UAE to host talks on future investment in post-Covid economies

The inaugural Investopia global investment summit will take place at the end of March 2022

Investopia is one of the events within the Projects of the 50 economic initiative announced by the UAE government this year. Photo: Ministry of Economy

The UAE is exploring future investment opportunities after the Covid-19 pandemic transformed economies, paved the way for new sectors, hastened the use of advanced technology and raised the need for sustainable growth.

The Emirates, the Arab world's second-biggest economy, will host the inaugural Investopia global investment summit on March 28, 2022, the Ministry of Economy said on Wednesday.

The forum will host a global gathering – including world leaders, private sector companies, banks, family businesses, investment funds, universities and research institutions – to launch more than 100 investment opportunities in the UAE, the region and the world.

Investopia “will be a platform for dialogue on the future of world economies”, said Abdulla bin Touq, UAE Minister of Economy. “Through this platform, we are offering a new space to formulate innovative models for the future business environment and partnership patterns that will generate new investment opportunities.”

As part of its plans to boost economic growth, the UAE will seek Dh550 billion ($150bn) of inbound foreign direct investment over the next nine years, amid plans to eventually attract Dh1 trillion in FDI by 2051, according to the Ministry of Economy.

Investopia is one of the events within the first set of the Projects of the 50 developmental and economic initiative that was announced by the UAE government earlier this year.

It is also the first platform that unifies all national investment opportunities and development projects from all emirates in line with the Projects of the 50 initiative, the ministry said.

The opportunities are in priority sectors such as information and communications technology, education, health care, transport, supply chains, logistics, entertainment and media, financial technology, energy, water and space, it said.

The summit will focus on promoting responsible and sustainable investments to maximise their developmental and social impact.

It will also focus on investments in digital transformation – especially in trade, services and digital supply chains – and review the shift to distance learning, remote working and e-commerce, which paves the way for wider applications of artificial intelligence, robotics, blockchain and 5G telecoms services.

The summit will also provide participants with a database of investment opportunities and incentives in various countries. Governments will be able present their development projects to investors and investment regulators.

Asked about expectations for the UAE's GDP growth this year, Mr bin Touq said economic expansion will exceed the forecasts of 2 per cent to 3 per cent given by the UAE Central Bank and the International Monetary Fund.

The UAE has spent billions of dirhams in economic stimulus measures to support businesses since the Covid-19 outbreak began last year.

Business activity in the country's non-oil private sectors continued to improve in October, boosted by the easing of Covid-19 restrictions, a rise in tourism and increased spending amid the economic recovery.

The UAE's headline PMI reading climbed to 55.7 in October, from 53.3 in September, underpinning a marked increase in new business during the month, driven by rising spending amid the opening of Expo 2020 Dubai.

A reading above 50 indicates economic expansion while anything below points to a contraction.