His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubaiattended the launch of the National Investment Strategy 2031 during the 2024 UAE Government Annual General Meeting in Abu Dhabi, together with His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and President of the Presidential Court. did.
The annual general meeting, held on November 5th and 6th, brought together over 500 stakeholders from the UAE government, various local bodies, the private sector and community organizations.
Highlight strategic goals and achievements
His Highness Sheikh Mohammed said that clear goals lead to great results. He said the fact that the UAE's foreign direct investment inflows increased by 35% to AED 112.6 billion ($30.65 billion) in 2023 amid the global economic recession is a testament to the effectiveness of the country's strategy and its strong international He pointed out that it supports the trust of the public.
He further explained that the National Investment Strategy 2031 builds on past successes driven by well-planned initiatives and programs aimed at establishing the UAE as a leading global investment hub.
Initiatives to attract investment
His Highness Sheikh Mohammed also emphasized that the UAE has strong fundamentals to attract investment, business and talent, and aims to double cumulative foreign direct investment inflows to AED 1.3 trillion by 2031. The goal is to increase the amount to $353.9 billion).
The announcement of the 2031 National Investment Strategy was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of Dubai Media Council. His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah.
The ceremony was also attended by His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. His Highness Sheikh Rashid bin Saud bin Rashid Al Muara and Crown Prince Umm Al Quwain. His Highness Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah. His Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah. Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Director-General of Dubai Culture and Arts Authority, and other ministers and officials were also in attendance.
National investment strategy presentation
During the session, His Highness Sheikh Mohammed bin Rashid observed a presentation by UAE Minister of Investment Mohammed bin Hassan Al Suwaidi outlining the goals, programs and pivotal initiatives of the National Investment Strategy 2031.
Al Suwaidi highlighted the UAE's impressive growth in foreign direct investment since 2015, with inflows increasing by 5.5 times as a share of global investment, despite a 5.3% decline in global investment. He pointed out that the amount increased by 17.3%. He further added that the strategy, in line with the 'We the UAE 2031' vision, will strengthen the UAE by focusing on emerging sectors, attracting talent and fostering leadership, innovation and entrepreneurship in the UAE. The aim is to position the city as one of the world's leading investment hubs.
Future foreign direct investment (FDI) goals
The newly launched Foreign Direct Investment (FDI) Strategy aims to significantly increase FDI by 2031. The aim is to double cumulative FDI to Dh1.3 trillion (equivalent to 30% of national investment), targeting key sectors such as advanced manufacturing and renewable energy. This ambitious plan will be implemented through five strategic directions: attracting new investment in priority sectors, increasing FDI in existing projects, strengthening international partnerships, strengthening investor relations, and improving international investment. executed. UAE's overall competitiveness.
In his overview, Al Suwaidi elaborated on the main objectives and programs under the National Investment Strategy 2031 and highlighted the UAE's notable achievements. He said that in 2023, the UAE ranked second in the world after the United States for the number of new foreign direct investment (FDI) projects, with 1,323 new initiatives, an increase of 33 percent from 2022. He pointed out that this shows that.
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Record increase in FDI
In the same year, Al Suwaidi pointed out that FDI inflows into the UAE surged to approximately Dh112.6 billion, a significant increase of 35 percent from Dh83.5 billion in 2022. He said the country's status has improved, moving up five places. According to a report by UNCTAD, it ranks 11th in the world in attracting FDI.
Regarding cumulative FDI stock, Al Suwaidi said the UAE has significantly outpaced global growth rates over the past decade. He said that from 2013 to 2023, the UAE's FDI stock increased by 150 percent, far exceeding the global average growth rate of 97 percent.
Factors that increase investment attractiveness
The UAE's attractiveness for foreign investment is due to its competitive economy, technological advances, talent acquisition strategy, status as a global trade hub supported by various treaties and agreements, advanced financial centre, excellent infrastructure and high standard of living. Backed by quality.
The National Investment Strategy 2031 builds on these strengths, leveraging each emirate's unique advantages to stimulate private sector growth and innovation. The strategy aims to foster a vibrant, investor-driven, private sector-led economy by responding to global trends and prioritizing research and development.
Addressing global investment challenges
Mr. Al Suwaidi also noted global investment challenges, including geopolitical tensions, the changing landscape of investment locations, and increased competition to secure investments. He acknowledged that the UAE has been successful in attracting FDI to date, but stressed the importance of further strengthening the country's attractiveness and competitiveness to realize its full potential. The focus will be on leveraging FDI to meet national investment requirements, encouraging repeat investments and retaining key investors.
Launch of InvestUAE brand
The session culminated with the launch of the InvestUAE brand, designed to serve as a unified platform to promote the UAE as a global investment hub. While the Ministry of Investment will oversee policy and regulation, InvestUAE will lead promotional activities such as awareness campaigns, summits, international events and digital marketing aimed at global investors. The initiative aims to strengthen the UAE's international presence, forge new partnerships and drive sustainable economic growth and diversification.
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