ABU DHABI: The United Arab Emirates (UAE) is working on developing a national investment strategy, its newly appointed investment minister, Mohamed Al Suwaidi, said on Thursday.
The UAE said in July it would set up a new federal ministry of investment – appointing Suwaidi to lead it – to develop the Gulf state’s investment strategy globally and domestically as it contends with escalating economic competition from neighbours.
Speaking at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi, Suwaidi highlighted the months of effort dedicated to crafting a strategic framework for the UAE. As a federation of seven emirates, each with its unique investment strategies, the UAE aims to streamline and optimize its overall approach. Suwaidi, also serving as the CEO of ADQ, one of Abu Dhabi’s major sovereign funds, emphasized that the new ministry would not function as a regulator or policymaker. Instead, its primary role would be to champion UAE companies, facilitating their expansion into global markets and fostering opportunities for foreign investment.
The Gulf region is witnessing increased economic competition as states endeavour to diversify income sources and boost non-oil growth. The UAE, at the forefront of this effort, has achieved significant progress, with the non-oil sector contributing over 70 percent to its GDP. Key economic sectors include trade and logistics, financial services, manufacturing, and tourism.
