The UAE was ranked the second-largest market after the US for greenfield foreign direct investment in 2023, according to a UN report, as the country continues to boost business with its investor-friendly policies.
The Emirates made 1,323 greenfield FDI project announcements last year, up 33 per cent annually, said the UN Conference on Trade and Development in its 2024 World Investment Report released on Thursday.
The US had 2,152 greenfield FDI project announcements last year, while the UK (1,184), India (1,058) and Germany (1,036) round out the top 5.
The UAE gained two places in the ranking of top destinations for greenfield projects, after entering the top five in 2022.
Greenfield FDI involves a foreign entity establishing operations in another country by building new facilities from the ground up.
It drives economic growth by creating jobs and transferring technology and knowledge to the recipient country.
The UAE, the Arab world’s second-largest economy, attracted $30.7 billion worth of FDI inflows in 2023, compared with $22.7 billion in 2022, an annual growth of 35 per cent, the report said.
FDI outflows from the country stood at $22.3 billion, compared with $24.8 billion in 2022, it added.
The UAE has set an ambitious target to attract Dh550 billion ($150 billion) in foreign investment by 2031 and eventually reach Dh1 trillion by 2051.
It also seeks to rank among the top 10 countries globally in terms of attracting FDI as part of its economic diversification strategy.
Global companies are boosting their investments in the UAE and setting up offices amid new initiatives from the government, including 100 per cent foreign ownership of companies, reduced visa restrictions and incentives for small and medium enterprises.
The country had a record FDI of about $23 billion in 2022. Official figures for last year have yet to be released.
In July 2022, the UAE 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 advanced technology companies seeking to relocate to the country.
The country's comprehensive economic partnership agreements are also aimed at enhancing bilateral investments.
The UAE has signed Cepas with India, Cambodia, Georgia, Israel, Indonesia and Turkey, and plans to sign 26 deals in total, officials say.
The country also moved up on Kearney’s 2024 Foreign Direct Investment Confidence Index, jumping into eighth place, from 18th.
Global FDI fell by 2 per cent to $1.3 trillion last year amid an economic slowdown and rising geopolitical tension, the Unctad report said.
The decline in global FDI exceeds 10 per cent “when excluding the large swings in investment flows in a few European conduit economies”, the report said.
FDI flows to developing countries dropped by 7 per cent to $867 billion but the decrease varied significantly across regions, it said.
While greenfield project announcements in developing countries increased by more than 1,000, the distribution was uneven, with nearly half in South-East Asia and a quarter in West Asia, the report explained.
However, lacklustre financial flows to developing countries were not due to a lack of efforts to support and draw investment, according to Unctad.
In 2023, 86 per cent of the investment policy measures taken by developing countries were more favourable to investors.
In contrast, 57 per cent of measures in developed countries were less favourable, with restrictions such as FDI screening mechanisms increasingly used to address national security concerns, it said.
“Crises, protectionist policies and regional realignments are disrupting the world economy, fragmenting trade networks, regulatory environments and global supply chains,” the Unctad report said.
“This undermines the stability and predictability of global investment flows, creating both obstacles and isolated opportunities.”
Looking ahead, the report said “while prospects for 2024 remain challenging, modest growth remains possible because of easing financial conditions and investment-facilitation efforts in both national policies and international agreements”.
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Mohammed bin Zayed Majlis
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Venue and schedule Sharjah Cricket Stadium, December 14 to 17
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MIDWAY
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The biog
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Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
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Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
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Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
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Ras Al Khaimah - Call 072053372
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- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Jack Moore: Why the assassination is such a monumental gamble
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Jack Moore: Why the assassination is such a monumental gamble
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850 |
Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
