The UAE, the Arab world’s second-largest economy, received Dh167 billion ($45.5 billion) in foreign direct investment last year, and the country has its sight firmly set on achieving its aggregate FDI target of Dh1.3 trillion by 2031.
The 48 per cent annual FDI rise in 2024 is a “international vote of confidence in the UAE's economy”, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on X on Thursday, citing a report issued by the UN Conference on Trade and Development.
“The UAE accounted for 37 per cent of the total foreign investment flows in the region … (Out of every $100 that comes as foreign investment to the region, $37 of it goes to the UAE),” he said.
The country, also ranked second globally in the number of new foreign direct investment projects, after the US, he added.
2031 strategy
Last November, the UAE launched a strategy to double its cumulative FDI to Dh1.3 trillion in the next six years as it continues to push to diversify its economy.
The investment strategy launched at the annual meetings of the UAE government in Abu Dhabi, also aims to triple the cumulative FDI balance to Dh2.2 trillion by 2031, and targets key sectors such as advanced manufacturing and renewable energy.
“We have a clear development agenda drawn up by Mohammed bin Zayed. We have a unified team committed to his instructions, and we have a people united around their leadership. This is the secret to our success,” Sheikh Mohammed said.
“Our message from the UAE: development is the key to stability … and the economy is the most important policy.”
The UAE aims to achieved its 2031 targets through five strategic directions: attracting new investments in priority sectors; expanding FDI in existing projects; strengthening international partnerships; enhancing investor relations; and boosting the UAE's overall competitiveness, the government said at the time.
Focus on FDI
The UAE has been focusing on boost FDI as part of its efforts to diversify its economy away from hydrocarbons.
The Emirates attracted $30.68 billion of FDI inflows in 2023, compared with $22.73 billion in 2022, an annual growth of 35 per cent, the UNCTAD said in its 2024 World Investment Report in June. FDI outflows from the country stood at $22.3 billion, compared with $24.8 billion in 2022.
In terms of cumulative FDI balance, the UAE has “significantly outpaced global growth rates” in the decade through to end of 2023, according to Ministry of Investment data.
To boost FDI, the UAE has unveiled several initiatives including 100 per cent foreign ownership of companies, reduced visa restrictions and incentives for small and medium enterprises. It also unveiled the NextGen FDI programme, which seeks to speed up licensing, increase the issuance of bulk or golden visas, improve banking services and provide commercial and residential lease incentives for technology companies seeking to relocate to the country.
Push for trade deals
The UAE's push to sign a series of Comprehensive Economic Partnership Agreement with its partners around the globe has also helped to boost FDI.
The UAE is currently negotiating a Cepa deal with the EU, and already signed several agreements with major economies, such as India and Malaysia.
Launched in 2021, Cepa deals reduce tariffs and remove trade bottlenecks and boost bilateral investment in priority areas.
The programme helped the UAE hit record non-oil trade in 2024 of $816.7 billion, marking a 14.6 per cent annual increase. The country seeks to increase its foreign trade to Dh4 trillion by 2031.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
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Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
