UAE to reach $30 billion in FDI inflows this year
Jamal Al Jarwan Forecasts Continued Economic Growth at AIM Congress 2024
UAE Sets Sights on Record $30 Billion FDI Inflows Amidst Geopolitical Challenges
During the Annual Investment Meeting (AIM) Congress 2024 in Abu Dhabi, Jamal Al Jarwan, the Secretary General of the UAE International Investors Council, delivered a comprehensive overview of the UAE’s investment landscape, revealing an ambitious projection: the UAE is poised to reach an unprecedented milestone of $30 billion in foreign direct investment (FDI) inflows for the current year. Despite facing geopolitical tensions, Al Jarwan expressed confidence in the UAE’s ability to sustain its attractiveness to foreign investors, citing the country’s stable economic foundations and investor-friendly regulatory framework as key drivers of continued investment inflows.
Al Jarwan’s remarks at the AIM Congress 2024 underscored the UAE’s remarkable trajectory in FDI growth, highlighting previous achievements of $24 billion in 2022 and $27 billion in 2023. With a resolute tone, he asserted the UAE’s determination to surpass these figures, setting a target of approximately $30 billion in FDI inflows for the ongoing year, emphasizing, “We are marching towards that point.”
Central to Al Jarwan’s narrative was the UAE’s reputation as a low-risk investment destination, backed by data indicating the country’s resilience in attracting foreign investment. He referenced findings from the United Nations Conference on Trade and Development (UNCTAD), which ranked the UAE second in terms of the increase in new foreign investment projects. Additionally, statistics from the World Investment Report 2023 revealed a substantial FDI inflow of $22.7 billion into the UAE in 2022.
The discussion delved into the UAE’s strategic pursuit of economic diversification, with Al Jarwan outlining the country’s successful transition away from reliance on oil and gas revenues towards a more diversified economic model. Notably, the non-oil sector now constitutes over 70 percent of the UAE’s GDP, reflecting a significant shift towards sustainable economic development.
Al Jarwan remained bullish on the UAE’s economic prospects despite global challenges, projecting continued growth in 2024. He emphasized the UAE’s pivotal role as a global trade hub, facilitating over 20 percent of global trade through its extensive transportation infrastructure.
Looking ahead, Al Jarwan unveiled ambitious economic targets, including the aim to achieve a $1 trillion economy by 2031. He highlighted the UAE’s substantial investments abroad, totaling an impressive $2.5 trillion across 90 countries, indicative of the country’s robust international footprint.
In closing, Al Jarwan reiterated the UAE’s unwavering commitment to strategic investment initiatives, citing landmark agreements such as the $35 billion investment pact with Egypt for the development of Ras Al Hekma. He reaffirmed the UAE’s status as a dynamic and forward-thinking economic powerhouse, declaring, “We’re not going to stop,” underscoring the country’s enduring dedication to driving sustainable economic growth and global influence.
