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UAE’s business-friendly policies attract more global investors

Dubai welcomed 6.17 million overnight visitors from January to May 2022.

Published: Sun 10 Jul 2022, 11:53 PM

Updated: Mon 11 Jul 2022, 4:21 PM

By
Sandhya D'Mello

Wam file photo

The UAE is building a futuristic nation with a strong foundation of disruption and legacy helping future generations to tap endless opportunities. The nation has introduced new reforms and investor-friendly policies that compel the global business community to take notice of what’s on offer in the desert.

The rise in the MICE industry across the nation is proof people are networking in person with all safety measures intact. Dubai welcomed 6.17 million overnight visitors from January to May 2022, with the highest number of international guests from India at 707,000. The growing popularity was also catalysed by the handling of Covid-19 which proved to the world that business will go on despite all the odds. Stimulus measures, digitisation of businesses, and remote working were adopted to ensure continuity in the businesses.

Anthony Ritossa, Chairman, Ritossa Family Office. — Supplied photo

“The UAE continues to gain immense popularity among family offices and high-net-worth individuals (HNWIs). Our recently concluded investor summit in Monaco clearly witnessed that many investors view the UAE as one of the world’s most desirable global gateways — in addition to other leading destinations such as Monaco, Saudi Arabia, and other fast-growing economic powerhouses. Among the most in-demand sectors are impact investments and the Web3 ecosystem, with a particular focus on startups. We see tremendous opportunities in our region as global venture capitalists increasingly seek to work with local players here as a means of expanding business growth,” said Dubai-based Anthony Ritossa, Chairman, Ritossa Family Office, who recently concluded the 19th Ritossa Family Office Investment Summit in Monaco with many participants from the Middle East and the globe.

Dubai ranked first in Mena and tenth globally in Global Venture Capital FDI Projects, according to the ‘Global Venture Capital FDI Ranking 2022’ report published by ‘fDi Intelligence’ based on data gathered during 2003-2021. Further data from ‘Dubai FDI Monitor,’ supported by Magnitt, revealed that 84 Dubai-based startups successfully attracted Venture Capital (VC) Backed FDI worth Dh2.34 billion in 2021. Recently, The Abrahamic Business Circle’s Investors Roundtable Dubai successfully concluded with over 200 participants from several countries and different sectors participating. The event gave an overview of investment opportunities, new technologies, developing partnership consortiums, and as well as insights from guest speakers, keynote speakers, inventors, innovators, and company owners.

Dr Raphael Nagel, founder, and chairman of the Abrahamic Business Circle.

The Abrahamic Business Circle promotes economic diplomacy through investments. The global business networking platform provides its members with a worldwide network of contacts to raise capital, buy and sell companies, and locate potential investments, joint ventures, distribution channels, and new clients.

Dr Raphael Nagel, founder, and chairman of the Abrahamic Business Circle — renowned Private Equity investor and Venture Capitalist — said: “Our events are usually focused on economic diplomacy to boost private and public partnership in order to enhance economic growth in the region.”

According to the Arab Investment Export Credit Guarantee Corporation (Dhaman), Arab countries have attracted 14,443 foreign projects with a total Capex of $1.3 trillion over the last 19 years. The corporation said in its 37th annual report on the investment climate in Arab countries for 2022, that the number of foreign direct investment projects into the region rose by 37 per cent, and their Capex hiked by one percent, between 2003 and 2021. The UAE has received a 41 percent share of foreign direct investment projects Arab countries attracted between 2003 and 2021.

The Kuwait-based corporation added that these projects have created approximately two million job opportunities. The number of foreign projects in the region rose by 15 per cent, while their Capex hiked by 86 per cent to $21 billion during the first quarter of this year, compared with the same period of 2021. Western Europe was the main investor in the region in 2021, while Saudi Arabia was the top investment destination in view of the Capex (US$9.3 billion), while the UAE came first in terms of the number of projects (455).

Said El Saadi, director-general at Australia Saudi Business Council.

Said El Saadi, director-general at Australia Saudi Business Council, said: “The Middle East region has gained huge traction as both the UAE and Saudi are committed to diversifying and adapting new trends to build an economy for future generations. I have witnessed a great change in the way businesses are conducted with modern technologies at the forefront unlike in the past. The new set of reforms across GCC makes it evident the region means serious business.” — sandhya@khaleejtimes.com