The UAE is strengthening trade ties and economic partnerships with eight countries in Asia and Africa in their efforts to become a global finance and business hub, as well as to secure around $ 150 billion in investment foreigners as part of a broad nine-year plan.
The eight countries include South Korea, Indonesia, Kenya, Ethiopia and Turkey. Relations between Turkey and the United Arab Emirates are showing signs of improvement.
Turkish President Tayyip Erdogan last week had a rare phone call with Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan. In addition, UAE conglomerate International Holding Co is seeking investment opportunities in Turkey in sectors such as healthcare, industry and food processing.
“The UAE is seeking 550 billion dirhams ($ 150 billion) in inward foreign investment over the next nine years and aims to be among the top 10 global investment destinations by 2030,” Bloomberg reported quoting UAE Minister of Economy Abdulla bin Touq. The UAE will also focus on investments from countries such as Russia, Australia, China and the UK, according to the report.
Foreign direct investment (FDI) in the United Arab Emirates increased 44.2% in 2020 compared to 2019 and reached a total of $ 19.88 billion. This increase brought the cumulative balance of FDI inflows to about $ 174 billion, up 12.9 percent from the same period of the previous year.
The UAE currently ranks first in the Arab world and region and 15th globally in the Kearney FDI Confidence Index for 2021. It is up four spots from 2020, surpassing several major global economies such as Singapore, Australia, Portugal, Denmark and Ireland. , Brazil and Finland in the general ranking of the index.
(Written by Seban Scaria; edited by Daniel Luiz)
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© ZAWYA 2021