Investments made by the UAE over the past 50 years have helped build a strong balance sheet and trust among global foreign businesses
The UAE’s investment outlook for the next 50 years is very positive as the country does not mix business and politics, senior UAE officials said at the World Government Summit on Monday.
Helal Al Marri, director general of Dubai’s Department of Economy and Tourism, said investments made by the UAE over the past 50 years have helped build a strong balance sheet and the confidence of global foreign businesses in turbulent times where countries are grappling with Covid-19 and war in Europe with recession and inflation looming and the world looks scary for investors.
He said the UAE was positively handling all challenges, including Covid-19 and the country “does not mix politics with business or healthcare and that brings a lot of confidence to global investors. We are seeing great interest not only in establishing a head office, but also for individuals moving to the UAE. We are touched by this level of trust and see it continue to grow. »
Citing some examples, he said real estate transactions in Dubai have reached a 13-year high and the population has grown significantly, surpassing the pre-Covid level which shows positive trends.
Speaking at a panel discussion on “The UAE’s Investment Outlook: 50 Years Ahead” at the World Government Summit, he pointed out that even during the pandemic, all UAE residents were being treated as the same way for vaccination.
Mohammed Al Shorafa, chairman of Abu Dhabi‘s economic development department, said there was a lot of alignment between Dubai, Abu Dhabi and other emirates and that Covid was an example where all were working hand in hand.
UAE says no to protectionism
Al Marri added that unlike some other countries, the UAE does not believe in protectionism and politics does not guide the country’s policies and decisions. “The UAE remains ahead of the game in terms of a regulatory outlook that is open, transparent and borderless and makes investors feel secure.”
Al Marri added that regional economies are similarly correlated to Europe.
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“If Germany is doing well, it’s good for France. Likewise, the United Arab Emirates fully supports the Saudi 2030 plan and we are working with our colleagues. People go to Maldives and Africa and when they come to this region they will explore the whole region.
Mohammed Al Shorafa revealed that businesses come to the UAE because they see the value of being here, as well as political stability, an excellent monetary system, cutting-edge digital platforms, 100% foreign ownership and easily accessible talents.
“The UAE not only accesses talent from outside, but also develops it locally. The United Arab Emirates is also a springboard to the region. From the UAE, around 70-80% of the world’s population is just a seven-hour flight away,” Al Shorafa added.