The United Arab Emirates’ gross domestic product grew 7.6 percent in 2022 amid doubled economic growth, incoming foreign direct investment, and outgoing investment flows announced Minister of Economy Abdullah bin Touq.
Bin Touq stated that the 100 percent full foreign ownership led to a significant increase in the demand for international companies to work in the UAE, reaching 300,000 companies and generating revenue of about $598 billion.
The Minister was speaking at the second edition of the Investopia Annual Conference 2023 that kicked off in Abu Dhabi on Thursday. More than 2,000 local and international figures, including investors, government officials, decision-makers, and entrepreneurs, are taking part at the event.
Managing Director and Group CEO of Mubadala Khaldoon al-Mubarak said the focus on disruptive innovation in the UAE shapes the future economic base and creates solutions that benefit others.
"It is why our plans to supercharge our growth are underpinned by collaboration, creating opportunities for people, and driving solutions to press global challenges," he said.
Mubarak summarized that Mubadala's role is to "help advance the nation's globally connected economic base by investing and partnering in the most promising and challenging sectors across over 50 countries."
Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed al-Zaabi stressed the importance of bringing key players in the global investment community together to discuss ways to deal with challenges and factors shaping the future.
The ADDED aspires to advance the rapidly evolving economic landscape organizing.
"Over the past years, Abu Dhabi has taken a remarkable journey of phenomenal transformation, driven by the wise vision of our leadership and fueled by the ambition of economic diversification," he added, according to the UAE state news agency WAM.
The UAE is experiencing the golden era, the rise of a Falcon Economy, he added.
UAE continues to be a dominant force, driven by the leadership's clear vision, agile policies, and robust regulatory and legal frameworks to encourage and promote both foreign and domestic investment, he said.
"Our rapid economic growth, along with the growing confidence of the international community to live, invest and thrive in Abu Dhabi. This phenomenal expansion has been led by the growth of various non-oil sectors of our economy and as a result of the collaborative efforts of the public and private sectors," Zaabi concluded.
The Investopia Annual Conference 2023 will discuss several economic issues that contribute in shaping the new global economies and their sectors.
It will feature several panel discussions, such as: Uncovering the Potential of South-South Investments in Emerging Markets, Fintech Revolution, Growth Opportunities in Today's Economy, Mobilizing New Economies, Reimagining Regional Economic Development Through Finance, and Venture into Untapped Markets: Private Growth Investing.
The conference will discuss Food Security in Times of Climate Change, Trends in Family Wealth, Innovations in Precision Healthcare, Beyond Borders: Harnessing the Power of Global Trade for Investment & Growth, and How Blockchain Will Change Finance.
The event is hosting a series of closed roundtables by the UAE Canada Business Council, Business Finland, and the Emirates News Agency (WAM).
It will also witness investment meetings that bring together global financial and non-financial institution leaders to discuss areas of collaboration and investment opportunities.
