Investment Map Project is leading initiative to attract foreign investments, UAE Minister says
By Sara Rajabova
The UAE has become a strategic hub for foreign investments and leading international establishments, thanks to its solid economic fundamentals and wise economic policies that are based on openness, diversity and flexibility, Sultan bin Saeed Al Mansouri, Minister of Economy said.
"Nowadays, the UAE enjoys a leading status as pivotal destination for investments," he noted.
Al Mansouri said the "Investment Map Project" is the latest initiative launched by the Ministry aimed at attracting foreign investment capital and promoting UAE among investors. Furthermore, it enlightens potential businessmen from around the globe about investment opportunities and better understands the realities here.
He said the Ministry of Economy is keen to develop the economic legislative system in the country as it continues to work on putting the final touches on a number of draft laws to enhance UAE business performance, most notably the foreign investment law, corporate, industry and small and medium enterprises, competition and intellectual property rights protection. All these draft laws are in their final stages.
The new investment law will give extra protection for foreign investors, and includes incentives to encourage foreign investment, and aims to enhance the investment climate in the UAE and to ensure economic diversification in line with UAE Vision 2021.
Mansouri said that the AIM which is held under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President has gained an ever increasing regional and international attention since its inception two years ago, especially in light of political, economic, financial and climate crises which still threaten the future of the world.
The meeting has become a comprehensive platform in bringing the attention of government, decision makers, private sector and other related entities including the civil society as it offers exclusive discussions to exchange views between participants from around the world. This event is also important as it allows the concluding of trade deals and ratification of the agreements between the countries of the world.
Al Mansouri hailed the efforts of Ministry of Foreign Trade headed by Sheikha Lubna bint Khalid Al Qasimi, the Minister of International Cooperation and Development and her role in making this meeting a success in its past editions. The Ministry of Foreign Trade was the host of this event, however Ministry of Economy will now host this event as MOFT tasks were shifted to MoEas per the new cabinet formation announced by Al Maktoum. The Ministry of Economy will build on efforts to make this event a destination for investors from around the world.
Minister of Economy also stressed on the importance of the third edition of this meeting which is to be held on April 30. He said that the AIM draws a true picture of the global economic landscape in light of the crises and challenges. It also monitors the repercussions of these crises on foreign direct investment, referring to the accelerated change in the international economy in light of the multiplicity of attractive investment destinations. The new realities require concerted efforts and professional implementation of creativity and innovation in planning for future projects.
He described the UAE as a motivating environment for investors, as it allows full ownership in free zones, and has state of the art infrastructure, availability of efficient and highly qualified manpower, the protection of intellectual property rights and laws against piracy, strategic geographical location which is a gateway to the MENA and South Asia for international companies that look for premium investments.
Al Mansouri emphasized on promising investment opportunities in the aviation, tourism and hospitality, retail, health care, industry, oil and gas, renewable energy, financial services, logistics and education.
The minister underlined that UAE economy has countless features and characteristics including premium investment environment supported by security, political stability and modern infrastructure. This is in addition to the strategic location as international trade hub providing access to all regional and international markets as well as advanced laws that protect capital, investment and flexible economic legislations and low custom tariffs with rates ranging from zero to 5 % and the absence of income tax.
He stressed on the importance of the foreign direct investment to the United Arab Emirates and its impact on sustainable development, and role in strengthening the national economy, and success of UAE's strategy to build a sustainable economy based on knowledge and innovation, and in line with UAE Vision 2021.
The third edition of the Annual Investment Meeting (AIM) is scheduled from April 30 until May 2 at the Dubai International Convention and Exhibition Center (DICEC).