The National - News
UAE to host global conference on future investments in post-Covid economies
The UAE is exploring opportunities for future investments after the Covid-19 pandemic transformed economies, giving way to new sectors, accelerating the use of advanced technologies and raising the need for sustainable growth.
The Emirates, the Arab world’s second-biggest economy, will host Investopia, a global investment summit, in its first edition on March 28 next year, the Ministry of Economy said yesterday.
The forum will host a global gathering – including world leaders, private sector companies, banks, family businesses, investment funds, universities and research institutions – to launch more than 100 investment opportunities in the UAE, the region and the world.
Investopia “will be a platform for dialogue on the future of world economies”, Abdulla bin Touq, Minister of Economy, said.
“Through this platform, we are offering a new space to formulate innovative models for the future business environment and partnership patterns that will generate new investment opportunities.”
As part of its plans to boost economic growth, the UAE will seek Dh550 billion ($150bn) of foreign direct investment over the next nine years, with the eventual target of attracting Dh1 trillion in FDI by 2051, according to the Ministry of Economy.
Investopia is one of the initiatives within the first set of the Projects of 50 that was announced by the UAE government this year.
It is also the first platform that unifies all the national investment opportunities and development projects from all emirates in line with Principles of the 50, the ministry said.
The opportunities are in priority sectors including information and communication technology, education, health, transport, supply chains, logistics, entertainment and media, financial technology, energy, water and space, it said.
The summit will focus on promoting responsible and sustainable investments to maximise their developmental and social impact.
It will also focus on investments in digital transformation – especially in trade, services and digital supply chains – and review the shift to distance learning, remote working and e-commerce, which paves the way for wider applications of artificial intelligence, robotics, blockchain and 5G telecom services.
The summit will also provide participants with a database of investment opportunities, incentives and facilities in various countries. Governments present their development projects to investors and investment regulators.
Asked about expectations for the UAE’s GDP growth this year, the minister said economic expansion would exceed the forecasts of 2 per cent to 3 per cent given by the Central Bank of the UAE and the IMF.
The UAE has spent billions of dirhams in economic stimulus measures to support businesses since the Covid-19 outbreak began last year.
Business activity in the UAE’s non-oil private sectors continued to improve last month, boosted by the easing of Covid-19 curbs, a rise in tourism and increased spending.
The UAE’s headline PMI reading climbed to 55.7 last month, from 53.3 in September, underpinning a marked increase in new business during the month, driven by rising spending amid the opening of Expo 2020 Dubai. A reading above 50 indicates economic expansion while anything below points to a contraction.
Investopia seeks to launch more than 100 investment opportunities in the UAE, the region and the world