Dubai, UAE — A day after a UN report declared the UAE as the fourth largest recipient of greenfield investment projects in the world in 2022, UAE Minister of Economy Abdullah bin Touq Al Marri said the report was “tangible evidence of the successful endeavors undertaken to cultivate a competitive investment environment and implement adaptable economic policies”.
“The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in the UAE. These outcomes serve as a testament to the insightful guidance and foresight of our wise leadership in fostering a robust and sustainable national economy,” Al Marri said in a statement.
“Furthermore, these results complement the outstanding and exceptional performance witnessed across diverse economic and commercial domains, in line with the objectives of ‘We the UAE 2031’ vision,” he added.
Foreign Direct Investment inflows to the UAE increased by 10 percent to $23 billion – the highest ever recorded — in 2022.
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2023.
Two of the largest projects in the Emirates included the building of a neutron therapy hospital, medical university and convention center in Abu Dhabi by Star Energy (Austria) in a $1.8 billion joint venture with locally based Royal Strategic Partners and MIG Group, and the building of a $1 billion green hydrogen plant at Khalifa Industrial Zone in Abu Dhabi by Korea Electric Power of South Africa.
Read: UAE FDI inflows record highest ever jump in 2022: UN report
UAE’s impressive numbers led to an increase of the projects in West Asia by two thirds. The doubling of the number of projects in Egypt and increases in the number of projects in Morocco, South Africa and Kenya saw Africa improve its tally by 39 percent.
“Ranking fourth in the world in incubating new projects reflects the UAE’s leading position as a preferred destination for international companies, investors, and entrepreneurs,” Al Marri said.
He said the economic legislation and policies adopted by the UAE have played a prominent role in strengthening and building a top-tier investment and business ecosystem in line with international best practices.
This proactive approach has facilitated a swift transition towards a new economic model centered around flexibility and innovation.
“Through collaborative national efforts, we are striving to achieve further growth and prosperity for the UAE economy, boost the country’s development trajectory, and uphold its leading and competitive position at the regional and global levels,” he said.
Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said the report confirmed the UAE’s position as a “compelling destination for global capital, a beacon of economic resilience and prosperity that delivers unrivalled growth opportunities for investors and entrepreneurs”.
“It is a testament to the vision of our leadership that we have been able to match our ambition with action and foster a modern, flexible and stable business hub that can yield long-term growth across a broad number of future-focused sectors – and inspire the confidence of the global investment community,” Al Zeyoudi said in a statement.
“We remain committed to innovating, evolving, and adapting to the ever-changing global economic landscape, and remain a welcoming destination for all forms of capital,” he said.