UAE is into reforming ‘geo-economy’ through BRICS presence: Minister Al Marri
Wave of internal reforms - such as Commercial Companies Law - also boost UAE profile
Dubai: The UAE aims to be a bridge that connects countries, cultures, and economies - and joining any group is about extending the country’s diplomatic circle, according to the Minister of Economy Abdulla Bin Touq Al Marri.
“Sustainable growth can only be achieved through collective efforts, and we look at it to reform the geo-economy and not a geopolitical perspective to strengthen our economy and competitiveness,” he said.
Joining the BRICS group in August 2023 and becoming a part of BRICS New Development Bank in 2021, the UAE is well-positioned to mobilise resources for infrastructure and sustainable development in emerging markets, developing countries, and BRICS nations.
Minister Al Marri said that through active participation in international forums, including the UN, G20 and BRICS, the UAE aims to offer unique insights and collaborate on global initiatives for positive change, foster trade and sustainable development.
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“The UAE is long been known as a welcoming and dynamic hub for investment in technology,” said Al Marri. “The government has worked tirelessly to create an environment that fosters innovation, entrepreneurship and economic diversification from a world-class infrastructure and state-of-the-art technology to the highly skilled workforce we offer everyday investors need to thrive.”
Attractive investment market
The Minister highlighted the UAE's achievements in fostering an attractive investment environment, including the 2020 Commercial Companies Law allowing foreigners 100 per cent ownership of their business. The number of new companies established in the country has surged 43 per cent between 2020 and 2022, amounting to 275,000 new enterprises, he added
According to the United Nations Conference on Trade and Development (UNCTAD) ‘World Investment Report 2023’, the UAE attracted $22.7 billion in (FDI in 2022, a 10 per cent increase from the previous year. This growth propelled the UAE to the 16th position globally in FDI inflows for the year.
The UAE outshone peers in the West Asia and MENA, receiving 47.1 per cent and 32.4 per cent of total FDI inflows, amounting to $48.3 billion and $70.2 billion.