Foreign direct investment (FDI) into the United Arab Emirates rose 10% in 2022 from the previous year to a record $23 billion, despite a 12% decline in FDI inflows globally.
According to the annual World Investment Report 2023 released by the United Nations Conference on Trade and Development (UNCTAD), FDI inflows to the UAE stood at $22.7 billion (Dh84 billion) last year, up 10 per cent from $20.6 billion in 2021. During the launch event of the report held in Abu Dhabi, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted that the UAE is the most attractive destination in the GCC, attracting 61 per cent of global FDI coming to the region.
The UAE now proudly stands as the world's fourth largest recipient of greenfield projects with nearly a thousand ambitious ventures announced, signifying a remarkable 84 per cent increase compared to 2021. Two notable large greenfield projects have been announced, the building of a neutron therapy hospital, medical university and convention centre in Abu Dhabi by Star Energy (Austria) in a $1.8 billion joint venture with locally based Royal Strategic Partners and MIG Group. Plus the building of a $1 billion green hydrogen plant at Khalifa Industrial Zone in Abu Dhabi by Korea Electric Power. Both projects signal the UAE’s commitment to renewable energy ahead of COP28 in November and its commitment to being the world leader in Healthcare.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, added:
“We express our appreciation to all regulatory, legislative and service entities who contributed to strengthening the position of the UAE as one of the best international investment hubs. Our aim during the coming year is to achieve more historic milestones.”
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