UAE Plans to Establish a National Investment Strategy
According to recent news, the UAE (United Arab Emirates) intends to establish a national investment strategy aimed at strengthening its economy and outperforming its competitors in the market. Mohamed Al Suwaidi, the recently appointed , is in charge of the project. Last July, the UAE announced the appointment of Suwaidi to develop a workable plan nationally and internationally. This strategy will help the UAE compete with the growing economies of its neighbors.
However, It is related to mention that the United Arab Emirates is a federation of seven emirates, with Abu Dhabi serving as the capital. Dubai is known as a trade and tourism hub, each with a unique investment plan. Suwaidi, also the CEO of ADQ, one of the biggest sovereign wealth funds in Abu Dhabi, said the new ministry’s role would not be that of formulating policy.
The new investment ministry is said to help UAE companies work in new markets at an international level. There will be more opportunities for foreign investment. The Gulf region’s economy is becoming more competitive as it works on more income sources and strengthens non-oil growth. Additionally, the UAE’s GDP for the non-oil sector is more than 70%.
Additionally, trade and logistics, financial services, manufacturing, and tourism are key factors in boosting the economy in the UAE. Saudi Arabia is also accelerating its economic strengthening by pursuing Vision 2030. Moreover, Crown Prince Mohammed bin Salman is in charge of overseeing the project.
Moreover, Saudi Arabia is making efforts to attract billions of dollars in foreign direct investment while providing incentives to global companies. The goal of these incentives is to establish regional headquarters in the kingdoms that may one day cause a challenge to the UAE’s regional commercial authority.
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