UAE's FDI in US up 230% in 4 years
The UAE has emerged as the fastest-growing foreign investor in the US between 2004 and 2008 followed by India, overtaking the European nations which have traditionally been the top foreign investors in the world's largest economy.
The foreign direct investment (FDI) by the UAE saw 230 per cent average annual increase over four years, followed by India with 64 per cent, Spain with 60 per cent, Chile 50 per cent, Switzerland with 38 per cent, South Korea with 31 per cent, China with 30 per cent and Indonesia with 27 per cent.
Robert D Hormats, Under Secretary of State for Economic, Energy and Agricultural Affairs, said in his address to the US Council for International Business that the recent years have seen the drift toward a newer group of investors from countries such as the UAE, India, Spain and Chile.
In 2008 alone, the US received $316 billion (Dh1.16 trillion) in foreign direct investment. The US companies earned $350bn from overseas direct investments and remitted about a third of those earnings to US parent companies in the form of dividends.
Historically, European Union member states have been the leading investors in the United States. They hold 62 per cent of the stock of FDI in the US, with Switzerland, Germany, the United Kingdom, France, and Spain as the top European investors. The next largest group of investors are Japan, Canada, and Australia.
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