Ministry of Economy signs MoU with Presight AI to enhance UAE's attractiveness to FDI & support private sector partnership

Signing takes place on the sidelines of 12th Annual Investment Meeting (AIM) in Abu Dhabi

The Ministry of Economy (MoE) signed a memorandum of understanding (MoU) with Presight AI, the region’s leading data analytics company powered by artificial intelligence, to drive foreign direct investments into new sectors within the UAE. The initiative will help attract foreign companies to expand and invest in the UAE’s markets and support the partnership with the private sector. The signing took place on the sidelines of the 12th Annual Investment Meeting (AIM) 2023, which was held recently at the Abu Dhabi National Exhibition Center.

The MoU was signed by H.E. Juma Al Kait, Assistant Undersecretary of Foreign Trade at the Ministry of Economy; and Dr. Adel Alsharji, COO of Presight.

In this regard, H.E. Al Kait said: “Thanks to the directives and vision of its wise leadership, the UAE now has a more competitive and flexible investment environment, made possible by the launch of forward-looking economic and investment policies and legislation. The country’s increasing economic openness to the world has contributed to the development of the investment and business environment in line with international best practices. This in turn has boosted FDI inflows to the country in line with the ‘We the UAE 2031’ vision that aims to double the GDP to reach AED 3 trillion by 2031.”

H.E. Al Kait added: "In July 2022, we launched the NextGenFDI initiative to attract digitally enabled global companies to the UAE . Today, we continue our endeavors to support the national business and investment landscape by forging partnerships as with Presight. This cooperation will strengthen the government’s partnership with the private sector and promote promising investment opportunities in the country to accelerate the national FDI agenda, thus solidifying the UAE's position as a leading global destination for investment and business.”

H.E.  underlined  that the UAE is a regional and global leader in the FDI sector, which contributed to strengthening its position as a global hub for trade and investment. The UAE attracted USD 20.7 billion in FDI in 2021, up 4 per cent from 2020 to rank first in West Asia, Middle East, and North Africa. Besides, FDIs inflows to the UAE are expected to reach USD 22 billion in 2022, accounting for 4.3 per cent of the GDP of the national economy, according to the Institute of International Finance’s report.

Dr. Adel Al Sharji, COO at Presight, said: “We are pleased to partner with the Ministry of Economy to promote the UAE’s economic and investment objectives. Our partnership aims to identify and promote promising investment opportunities in emerging sectors that have the potential to attract FDI. This will help consolidate the UAE’s position as a global hub for business and investment, as we work towards the achievement of our national vision aimed at doubling the GDP to reach AED 3 trillion by 2031. We are committed to supporting the UAE’s sustainable development journey.” 

Under the terms of the MoU, Presight will work with the Ministry of Economy to attract foreign direct investments to new sectors in the UAE, by deploying big data, analytics and artificial intelligence in education, healthcare, infrastructure and financial services. The focus on attracting leading AI companies is expected to create a pipeline of promising AI companies and technologies, driving M&A activity in the sector. The MoU highlights the government’s focus on attracting AI companies as part of its broader strategy to diversify the UAE’s economy and create new economic sectors. In equal measure, these efforts are expected to support the attraction of talent into the UAE contributing to the growth of a vibrant and dynamic AI ecosystem.

Presight is a UAE company listed on the Abu Dhabi Stock Exchange and its majority shares are owned by the G42 Group in Abu Dhabi. Through its world-class platform for computer vision, AI, and comprehensive analytics, the company interprets data from all sources to support the decision-making process. Presight also has projects in 14 countries on three continents and has nearly 300 employees from more than 30 different nationalities.