National economy records fastest growth in over a decade: Minister

Abdullah Bin Touq Al Marri, Minister of Economy, has said that the UAE boasts one of the world’s most active business environments supported by a national and foreign private sector, as well as several developmental initiatives, and an attractive labor market for international talents. The country is implementing comprehensive economic initiatives to increase the capacity of the national business environment to attract capital.

In a statement to Emirates News Agency (WAM) prior to Investopia 2023 in Abu Dhabi, Al Marri mentioned that the global economy’s current international challenges have led to changing priorities and investment trends, with a focus on five key sectors: healthcare, transport and logistics, agriculture and food security, technology, and green energy. The UAE has utilised advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership’s future vision and the UAE Centennial 2071.

Al Marri noted that the ambitious economic initiatives and programmes launched by the UAE in the past few years aim to enhance the country’s capacity to address new economic concepts, such as virtual reality, data revolution, and artificial intelligence, and to create significant commercial and investment opportunities in priority areas.

He explained that Investopia was launched as part of the UAE’s efforts to create investment opportunities in new economic sectors by setting an ambitious goal to attract Dhs550 billion in foreign direct investments (FDI) to the country by 2031 and Dhs1 trillion by 2051. The UAE has adopted economic diversification policies that move away from oil, providing sufficient flexibility to address current economic challenges. However, the country’s future growth prospects require focusing on the ‘New Economy’ concept and taking opportunities created by advanced technologies in vital sectors such as space, agriculture, medicine, and engineering.

Al Marri noted that in 2022, the UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown, with the first half of 2022 witnessing unprecedented growth of nearly 8.5%. The country’s foreign trade also totalled Dhs2 trillion, and it maintained its position as one of the 12 best tourism destinations in the world by attracting over 10 million tourists annually. FDIs rose from $10 billion in 2018 to nearly $21 billion by 2021, he further added.

Al Marri also mentioned positive investment indicators from 2022, indicating confidence in continuing rapid growth to achieve the goals of doubling the national economy and creating a new economic model based on knowledge, innovation, and creative talents.

Investment Platform:  Investopia 2023 announced the launch of its newly innovative investment platform “Marketplace”, with the aim of enhancing the UAE attractiveness to foreign investments in various economic and commercial sectors, in particular the new economy sectors, and with the aim to position the UAE as a leading investment destination on the regional and global level.

The launch will take place during the 2nd edition of Investopia conference on the 2nd and 3rd of March in the UAE capital, Abu Dhabi.

In this regard, Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia, said that due to the directives and the vision of the UAE’s wise leadership, the UAE has pursued competitive and flexible investment policies that have been instrumental in enhancing its investment climate and positioning it as a prominent player on the global investment map.

Al Marri highlighted that the “Marketplace” platform supports the UAE’s ambitious vision “We the UAE 2031”, which aims to establish the country as a leading global partner and a desirable and influential economic centre by providing new investment opportunities and enablers to business communities through a single portal, which enhances the country’s appeal to potential investors and supports the national target of doubling the country’s gross domestic product to reach Dhs3 trillion by 2031.”

Investopia Marketplace is open to members of the Investopia community, including local, regional, and global partners, venture capitalists and angel investors, institutional investors, large investment funds, sovereign wealth funds, family investment offices, and banks.

The platform provides opportunities in all promising sectors of the new economy such as renewable energy, healthcare, transportation, logistics, agricultural and financial technology, and other promising new sectors that benefit from technology and innovation and lead growth in the next decade in the UAE, which contributes to increasing the flow of investments towards future projects and sectors.

Investopia will also support the UAE objectives on the international level, in particular through supporting its green growth agenda, and work on spurring international investments in sustainable and environment-friendly projects.

Investopia will engage and work closely with its strategic partners and industry leaders, including the International Finance Corporation (IFC), SALT, Crypto.com, and iConnections to develop this newly launched platform. All details on how to register and participate in this platform will be announced in the next stage.