The UAE’s Minister of Economy Abdullah bin Touq Al Marri has been quoted by the official Emirates News Agency as saying that the country aimed to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030.
This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said the minister.
The strategies could be expected to include embracing the Fourth Industrial Revolution and employing advanced technologies to advance the national economy, increase research capacities, ensure future industries, and encourage foreign direct investments (FDI), he added.
In 2020, the UAE attracted FDIs worth some $20 billion, an increase of 17 percent compared to 2019, said the minister.
The UAE was ranked 15th globally and first in the Middle East, North Africa, and West Asia in terms of investment flows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2021.
Al Marri also said the UAE was ranked 13th globally in terms of foreign investments, stressing that it aims to attract foreign investments worth AED550 billion ($149.76 billion) in the coming years.
Al Marri was speaking during the signing of a Memorandum of Understanding (MoU) between the Ministry of Economy and the Sharjah FDI Office (Invest in Sharjah) to promote cooperation.
The collaboration was said to be part of the first edition of the Investopia Investment Summit, which will take place on March 28.
The UAE reportedly will organize and host the event alongside Expo 2020 Dubai.
It is one of the major strategic initiatives under the Projects of the 50 announced by the UAE government last year.
The inaugural edition of the summit is expected to witness the participation of intellectuals and industry experts as well as government officials, institutional investors, startup and SME leaders, social entrepreneurs, and other stakeholders to share ideas, create opportunities, and promote future investments all over the world.