According to the United Nations Conference on Trade and Development, the UAE was the world’s 15th-largest beneficiary of foreign direct investment in 2020, ranking one position above the United Kingdom and seven places higher than the previous year.
Despite a 35% drop in global FDI flows last year, investment into the UAE climbed 11% to about $20 billion (Dh73.45 billion), Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid revealed last month.
In addition, the UAE attracted investment in other areas. According to Unctad’s study, 53% of FDI into Dubai in the first half of last year went into medium and high-tech sectors. CCL Pharmaceuticals of Pakistan also acquired a majority share in StratHealth Pharma of Dubai for an unknown sum.
Although the Adnoc transactions accounted for a major portion of the FDI inflows, they show that “investors can still be drawn to the appropriate opportunity even when the global market is tight,” according to Scott Livermore, chief economist at Oxford Economics.
Although the global outlook for FDI is likely to remain “difficult,” Mr Livermore believes that the investor-friendly changes being implemented by a number of governments in the region would increase competitiveness for the funds that are available.
Source: The National Business
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