Economy Ministry, AD Department of Economic Development sign MoU
The agreement aims to consolidate federal & local efforts to host Investopia summit.
The Ministry of Economy signed a Memorandum of Understanding (MoU) with the Abu Dhabi Department of Economic Development (ADDED) in order to consolidate efforts to support the targets of the upcoming Investopia summit at the federal and local levels.
The summit set to be held on 28 March 2022 alongside Exp2020 Dubai, is one of the major strategic initiatives under the ‘Projects of the 50’ announced by the UAE Government.
Signing the agreement
The agreement was signed by H.E. Abdulla bin Touq Al Marri, Minister of the Economy, on behalf of the Ministry of Economy; and H.E. Mohammed Ali Al Shorafa Al Hammadi, Chairman of ADDED.
H.E.bin Touq Al Marri underlined the importance of supporting economic development and strengthening the UAE’s position as a global destination for investments that support the implementation of the initiatives, principles, and projects of the 50.
H.E. Bin Touq explained that the Summit supports national ambitions to enhance FDI inflows into the UAE over the next 10 years.
The Summit will help advance a new vision that focuses on future technologies, activities of the new economy, climate action, and the adoption of community responsibility and governance standards. In addition, it will serve as a platform that brings together the world’s most ambitious visionaries, leaders, and investors to launch ideas, create opportunities, and invest in the future.
H.E. Al Shorafa further emphasized the importance of Investopia noting that the UN Conference on Trade and Development (UNCTAD) had recently listed the UAE as one of the top 20 global FDI destinations. “This reflects our relentless efforts to diversify economy and investments in infrastructure and human capital development. It also confirms the effectiveness of the UAE’s initiatives in improving the business climate, competitiveness, ease of doing business, transparency, and governance,” H.E. Al Shorafa said.
Under the terms of the MoU, the Ministry of the Economy and ADDED will work together to jointly announce future investment plans in the UAE and the Emirate of Abu Dhabi through the Investopia Summit.
The Investopia summit is one of the major strategic initiatives within the first set of the ‘Projects of the 50’ announced by the UAE Government. It is designed to provide a new global avenue to discuss future investment opportunities and support national ambitions and investment attraction programs. The Summit has set an ambitious target to enhance the inward flow of investments to attract AED 550 billion ($150 bn) in FDI into the country by 2031, to reach AED 1 trillion ($272.5 bn) by 2051.