The UAE government's measures to further ease doing business will contribute to boosting foreign investment inflows into the country in top-priority projects, the UAE's Ministry of Economy said.
A raft of policies, from allowing 100 per cent foreign ownership of companies to more flexible visa schemes, will help to attract more capital and talent to the country, Abdullah bin Touq said on Wednesday in a keynote speech at the Sharjah Investment Forum.
"These policies will create a market that is able to attract all types of capital, whether financial, technological, or human resources," the minister said.
"I call on all regional and global investors and entrepreneurs to consider the country's attractive investment climate and leading investment-friendly policies and to benefit from the opportunities provided by our ambitious growth plans and vital economic sectors."
The UAE aims to attract $150 billion in foreign investments by 2031 to diversify its economy from oil. In 2021, the UAE attracted foreign direct investments worth $21 billion, growing 15 per cent from pre-pandemic levels and accounting for 40 per cent of total FDI in Arab countries.
The UAE’s non-oil foreign trade reached a record Dh2.23 trillion ($607.1 billion) last year, as the Arab world’s second-largest economy accelerated efforts to reduce its dependence on hydrocarbons and boost its economic partnerships globally. This was the first time the UAE’s non-oil foreign trade crossed the Dh2 trillion mark, with values for the January-December period increasing more than 17 per cent compared with the same period in 2021.
The economy minister delivered the speech at the opening of the two-day Sharjah Investment Forum under the theme "Redefining Economies: Making Significant Strides for a Better Future".
Under a strategic partnership between the UAE Ministry of Industry and Advanced Technology (MoIAT) and the Emirates Development Bank, the ministry facilitated financing, totalling Dh699 million in 2022, for industrial companies to adopt advanced technology solutions through the bank, it said in a report on Wednesday.
Last year, the bank introduced new financing worth Dh3.14 billion for industrial companies in the UAE to boost local manufacturing.
In 2023, this financing is expected to increase to Dh3.5 billion for industrial companies in 11 priority sectors, in line with initial targets for funding, Omar Swaina Al Suwaidi, undersecretary of the MoIAT said on the sideline of the event.
The industrial sector is projected to have contributed more than Dh180 billion to the UAE's gross domestic product, according to the ministry report. This compares with about Dh151 billion in 2021.
Meanwhile, Mohammed Al Musharrakh, chief executive of Sharjah FDI Office (Invest in Sharjah), emphasised the need to support sustainable and green investment opportunities and prioritise sectors such as agriculture, health, and education to drive global economic growth.
“The emirate of Sharjah is a model of a sustainable future economy, with its waste-to-energy city and emphasis on sustainability in its economic sectors, including 35 per cent of the country's factories as well as investing nearly $1.5 billion annually in education, research, and future skill development," he told the forum.
"To further enhance its potential, it is critical to forge partnerships with local, regional and global investors to ensure sustainable and qualitative growth.”
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Sholto Byrnes on Myanmar politics
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
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If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
