Monday 27 June 2022 - 9:37:39 am

UAE aims to increase size of economy from AED1.4 trillion to AED3 trillion by 2030: Abdullah Al Marri

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SHARJAH, 24th February, 2022 (WAM) -- Abdullah bin Touq Al Marri, Minister of Economy, said the UAE aims to increase the size of its economy from AED1.4 trillion to AED3 trillion by 2030.

This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, including embracing the Fourth Industrial Revolution and employing advanced technologies to advance the national economy, increase research capacities, ensure future industries and encourage foreign direct investments (FDI), he added.

He made this statement during the signing of a Memorandum of Understanding (MoU) between the Ministry of Economy and the Sharjah FDI Office (Invest in Sharjah) to promote cooperation, as part of the first edition of the Investopia Investment Summit, which will take place on 28th March.

In 2020, the UAE attracted FDIs worth some US$20 billion, an increase of 17 percent compared to 2019, he added. The UAE was ranked 15th globally and first, in the Middle East, North Africa and West Asia in terms of investment flows in the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2021.

He also said the UAE was ranked 13th globally in terms of foreign investments, stressing that it aims to attract foreign investments worth AED550 billion ($150 billion) in the coming years.

The agreement was signed by Abdulla Al Saleh, Under-Secretary of the Ministry of Economy, in the presence of Abdullah bin Touq Al Marri, Minister of Economy; and Mohamed Juma Al Musharrakh, Chief Executive Officer at Sharjah FDI office (invest in Sharjah), in the presence of Marwan Bin Jassim Al Sarkal, Executive Chairman of Sharjah Investment and Development Authority (Shurooq).

Commenting on the partnership, Abdulla Al Saleh, "In line with the vision and ‘Principles of the 50’, Investopia is the first platform that unifies all national investment opportunities and development projects from all seven emirates. Accordingly, this MoU with Sharjah FDI reflects the sixth principle from Principles of the 50 about UAE as one economic destination, one tourist destination, one industrial destination, one investment destination, and one cultural destination."

Abdulla Al Saleh added that the latest partnership with Sharjah FDI is one of the several vital partnerships the Summit will embark on during the upcoming phase, which leads to more rich and diverse discussions about solutions to the challenges facing the economies of the world.

For his part, Mohamed Juma Al Musharrakh, said, "Having a special session for Sharjah within the Investopia Summit confirms the emirate’s position as an attractive destination for foreign and local investments and a friendly environment for entrepreneurship, projects, and startups in the region. The session will discuss the promising investment opportunities in Sharjah, which has achieved great successes in terms of diversifying economic sectors and sustaining their growth and established an advanced model for comprehensive development in its economic and social dimensions."

Al Musharrakh added, "This agreement with the Ministry of Economy reflects the forward-looking and wise approach of all institutions within the United Arab Emirates about the future of the national economy and how to enhance its growth and competitiveness factors in light of the changes that the world economy has witnessed during the two years."

The UAE will organise and host the first edition of the Investopia summit on 28th March 2022 alongside Expo 2020 Dubai. It is one of the major strategic initiatives under the ‘Projects of the 50’ announced by the UAE Government last year.

The inaugural edition of the Summit will witness the participation of intellectuals and industry experts as well as government officials, institutional investors, startup and SME leaders, social entrepreneurs, and other stakeholders to share ideas, create opportunities, and promote future investments all over the world.

WAM/Lina ibrahim

WAM/Tariq alfaham/MOHD AAMIR