UAE’s business-friendly policies attract more global investors – News

0

Dubai welcomed 6.17 million overnight visitors from January to May 2022.



Wam picture file

Published: Sun 10 Jul 2022, 11:53 PM

Last update: Sun 10 Jul 2022, 11:56 PM

The United Arab Emirates is building a futuristic nation with a solid foundation of disruption and legacy helping future generations tap into endless opportunities. The nation has introduced new reforms and investor-friendly policies that are forcing the global business community to take notice of what is on offer in the wilderness.

The rise of the MICE industry across the country is proof that people are networking in person with all security measures intact. Dubai welcomed 6.17 million overnight visitors from January to May 2022, with the highest number of international guests from India at 707,000. The rise in popularity has also been catalyzed by the management of Covid-19 which proved to the world that business would continue despite all obstacles. Stimulus measures, business digitization and remote working have been adopted to ensure business continuity.

Anthony Ritossa, President, Ritossa Family Office.  — Photo provided

Anthony Ritossa, President, Ritossa Family Office. — Photo provided

“The UAE continues to grow in popularity among family offices and high net worth individuals (HNWIs). Our recently concluded Investor Summit in Monaco made it clear that many investors consider the United Arab Emirates to be one of the most desirable global gateways in the world, in addition to other top destinations such as Monaco, the Saudi Arabia and other fast-growing economic powers. Among the most in-demand sectors are impact investing and the Web3 ecosystem, with a particular focus on startups. We see tremendous opportunities in our region as global venture capitalists increasingly seek to work with local players here as a means of expanding business growth,” said Anthony Ritossa, President of Ritossa Family Office , based in Dubai, which recently concluded the 19th Ritossa Family Office Investment Summit in Monaco with many participants from the Middle East and the world.

Dubai ranked first in the Mena region and tenth globally in global venture capital FDI projects, according to the “Global Venture Capital FDI Ranking 2022” report published by “fDi Intelligence” based on data collected between 2003 and 2021. Other data from “Dubai FDI Monitor”, supported by Magnitt, revealed that 84 Dubai-based startups managed to attract venture capital (VC) backed FDI worth 2, 34 billion Dh in 2021. Recently, the Abrahamic Business Circle Dubai Investor Roundtable successfully concluded with more than 200 participants from several countries and different sectors participating. The event provided insight into investment opportunities, new technologies, developing partnership consortia, as well as insights from guest speakers, keynote speakers, inventors, innovators and business owners.

Dr. Raphael Nagel, Founder and President of the Abrahamic Business Circle.

Dr. Raphael Nagel, Founder and President of the Abrahamic Business Circle.

The Abrahamic Business Circle promotes economic diplomacy through investments. The global business networking platform provides its members with a global network of contacts to raise capital, buy and sell businesses and locate potential investments, joint ventures, distribution channels and new clients.

Dr Raphael Nagel, Founder and Chairman of Abrahamic Business Circle – a renowned private equity investor and venture capitalist – said: “Our events typically focus on economic diplomacy to stimulate private and public partnerships to strengthen the economic growth in the region”.

According to the Arab Investment Export Credit Guarantee Corporation (Dhaman), Arab countries have attracted 14,443 foreign projects with a total Capex of $1.3 trillion over the past 19 years. The company said in its 37th annual report on the investment climate in Arab countries for 2022, that the number of foreign direct investment projects in the region increased by 37% and their investments increased by 1% between 2003 and 2021. received a 41% share of foreign direct investment projects that Arab countries attracted between 2003 and 2021.

The Kuwait-based company added that these projects have created around two million job opportunities. The number of foreign projects in the region increased by 15%, while their capital expenditure increased by 86% to $21 billion in the first quarter of this year, compared to the same period of 2021. Western Europe was the main investor in the region. in 2021, while Saudi Arabia was the top investment destination based on Capex (US$9.3 billion), while the United Arab Emirates came top in terms of number of projects (455).

Said El Saadi, chief executive of the Australia Saudi Business Council.

Said El Saadi, chief executive of the Australia Saudi Business Council.

Said El Saadi, Chief Executive of the Australia Saudi Business Council, said: “The Middle East region has grown in popularity as the UAE and Saudi Arabia commit to diversifying and adapting to new trends. to build an economy for future generations. I have witnessed a big change in the way businesses are conducted with modern technologies at the forefront unlike in the past. The new set of reforms across the GCC make it clear that the region means serious business. — [email protected]

Share.

Comments are closed.