Foreign direct investment (FDI) into the United Arab Emirates grew by 25 percent in 2014 to more than US$13 billion (AED 47.75b), equivalent to 5 percent of the nation’s gross domestic product (GDP), according to the Minister of Economy Sultan Bin Saeed Al Mansouri.
The Minister made the remarks at the opening of Sharjah 2015, the twelfth World Forum for Foreign Direct Invesment, which was inaugurated in Sharjah this week by His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. It is the first time that the annual global forum is being held in the Middle East and North Africa (MENA).
According Al Mansouri, the UAE received a total of US$14.6 billion (AED 54b) between 2008 and 2012. The Minister also stated that the UAE’s GDP grew by 4.8 percent in 2014 to AED 1.54 trillion (US$ 420b) in 2014, compared to AED 1.47 trillion (US$ 400b) in 2013.
Sharjah was highlighted by the conference as a good example of economic diversification, since no business sector in the Emirate represents more than 20 percent of its total GDP. Earlier this month, Sharjah announced that 45 percent of its annual budget would be dedicated to investing in economic development.
Sharjah Investment and Development Authority (Shurooq) is actively promoting investment opportunities in Sharjah across the globe, in particular in the fields of environment, transportation, logistic, tourism and health care.
Sharjah 2015, which continues until Tuesday, will address a wide range of investment development topics including global infrastructure, cross-border financing options, navigating bureaucracy and the global demand for talent. Keynote speakers include Lord Peter Mandelson, former British politician and former European Commissioner for Trade; Sir Tim Berners-Lee, Inventor of the World Wide Web; and Tony Fernandes, Founder of Air Asia.
Source: Shurooq, media