E-PLATFORM TO BOOST ECONOMY
Global economic growth is improving and short-term prospects look positive Sultan bin Saeed Al Mansouri, Minister of Economy
dubai — A new digital platform to facilitate the flow of foreign direct investments into the UAE, launched on Monday at the opening of the Annual Investment Meeting, promises to benefit global investors looking for rewarding opportunities in one of the most sought-after safe investment havens in the world.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, VicePresident and Prime Minister of the UAE and Ruler of Dubai, launched the e-Platform for Foreign Direct Investment (FDI), established by the UAE Ministry of Economy at the inaugural session of the AIM at the Dubai World Trade Centre.
The easy-to-use and easy to navigate web portal, which is part of the government’s smart services mission to take the public services to the fingertips of users, will help record the flow of FDI and promote FDI opportunities in the UAE among the global pool of investors.
“As we gather here, we have a few reasons to rejoice. Global economic growth is improving and short-term prospects look positive. The world economy is gathering speed with growth forecast for 2018-2019, according to the IMF, pegged at 3.9 per cent,” Sultan bin Saeed Al Mansouri, Minister of Economy, said in his inaugural address.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates airline and Group; Mohammed Ibrahim Al Shaibani, Director-General of the Dubai Ruler’s Court; and Saeed
Sulaiman, director-general of Dubai Protocol and Hospitality Department, also attended the opening ceremony of AIM.
Al Mansouri observed that the recovery in economy in key sectors such as investment, manufacturing and trade had a significant impact on strengthening the fundamentals of global economic growth. “This recovery was more visible in emerging markets and developing economies, with average growth estimates for these markets at around 4.5 per cent in 2018.”
In contrast to the positive world macroeconomic figures, international financial flows depict a stark different picture, Al Mansouri said. Global FDI fell by 16 per cent in 2017 to an estimated $1.52 trillion, according to the latest Unctad Global Investment Trends Monitor.
In contrast to global trends, the UAE recorded 7.29 per cent growth in FDI to $10.3 billion in 2017, up from $9.6 billion in 2016 and 21.17 per cent up from $8.5 billion FDI flow to UAE recorded in 2015, according to UAE Central Bank and the UAE Federal Competitiveness Council.
Al Mansouri said the UAE economy is strong and is expected to grow at 3.9 per cent in 2018 spurred by increased inflows in FDI, as well as the achieved growth in tourism and travel sectors among other non-oil sectors.
World merchandise exports, valued at $15.46 trillion in 2016, is expected to grow this year as the global economy likely to record 3.9 per cent growth in 2018.
Yonov Frederick Agah, deputy director-general, WTO, stressing the need for advancing development, and restoring confidence in the international economic system, said no issue is more urgent today than reviving global economic cooperation, liberalisation and growth. “A new global push to strengthen economic cooperation, to liberalise trade and investment, and to resist protectionism is indispensable to reinvigorating global growth,” he said.
The 3-day AIM, an assemblage of high-profile officials that include 25 federal ministers, 19 mayors, eight organisation heads, one head of parliament and investors, is expected to witness the signing of a number of agreements that will help countries boost FDI flow.
— issacjohn@khaleejtimes.com