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15 July 2024

Non-oil sectors biggest contributors to UAE growth in 2013: Al Mansoori

By Staff

Non-oil sectors were biggest contributors to the UAE growth in 2013, said Sultan bin Saeed Al Mansoori, Minister of Economy.

He said some growth rates reached 7 per cent in some sectors, which reflects the UAE’s success in diversifying its income sources with less dependence on the oil sector, thus emerging as an important player on the regional and global front in areas like tourism, entertainment, education, banking, real estate, hospitality and others.”

Al Mansoori said the 4th Annual Investment Meeting (AIM), which will be organised by the ministry on April 8–10 at the Dubai International Convention and Exhibition Centre under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, will include a ministerial roundtable where over 60 ministers will discuss investment partnerships and feasible investment options for regional and international investors.

“AIM will discuss investment operations in sectors like agriculture, tourism, entertainment, infrastructure and logistics amongst other sectors. The topics will cover risk management, marketing, dynamic institutional investments as well as investments in sectors of energy, manufacturing and financial operations,” said Al Mansoori.

The event targets rapidly changing economies and countries as well as emerging industries. It has attracted a mix of government officials with big private assets, owners, and entrepreneurs from all over the world.

“This three-day event will showcase international study cases from diversified economies and the role of the UAE in establishing new horizons for Foreign Direct Investments (FDI) with the aim of accelerating the transformation to a more diversity in the local economic sector,” Al Mansoori said.

Dawood Al Shezawi, CEO, AIM’s Organizing Committee, said: “AIM provides leadership in specialised investments in the world. The forum targets FDI in emerging markets that are attracting larger number of regional and global investors.”

The final session of the AIM this year will focus on best practices in attracting investment from emerging markets. This session will explore a new approach needed to successfully target these markets, particularly for investment promotion agencies. Panelists will include executives from emerging market companies that are active internationally as well as representatives from investment promotion agencies that have successfully attracted investment from emerging markets.

It is known that emerging markets have different drivers for outward FDI than developed countries. Since cost advantages can be achieved already in their home country, companies from emerging markets are more likely to pursue management and marketing know‐how in a host country. They also have market‐seeking motives, since their home market is limited in terms of low per‐capita GDP. For further expansion, they look to seek growth opportunities outside their home markets.

In 2013, developing countries generated 31 percent of global FDI outflows, totaling $426 billion in 2013. Markets are now focusing on how they can attract the attention of these lucrative investments and capitalise on their growth.

“AIM’s role is to attract capitals to the vital sectors in the UAE,” Al Shezawi added. “AIM offers project developers across several sectors informative platform to present their projects for companies and private investors who are looking for reliable and feasible projects. It also offers unique experiences to keep abreast of latest achievements in the world of investments, highlighting its role as an eye opener and partnership builder between stakeholders.”