 10 percent increase, soaring to an impressive US$23 billion.

This growth is underpinned by our stable political environment and flourishing economic climate, he added.

A year ago, Al Zaabi noted the UAE stood at the 22nd position in FDI inflows, and today it leaps to 16th position.

"The UAE now proudly stands as the world's fourth largest recipient of greenfield projects with nearly a thousand ambitious ventures announced, signifying an outstanding 84 percent increase," Al Zaabi told a press conference held in Abu Dhabi today to launch the UNCTAD’s annual World Investment Report 2023, titled "Investing in sustainable energy for all".

UNCTAD’s annual World Investment Report monitors global and regional foreign direct investment (FDI) trends and presents key national and international investment policy developments.

“As our doors are open to investors from around the globe, the UAE is also among the world’s largest and most active investors. In 2022, UAE’s FDI outflows also increased by 10 percent to reach US$25 billion. Our country moved up to 15th place from 20th place in 2021, reaffirming UAE’s role as global leader of investments that help other countries to grow, provide jobs to millions of people and shape a brighter future for humanity.”

He added that Abu Dhabi contributes significantly to the UAE's GDP and FDI flows as it accounts for a remarkable 60 percent of the national GDP.  Today’s figures tell a story of its diversification successes with Abu Dhabi's GDP growing by 3.9 percent in Q1 2023 compared to Q1 2022. Meanwhile,  Abu Dhabi's non-oil GDP increased by 6 percent during the first quarter of 2023, contributing to 53 percent to total GDP. This outstanding growth was boosted by strong performances in key economic sectors.

Today, he continued, Abu Dhabi has become a dominant economic force and is witnessing the rise of the Falcon Economy, renowned for its pioneering vision, robust regulatory frameworks and progressive business ecosystem that nurtures talent and attracts like-minded investors from all over the world.

"In 2022, The Financial Times' FDI Intelligence division recognised Abu Dhabi as the 12th Global City of the Future, honouring our unwavering commitment to progress and innovation."

Additionally, he said, the Kearney Global Cities Outlook Index ranked us 9th, solidifying our status as a global leader.

Abu Dhabi is the home of three of the world's largest sovereign wealth funds. It is also rapidly becoming a destination of choice for international residents due to its multicultural community.

The Abu Dhabi Investment Office (ADIO) is attracting international companies to Abu Dhabi through its offices in Paris, Beijing, Frankfurt, San Francisco, New York, Tel Aviv, London and Seoul. Amazon and AWS are two recent additions to Abu Dhabi's business community.

“We have launched several initiatives that target investors and attract investments to Abu Dhabi. A year ago, we launched the Abu Dhabi Industrial Strategy and we are now ready to announce its achievements as we reach major milestones by investing AED10 billion in six transformational programmes to double Abu Dhabi's manufacturing sector to AED172 billion by 2031 by improving access to financing,  making it easier to do business and attracting foreign investments.”

He announced that Abu Dhabi will host the World Investment Forum 2023 in October, which takes place immediately before COP28 and will bring together the world's leaders to discuss climate finance, investment and explore potential partnerships.