FDI in UAE stocks reach Dh387bn: Al Mansouri

The value of foreign direct investments in the UAE stocks by the end of 2013 reached $105.5 billion (Dh387 billion), while the value of UAE investments abroad by the end of 2013 amounted to $63 billion (Dh231 billion), UAE Minister of Economy, Sultan bin Saeed Al Mansouri, said on Monday.

“The macroeconomic outlook is positive. Economic growth is expected at 4.8 per cent in 2014 and about 4.5 per cent in coming years, supported by a number of megaprojects announced over the past 18 months and the successful bid for the World Expo 2020. The GDP in 2013 was $402 billion,” the minister added.

Al Mansoori was speaking at the opening of the Global Trade Development Week in Dubai on Monday. The three-day event brings together 600 influential business and government leaders from over 90 countries to discuss how to tackle today's most challenging trade and development issues.

“Growth will continue to rise over the next several years as the UAE continues to meet its economic development diversification targets. The UAE’s sound economic infrastructure and business-friendly environment make our country an ideal partner for the world commercial interests,” he said, adding that “Our trade and investments are spread out and well distributed as we interact with 220 markets worldwide. This has given the UAE considerable economic resilience, helped minimize the impact of regional instability on our economy, and enabled us to continue with the development of our country.”

Al Mansouri also highlighted the UAE knowledge and innovation initiative.

He said: “It is the aim of the UAE to have a 5% contribution from knowledge economy and innovation to the GDP by 2021.”

Speaking on the potential of the global trading system, the minister called for the removal of barriers to trade.

Al Mansouri said: “We all agree that trade is a vital engine of economic growth that creates quality jobs.  However we need to remove barriers to trade that hamper economic growth, whilst at the same time facilitate trade at borders, which needs both domestic reform and international cooperation and the world is looking forward to move ahead in the implementation of the new Trade Facilitation Agreement in WTO”.

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