This week's decision by the UAE to establish a Ministry of Investment is a part of a planned effort by the nation to increase international investment as it strives to diversify its economy. The government announced this week that the new ministry will "support the UAE's business objectives" and that it has been tasked with drafting general investment policies in coordination with pertinent authorities.
Additionally, it will develop national programs, plans, initiatives, strategies, laws, and legislation to improve the investment climate in the nation.
“It's going to complement the [continued] efforts [by the country],” Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, added. “It’s going to have a huge focus on investments, a clear strategy and a three-year targeted sectoral approach", which will help boost investments, he added.
The nation's investment minister has been named as Mohammed Alsuwaidi, managing director and chief executive of the Abu Dhabi-based investment and holding company ADQ.
“The aim of the new ministry is to develop the country's investment vision, stimulate the investment environment internally and continuously enhance the competitiveness of our procedures and legislation to ensure that the country remains a global destination for investment and a major player in the global investment movement,” Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, wrote on Twitter on Monday.
According to the UN Conference on Trade and Development's World Investment Report 2023, the UAE saw its greatest level of foreign direct investment inflow last year at $23 billion, an increase of 10% annually.