In a world marked by unprecedented challenges and dynamic shifts in the global economy, the United Arab Emirates (UAE) stands as a beacon of resilience, innovation, and sustainable growth. His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), recently shared an inspiring revelation at the 8th World Investment Forum (WIF), underlining the remarkable journey that the UAE has embarked upon.

Global Trust in UAE’s Economic Foundations:

Over the past decade, investors from more than 170 countries have chosen the UAE as their destination to invest, grow, and expand. This resounding global support reaffirms the trust in the country’s strong economic fundamentals and positive outlook. The UAE has proven to be a magnet for investments, showcasing its unwavering commitment to fostering collaboration, strengthening economic partnerships, and addressing the pressing global challenges of our time.

Unlocking a World of Opportunities:

The UAE’s dedication to building bridges between nations and fostering economic relationships is set to unlock a world of opportunities. As a global hub for business and finance, the UAE has consistently demonstrated its reliability as a partner for international trade and cooperation. The country’s efforts have not gone unnoticed, with substantial investments flowing in.

A Global Investment Hub:

In 2022, the UAE attracted a staggering US$23 billion in foreign direct investments (FDIs), marking a 10% increase from the previous year and ranking 16th globally. Notably, it has become the fourth-largest recipient of greenfield projects, with an impressive 84% increase in ambitious ventures announced in the past year.

Global Leader in Investments:

The UAE’s role as a global leader in investments extends beyond its borders. It actively invests overseas, contributing to growth in 122 countries and across 35 diverse sectors over the past five years. Moreover, the UAE’s commitment to sustainable development is evident in its substantial investments of nearly US$45 billion in renewable energy in 2022, with FDI outflows dedicating nearly US$36 billion to renewable energy projects.

Commitment to Net Zero by 2050:

The UAE’s proactive commitment to Net Zero by 2050 is an exemplar of its dedication to addressing global climate and energy challenges. It has allocated US$54 billion last July to triple the contribution of renewable energy in the next seven years. Over the past 15 years, the UAE has invested more than US$40 billion in clean and renewable energy sources, with plans to invest an additional US$160 billion over the next three decades to achieve net-zero emissions.

Leading the Energy Transition:

UAE national champions are taking the lead in the energy transition, with significant investments in renewable energy projects. The Abu Dhabi Investment Authority (ADIA) has invested in over 40 gigawatts of renewable energy projects, while Masdar, the Abu Dhabi Future Energy Company, is reshaping the sustainability landscape globally with investments in more than 40 countries, totaling over USD 30 billion.

COP28 and Beyond:

The UAE’s initiatives and discussions at UNCTAD’s World Investment Forum will feed into the crucial negotiations at COP28, slated to be held in November and December in the UAE. This event will be a testament to the UAE’s rapid transformation, diversification efforts, global connectivity, and its journey toward becoming a sustainable and renewable energy-based economy.

In the presence of global leaders and decision-makers, the 2023 World Investment Forum signifies the UAE’s commitment to building bridges between nations, fostering relationships, and unlocking a world of opportunities. As a nation that has consistently defied expectations and embraced the challenges of our era, the UAE stands as an inspiration to the world, exemplifying how innovation, investment, and sustainability can go hand in hand.