The United Arab Emirates (UAE) has set an ambitious goal to double its annual foreign direct investment (FDI) to 240 billion dirhams ($65.35 billion) by 2031, up from 112 billion dirhams in 2023, as part of its newly approved National Investment Strategy. The plan, greenlit during a cabinet meeting chaired by Sheikh Mohammed bin Rashid Al-Maktoum, Vice President, Prime Minister, and Ruler of Dubai, at Qasr Al Watan in Abu Dhabi, aims to elevate the nation’s total FDI stock from 800 billion dirhams to 2.2 trillion dirhams. Key sectors like industry, logistics, financial services, renewable energy, and IT will drive this growth, according to the Emirates News Agency.
Sheikh Mohammed emphasized, “The UAE is forging a world-class, business-friendly economy, expanding global markets, and attracting investments.” The strategy includes 12 programs and 30 initiatives, such as the Financial Sector Development Program, One-Market Program, and InvestUAE, to promote diversification and investment.
The cabinet also celebrated a surge in trade with sub-Saharan Africa, up 87% from 126.7 billion dirhams in 2019 to 235 billion dirhams, with 95% of planned initiatives completed. “We’re building economic bridges worldwide, solidifying our role as a global trade hub,” Al-Maktoum said. Progress on the National Digital Economy Strategy was reviewed, targeting a rise in the digital sector’s GDP share from 9.7% to 19.4% in six years.
In other moves, the cabinet approved the Industrial Technology Transformation Index to track factory sustainability and noted a 30% increase in transplant procedures across 13 centers. The Emirates Research and Development Council, led by Sheikh Abdullah bin Zayed Al Nahyan, was restructured to prioritize innovation. Social support funding rose 29% to 3.5 billion dirhams, aiding 37% more beneficiaries, with 3,200 people shifting from aid to employment. A remote work policy for federal employees abroad and 28 international agreements, including economic pacts with Malaysia, New Zealand, and Kenya, were also ratified.
Sustainability efforts advanced with the National Green Certificates Program for eco-friendly buildings, alongside new laws on plant protection, fraud prevention, and healthcare practices. Sheikh Mohammed concluded, “Our teams’ dedication fuels a stronger, more prosperous UAE every day, accelerating our growth and shaping a bold future.”
