Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, along with His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, was present for the launch of the National Investment Strategy 2031 during the UAE Government Annual Meetings 2024 in Abu Dhabi.
Taking place on November 5th and 6th, the Annual Meetings convened over 500 officials from the UAE government, various local entities, the private sector, and community organizations.
Emphasizing strategic goals and achievements
His Highness Sheikh Mohammed remarked that clear goals lead to great achievements. He noted that the UAE’s impressive 35 percent increase in foreign direct investment inflows to AED112.6 billion ($30.65 billion) in 2023, amid a global downturn, underscored the effectiveness of their strategies and the strong international confidence in the nation.
He further explained that the National Investment Strategy 2031 builds upon past successes, driven by well-planned initiatives and programs aimed at establishing the UAE as a premier global investment hub.
Commitment to attracting investments
His Highness Sheikh Mohammed also emphasized that the UAE is equipped with robust fundamentals to draw in investments, businesses, and talent, stating the goal is to double cumulative foreign direct investment inflows to AED1.3 trillion ($353.9 billion) by 2031.
The unveiling of the National Investment Strategy 2031 was attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council; H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah.
The occasion was also attended by H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman; H.H. Sheikh Rashid bin Saud bin Rashid Al Mua’lla, Crown Prince of Umm Al Quwain; H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah; H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah; and H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, along with other ministers and officials.
Presentation of the National Investment Strategy
During the session, His Highness Sheikh Mohammed bin Rashid observed a presentation by Mohamed bin Hassan Al Suwaidi, UAE minister of Investment, who outlined the objectives, programs, and pivotal initiatives of the National Investment Strategy 2031.
Al Suwaidi highlighted the UAE’s remarkable foreign direct investment growth since 2015, noting that its share of global flows has increased by 5.5 times and inflows rose by 17.3 percent, even as global investment declined by 5.3 percent. He further mentioned that this strategy, aligned with the “We the UAE 2031” vision, aims to position the UAE as a leading global investment hub by focusing on emerging sectors, attracting top talent, and nurturing Emirati leadership, innovation, and entrepreneurship.
Goals for future foreign direct investment (FDI)
The newly launched foreign direct investment (FDI) strategy aims to significantly enhance FDI by 2031. It targets key sectors such as advanced manufacturing and renewable energy, with the goal of doubling cumulative FDI to AED1.3 trillion (representing 30 percent of national investment volume) and tripling the cumulative FDI balance to AED2.2 trillion by 2031. This ambitious plan will be executed through five strategic directions: attracting new investments in priority sectors, expanding FDI in existing projects, strengthening international partnerships, enhancing investor relations, and improving the UAE’s overall competitiveness.
In his overview, Al Suwaidi detailed the main targets and programs under the National Investment Strategy 2031, emphasizing the UAE’s notable achievements. In 2023, he pointed out, the UAE ranked second globally, following the United States, for the number of new foreign direct investment (FDI) projects, with 1,323 new initiatives, reflecting a 33 percent increase from 2022.
Record growth in FDI
In that same year, Al Suwaidi noted, FDI inflows to the UAE soared to around AED112.6 billion, marking a significant 35 percent rise from AED83.5 billion in 2022. He mentioned that the country improved its position, moving up five spots to rank 11th globally in attracting FDI, as reported by UNCTAD.
Regarding the cumulative FDI balance, Al Suwaidi observed that the UAE has significantly outpaced global growth rates over the past decade. He stated that from 2013 to 2023, the UAE’s FDI balance grew by 150 percent, far exceeding the global average growth rate of 97 percent.
Factors driving investment appeal
The UAE’s appeal for foreign investment is fueled by its competitive economy, technological advancements, talent acquisition strategies, status as a global trade hub supported by various treaties and agreements, advanced financial centers, superior infrastructure, and high quality of life.
The National Investment Strategy 2031 builds on these strengths, leveraging the unique advantages of each emirate to stimulate private sector growth and innovation. By responding to global trends and prioritizing research and development, the strategy aims to foster a vibrant, investor-driven, private-sector-led economy.
Addressing global investment challenges
Al Suwaidi also addressed global investment challenges, including geopolitical tensions, the shifting landscape of investment hubs, and intensified competition for securing investments. He acknowledged the UAE’s prior successes in attracting FDI but stressed the importance of further enhancing the nation’s attractiveness and competitiveness to fully realize its potential. The focus will be on utilizing FDI to meet national investment requirements, encouraging repeat investments, and retaining key investors.
Launch of InvestUAE brand
The session culminated in the launch of the InvestUAE brand, designed to serve as a unified platform for promoting the UAE as a global investment hub. While the Ministry of Investment will oversee policy and regulation, InvestUAE will spearhead promotional initiatives, including awareness campaigns, summits, international events, and digital marketing aimed at global investors. This effort is intended to bolster the UAE’s international presence, forge new partnerships, and drive sustainable economic growth and diversification.
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