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12March
2019
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Abu Dhabi Chamber of Commerce and Industry and the Pakistan Business Professional Council in cooperation with the Ministry of Economy have organized a seminar on Direct Foreign Investment


The Abu
Dhabi Chamber of Commerce and Industry and the Pakistan Business Professional
Council have organized a seminar on Direct Foreign Investment and its role in
sustainable development. The seminar comes from the strategy of the Chamber to
increase the role of the private sector in the sustainable development process.



The seminar witnessed the attendance of His Excellency Mohamed Helal Al Mheiri,
Director General of the Abu Dhabi Chamber; His Excellency Abdullah Ahmed Saleh,
Undersecretary of the UAE Ministry of Economy; Hamad Abdullah Al Mas, Executive
Director of International Economic Relations Division of the Department of
Economic Development; and Dr. S. Qaiser Anis, Chairman of the Pakistan Business
Professional Council in Abu Dhabi. A number of chairmen of business councils in
Abu Dhabi attended the seminar as well.





H.E. Hamed Helal Al Mheiri, Director General of the Abu Dhabi Chamber, emphasized on
the importance of organizing the seminar to discuss foreign direct investments
(FDI) and the role it plays in developing economic relations on the
international level and supporting international competitiveness.



He pointed out that the seminar comes within the awareness of the Chamber to shed light on the
mechanisms which would help in attracting investments and the efforts of the
government to support FDIs, especially with the release of FDIs law which was
issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the
UAE, in October. The new law reflects the wise vision of the wise leadership and
its awareness to prep and organize a more competitive and advanced business
environment that would enhance the position of the
UAE as an attractive destination for international FDIs.



“The UAE has become the strategic Center for Foreign
Investments and the focus of the major international companies, from its
geographical location, which is a gateway to the countries of the Middle East,
North Africa and South Asia, through the prudent economic policies adopted by
the Openness, diversity and resilience, and to the great qualities and
advantages that our nation possesses, and made it a civilized investment
environment that is stimulating for investors everywhere,” the Director General
added.

 

For his part, H.E. Abdullah Ahmed Saleh, Undersecretary of the UAE Ministry of Economy, said that since the 1970s “the UAE has been moving strategically to reduce its dependence on the oil and gas sector to a broadly diversified economy based on international trade, banking, tourism, real estate and manufacturing and in the process become more competitive.”

He pointed out that according to the Arab World Competitiveness Report 2018, the UAE was ranked as the most competitive economy in the MENA region and the 17th most competitive country globally.

“UAE witnessed non-oil GDP growth of 2.9% in 2018. According to World Bank’s Ease of Doing Business 2018 Report, UAE is ranked 21st globally and number 1 regionally for the fifth year in a row. Trade also increased to AED 1.2 trillion in the first nine months of 2018, with China, India and the US as our major trading partners.”


 



He stated that according to the IMF, non-oil growth is projected to rise to 3.9
per cent in 2019 and 4.2 per cent in 2020. The oil sector's prospects have also
improved with higher oil prices and output. Overall real GDP growth is
projected at around 3.7 per cent for 2019-2020.

H.E. Saleh added “The UAE also continues to attract tourists and its popularity as a
must visit destination will continue in 2019, with experts predicting that new
leisure additions, improved connectivity through the national carriers will all
continue to draw in a steady stream of tourists.”

Hamad Abdullah Al Mas, Executive Director of International Economic Relations
Division of the DED, pointed to the pioneering role of the DED Abu Dhabi in
supporting and developing the FDI sector, pointing to the initiatives of the
DED in this regard.

Dr. S. Qaiser Anis, Chairman of the Pakistan Business Professional Council in Abu
Dhabi, said that Foreign Direct Investment played an important role in global
business in order to face the dynamic changes of economic environment. “In its
classic definition, it is defined as a company is doing physical investment
from a country to another country,” he added.




“I would like to define FDI. Foreign Direct Investment can
be defined as the investment made by transnational corporations or
multinational enterprises (MNE’s) in foreign countries in order to control
assets and manage production activities. Many developed and developing
countries promote FDI’s for the development and economic stability in the
recipient countries and so has the United Arab Emirates.”

Dr. Anis noted that The UAE has taken an important step towards to further reform
the UAE’s economy. Recently, the country’s leadership announcements - We have
the new FDI law, which comes into force, the Ghadan 2021, to boost the
international investor confidence in the UAE, and the new law to promote
public-private partnerships (PPP), as part of the three-year Dh50 billion
“Ghadan 21” program to boost the economy.

Dr. Anis stated that Foreign Direct Investment is a major source of finance for
business, and it is from the investments from different countries and
entrepreneurs who wants to receive better returns for their investment.

“This is because of favorable economic policy in FDI
attracted with these policies, especially in oil & gas, healthcare,
education and real estate. Since UAE is ranked 12th in FDI inflows, it is seen
as conducive for business set-up especially in Abu Dhabi or any Emirate in the
UAE.”