UAE Ranks 2nd Globally for FDI Projects Sees 33% Growth: Mohammed

Post by: Raman Preet

On Monday, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, shed light on the remarkable expansion of the UAE's business and educational sectors during a Cabinet meeting at Al Watan Palace in Abu Dhabi.

Sheikh Mohammed disclosed that the number of registered companies in the UAE has surged to 1.021 million by mid-2024, reflecting a significant growth of 152% from previous figures, according to the National Economic Register. This impressive increase underscores the vibrant business landscape in the country, signaling robust economic health.

Addressing the Cabinet, Sheikh Mohammed noted that the meeting was the first of the new government season and commenced with a briefing on the new academic year. He emphasized that the UAE’s educational institutions have welcomed over 1.1 million students this year. Both national and private universities have successfully started the academic year under the guidance of the President, with the education sector geared up for a productive year ahead.

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Looking forward, Sheikh Mohammed revealed that the Cabinet approved the agenda for the UAE Government's annual meetings scheduled for November 5th and 6th, 2024, in Abu Dhabi. These meetings will center on three pivotal areas: family, national identity, and artificial intelligence (AI). He urged all organizations to submit proposals for initiatives that align with national priorities and contribute to shaping the national agenda for 2025.

In his address, Sheikh Mohammed also discussed the Cabinet’s review of the UAE’s economic and investment ecosystem. The economic strategies implemented during and after the COVID-19 pandemic have led to tangible outcomes. By the end of the first half of 2020, the number of companies stood at 405,000. Today, this figure has more than doubled to 1,021,000, demonstrating a remarkable 152% increase.

The UAE has experienced rapid economic growth, positioning itself as the fifth-largest economy globally with a competitive edge in various international economic indicators. Last year, the UAE attracted a record Dh112 billion in foreign direct investment (FDI). Notably, the UAE has achieved the second-highest number of FDI projects globally, with 1,323 new projects marking a 33% increase from the previous year.

Sheikh Mohammed commended the government’s decisive actions throughout the pandemic, including the issuance of 30 key decisions, legislative measures, and economic policies that have accelerated economic growth. He expressed confidence in the continued strength and improvement of the UAE's economic future.

Additionally, Sheikh Mohammed announced the approval of the National Strategy for Countering Money Laundering and Combating the Financing of Terrorism and the Proliferation of Armaments. This strategy aims to enhance oversight of financial institutions and virtual asset service providers, reinforcing principles of governance and transparency within the national economy.

The reconstitution of the Higher Committee for Free Trade Negotiations, chaired by the Minister of Economy, was also approved. Furthermore, the UAE will join the Nationally Determined Contributions Partnership, an international alliance focused on sustainable development and climate change adaptation.

In financial matters, the Cabinet approved the unified government financial statistics for 2023, revealing total government revenue of Dh546 billion and total expenditure of Dh402 billion. Major expenditures were directed towards security, public safety, health, education, economic affairs, social protection, housing, and utilities.

Concluding his address, Sheikh Mohammed affirmed that the UAE's resources are growing and will continue to benefit the nation’s people, economy, and future projects. He expressed hope for continued success and prosperity for the UAE.

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