UAE: Business-friendly Policies Attract More Investors
August 10, 2022
The United Arab Emirates has announced a slew of measures to make the country more attractive to global investors and business owners. Between January 2022 and May 2022, Dubai welcomed 6.17 international visitors, made possible by stringent implementation of COVID-19 measures that allowed business to go on as usual, despite the virus. Digitisation of businesses and remote working were other steps that acted as a catalyst for business continuity.
According to Anthony Ritossa, the Chairman of the Ritossa Family Office, the United Arab Emirates has been gaining popularity among family offices and high-net-worth individuals or HNWIs. A recently concluded investor summit in Monaco showed that investors view the United Arab Emirates as one of the world's most desirable gateways. Global venture capitalists are increasingly keen to work with local players – especially startups – in the Web3 ecosystem.
The Global Venture Capital FDI Ranking 2022 Report published by FDI Intelligence places the United Arab Emirates first in the Middle East-North Africa region and tenth worldwide when it comes to attracting Foreign Direct Investment or FDI. The study was based on data collected between 2003 and 2021. Adding weight to this ranking is the fact that 84 startups based in Dubai collectively bagged funding to the tune of AED 2.34 billion in 2021 alone.
The Kuwait-based Arab Investment Export Credit Guarantee Corporation adds that14,443 projects in Arab countries attracted an investment of $1.3 trillion in the last 19 years. Between 2003 and 2021, foreign direct investment in the region increased by 37%, with inflows mainly from Western Europe. The United Arab Emirates received 41% of all foreign direct investment during the aforementioned period, creating two million jobs.
Said El Saadi, the Director-General of the Australia Saudi Business Council said that both the United Arab Emirates and Saudi Arabia are committed to diversifying their economies with an eye on the future. Dr Raphael Nagel, the Founder and Chairman of the Abrahamic Business Circle, which promotes economic diplomacy through investments, remarked that their aim was to enhance economic growth in the region through private and public partnership.
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