The UAE has jumped ahead of Germany and Russia in a global ranking of the most “attractive” places for foreign investment.
The Emirates has risen 14 spots to claim the eighth position on AT Kearney’s (ATK) Foreign Direct Investment Confidence Index (FDICI) 2007, a survey among CEOs.
Overall, Middle Eastern states faired better than ever before in the annual survey, which is seen as a barometer of corporate confidence.
Unveiling the survey in Dubai yesterday, Paul A Laudicina, managing officer and chairman of ATK, said: “The Middle East investment destinations attained the highest ever rankings in the 10-year history of the index, with locations placing among the top 25 most attractive investment destinations. The UAE rose to eighth position in the 2007 FDICI, up from 22nd in 2005. Despite concerns about DP World acquisitions abroad, the UAE has pushed ahead of Canada, Italy, France, Spain, Turkey, Germany and Austria. Bahrain, Kuwait, Oman and Qatar made their debut on the index in 17th position, grouped together as ‘Other Gulf States’.”
Survey participants considered parameters such as market size, ease of doing business, availability of efficient human resources and quality of the regulatory framework. The survey is an indication of the mood of participating firms that account for more that $3.8 trillion (Dh13.9trn) in global revenue, said ATK. The UAE’s top billing puts it in league with China, India, the United States and the United Kingdom, which occupied the first four places.
The report said: “The survey is conducted among CEOs, COOs and Chairman. Twenty-nine per cent of investors reported a more positive outlook towards the UAE, placing it forth behind only India, China, and Brazil.
“While China and India continue to rank first and second in the 2007 Index, 15 of the most attractive 25 FDI destinations are developing markets,” it said.