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UAE investors to help rebuild war-torn nations in Middle East

dubai - Investors in the UAE are well-equipped to help re-build the economies of Iraq, Syria, Yemen and Libya

The UAE's public, private sector and institutional investors will help re-build war-torn countries in the Middle East, including Iraq, Syria, Yemen and Libya, a senior official said.

"Investors in the UAE are well-equipped to help re-build the economies of Iraq, Syria, Yemen and Libya and when the time is right, we will play our part in helping these economies. I'm sure the UAE government is also doing its part in providing support," said Jamal Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC).

He said the UAE's investors are looking at Asia, Africa and the Middle East as strong investment destinations. The UAE International Investors Council (UAEIIC) is an umbrella organisation set up to help guide and protect UAE investors and UAE investment in other countries.

The UAE ranks 34th in the world in terms of foreign direct investment (FDI) inflow and second in the Middle East. However, as a source for FDI, the UAE ranks 23rd in the world and the first in the Middle East.

"We give direction to the UAE's investor community and we see a stronger South-South Cooperation in investment," Al Jarwan, a former CEO of Etisalat, said. "Asian economies, especially, China, India and Asean counties are now more promising than most other countries.

"We see great potential in Egypt where laws and regulations are improving with greater clarity in investment protection. In 3 months' time, there will be a lot more changes coming in Egypt. UAE investors have already invested $10 billion in India and $6.5 billion in Egypt and there will be much more investment going in these countries. We will invest where we see great potential."

He said investment protection, the size of the economy and its growth potential and the legal structure are key considerations for investors.

Yusuffali M.A., chairman and managing director of Lulu Group International, said: "The presence of a visionary leadership, a sustainable society, strong and stable economy, ease in doing business, solid infrastructure and the government's investment in the economy are key factors for us to invest. All these are present in the UAE where we grew our business for the last 45 years and we will continue to invest in this economy."

- waheedabbas@khaleejtimes.com