The UAE has been ranked as the second most preferred destination for foreign direct investments globally, as the country continues efforts to further diversify its economy.
The Emirates was second to the US, but outranked the UK (at third), India (fourth) and Germany (fifth) in the rankings, state news agency Wam cited an FDI Intelligence report as saying.
The Emirates, which received Dh167 billion ($45.5 billion) in FDI last year, aims to increase that figure to Dh1.3 trillion by 2031.
The UAE was also ranked as the world’s top FDI performer last year relative to the size of its economy, followed by Namibia and Costa Rica, according to FDI Intelligence’s Greenfield FDI Performance Index released this week.
“Investor confidence in the Gulf’s business hub remained strong last year,” the report said. The country received “more than 14 times the volume of FDI projects that one might expect given the size of its economy”, it added.
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.
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.
Launched in 2021, Cepa deals reduce tariffs and remove trade bottlenecks and boost bilateral investment in priority areas.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
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