05 July 2023, Emirates News Agency
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the annual report released by the United Nations Conference on Trade and Development (UNCTAD) offers a comprehensive analysis of global and regional investment trends, as well as the evolution of national and international investment policies.
He then pointed out that the report offers insights into more than 200 economies worldwide, positioning UNCTAD as the foremost authority and inclusive source of data on international investment flows.
He made his statement during his inaugural address at a press conference unveiling the UNCTAD World Investment Report 2023, held today in Abu Dhabi. The event was attended by Ahmed Jassim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, and many leading investment and media officials.
“This year’s report brings great news for the UAE. We attracted more foreign direct investment (FDI) in 2022 than ever before in our history,” he stressed, noting that he was delighted to share the fact that the country drew in FDI worth US$23 billion in 2022, a 10 percent rise from 2021 and the highest annual amount on record.
The UAE’s FDI reached a record high, placing it 16th in the world and six places higher than in 2021, he added, noting that the UAE ranked fourth globally for new foreign investments in projects behind the US, the UK and India.
“In 2022, we saw a remarkable 80 percent annual growth in the 997 new investment projects we announced, compared to the previous year,” Al Zeyoudi said, affirming that the country remained the leading destination for FDIs in Gulf Cooperation Council (GCC) countries, attracting 61 percent of the region’s total international investment inflows in 2022.
The world can trust the UAE’s economy, institutions, policies and legislative environment, as they are dedicated to achieving sustainable growth, which is proven by the record-breaking figures in this year’s report, he further added.
“The UAE is a shining example of economic adaptability and prosperity, attracting companies, investors and entrepreneurs from across the world. As we progress further, we seek new investment opportunities and new economic sectors that can be established and expanded,” Al Zeyoudi said.
The UAE’s outward investment flows grew by 10 percent in 2022, reaching US$25 billion, making the UAE the 15th largest investor in the world and a significant supporter and facilitator of global growth that is equitable and inclusive, he added.
“By hosting COP28 during the Year of Sustainability, the UAE will demonstrate its commitment to investing in clean energy projects worldwide. The country has allocated US$50 billion for renewable energy initiatives in 70 nations across all continents,” he stated.
For his part, Richard Bolwijn, Head of Investment Research in UNCTAD’s Investment and Enterprise Division, shared 2023’s international investment trends, stating that developing countries saw a slight increase in FDIs, with a four percent rise in financial flows and a seven percent rise in projects in 2022. He also noted that a few large emerging economies mainly drove this growth.
The fall in investments in developing countries is due to several reasons, such as the challenges of attracting capital and losses in existing funds, Bolwijn said, noting that all countries aim to cut their carbon emissions, pursue green energy initiatives, and lower their debt financing expenses, by collaborating with the public and private sectors and engaging with banks.