H.E. Bin Touq: UAE paving the way for a new phase of sustainable growth based on openness, flexibility & proactive policies
H.E. Bin Touq: UAE paving the way for a new phase of sustainable growth based on openness, flexibility & proactive policies
H.E. Bin Touq: UAE paving the way for a new phase of sustainable growth based on openness, flexibility & proactive policies
Top-level UAE economic delegation participates in SALT New York Conference
H.E. Abdulla Bin Touq Al Marri, Minister of Economy; and H.E. Mohamed Ali Al Shorafa, Chairman of Abu Dhabi Department of Economic Development; participated in a panel discussion titled “UAE’s growth: A new investment environment” at SALT 2022 New York, which took place recently. The conference attracted huge international participation, with more than 2,500 officials, entrepreneurs, and investors from all over the world attending this year. The latest edition of SALT focused on six key topics including investments in new economic sectors, cryptocurrencies, financial technology, healthcare, infrastructure, and sustainability.
H.E. Bin Touq said: “The UAE has set an ambitious goal for the upcoming 50 years. This new goal targets a new development model that is more open to the world and more flexible, and based on advanced technology, talent and innovation. It falls in line with our wise leadership’s vision for the future and the UAE Centennial 2071 goals.”
H.E. added: “The adoption of this new model calls for an integrated development of economic policies in partnership with the government and the private sector. This is so that we are able to keep up with and regulate new economic concepts such as cryptocurrencies, digital transformation, data revolution, and Artificial Intelligence, as well as their importance in forging partnerships between the government and the private sector, and global partners. Therefore, these policies have been set to establish sustainable practices and approaches that are capable of ensuring economic stability for the long run.”
During the discussion session moderated by Danny Sebright. President at U.S.-U.A.E. Business Council, the Minister of Economy elaborated on some of the most notable initiatives and legislative amendments adopted by the government in recent times, which play a role in significantly advancing the UAE’s entrepreneurial and investment environment. These include the amendments to the Commercial Companies Law and the granting of 100% ownership to foreign investors in most economic sectors, in addition to amending and reviewing a number of laws related to improving the competitiveness of the business environment in the country. These further include the Bankruptcy Law and Commercial Transactions Law, decriminalization of cheques, and the development of laws related to the protection of intellectual and industrial property, as well as the revamped residency and visa system that enhances the country's ability to attract and retain talent, competencies, and entrepreneurs.
H.E. Bin Touq also highlighted the UAE’s efforts to develop an environment capable of fostering and developing opportunities in the new economy sectors such as the green economy, circular economy, clean energy, and the industries based on advanced technologies, creating new and various opportunities for foreign investments in the country. H.E. specified five main sectors that offer promising prospects for foreign investment in the country in the upcoming period, which are renewable energy, manufacturing, tourism, trade and logistics services, and the 4th industrial revolution technologies. He also invited American businessmen and investors as well as the delegations from other particpating countries to explore the investment opportunities in the UAE and be part of the country’s new development model in the next stage.
Meanwhile, H.E. Mohamed Al Shorafa, Chairman of Abu Dhabi Department of Economic Development,
Trade Relations with the USA
The UAE – USA relations have been continuously growing. The UAE is the USA’s biggest trade partner in the Arab region in terms of America’s exports in 2021, as the UAE accounted for 34 per cent of the USA’s total exports to the Arab countries. In addition, the UAE ranked second in terms of the total volume of foreign trade between America and the GCC countries in the same year.
The UAE is the USA’s second largest Arab partner, accounting for 25 per cent of the Arab regions’s trade with USA in 2021. The USA ranked 4th globally in terms of UAE’s non-oil trade partners in 2021.
The bilateral non-oil trade between UAE and USA recorded a nearly 31 per cent growth in the first half of 2022, compared to the same period of 2021, accounting for USD 14.41 billion, including USD 1.6 billion as national non-oil exports to the USA, increasing by approximately 24 per cent compared to the same period of 2021.
In terms of investments, the USA ranked seventh in total FDI inflows received by UAE as of the beginning of 2021, reaching a total of USD 4.6 billion, growing by 14 per cent compared to the same period of last year.
USA’s direct investments in UAE span several economic activities, mainly industry, car parts, financial services, insurance, mining, real estate development, transport, storage, education, communications, IT, health services and food among others.
As of the end of 2021, UAE’s total FDI in USA reached USD 33.1 billion, compared to USD 31.6 billion as of the end of 2020, recording an annual growth of 5 per cent. The UAE accounted for 50 per cent of total FDI inflows received by USA from the Middle East countries by the end of 2021.
The UAE’s investments in USA focuses on vital sectors, including oil and gas, real estate development, healthcare, communications, IT, wholesale and retail trade, ecommerce, finance, hotel management, shipbuilding, seaport management, investments in containers, aluminium industry, comprehensive air services, travel and tourism, fertilizer industry, food industry and other vital sectors.
The top-level UAE delegation that attended SALT 2022 included H.E. Abdulla bin Touq Al Marri, Minister of Economy; H.E. Mohamed Ali Al Shorafa, Chairman of Abu Dhabi Department of Economic Development; H.E. Abdulaziz Alnuaimi, Assistant Undersecretary of the Commercial Affairs Regulation Sector, Ministry of Economy; Mohammed Nasser Al Zaabi, CEO of Investopia global investment platform, along with senior advisors.
On the sidelines of the forum, the UAE delegation held several meetings with American entrepreneurs and investors to explore collaboration in the areas of common interest, particularly the sectors and activities related to innovation, digital services and advanced fintech.
