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UAE attracts investments worth $11b

ABU DHABI — The country has managed to attract $11 billion worth private investments in the last couple of years, said Saeed Abdullah, Al Hamiz Executive Director of the Central bank of UAE.

He was speaking at the launch of a programme to build a comprehensive database on FDI — a joint effort of Central Bank of the UAE, Ministries of Economic and Planning, Finance and Industries, Economic and planning departments of all the emirates and other international bodies.

Hamiz said the Central Bank of the United Arab Emirates supports the issuance of an investment law which identifies the sectors of economy for FDI, and sets out rules and regulations with regard to capital participation, repatriation of profits and liquidation process.

He said UAE has worked towards creating an environment, which is likely to attract foreign investment because of her political and economic stability, tax-free market, modern infrastructure and total freedom to transfer money. The country has already attracted foreign investment in its free zones, which are linked to ports and airports as well as specialised free zones such as Dubai Internet City and Dubai Silicon Oasis.

However, he warned that since the hosting of foreign investments usually results in benefits to the country "we must also learn from the bad experience of South East Asia that led to the crash of their economies."

The country will encourage investment in real estate, tourism, fishing, and services, which are linked to the infrastructure and also help benefit from technology.

Zaid Al Majid, Director, Dubai Development and Investment Authority said that Dubai Land and Dubai Healthcare City have attracted Dh6 billion foreign direct investment (FDI) from the Gulf region in the past couple of years.

He said that investment attracted by projects floated by Nakheel and Emaar are not included in it.