The UAE must focus on trade and investment policies to achieve sustainable growth even as Foreign Direct Investment (FDI) rose, Economy Minister Sultan Al Mansouri said at the Annual Investment Meeting (AIM) on Monday.
The FDI in the UAE is estimated to have grown to $10.3 billion (Dh37.82 billion) in 2017, Al Mansouri told the delegates, quoting data from the central bank. FDI stood at $9.6 billion in 2016.
“ … we should look more closely at regional economic and investment data. Development efforts, policies of economic diversification and the enhancement of productive capacities adopted by a number of countries in the region have resulted in the continuation of positive expectations in GDP (Gross Domestic Product) growth rates,” Al Mansouri said.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, along with Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, opened the Annual Investment meeting 2018.
The three-day AIM conference is attended by 25 federal ministers, 19 mayors, eight organisation heads, one head of parliament and thousands of investors from 140 countries and will discuss about the foreign investments.
“We will continue our drive to further our integration into the global economy through the free cross-border flows of trade, investment, people and ideas,” Sami Al Qamzi, Director General, Department of Economic Development — Dubai said.
The increased flows in FDI will reflect on the country’s Gross Domestic Product (GDP), that is expected to grow at 3.9 per cent in 2018.