UAE’s GDP crossed AED 1.54 trillion in 2014
UAE Ministry of Economy steps up preparations for 5th Annual Investment Meeting, which has attracted representatives from 140 countries
H.E. Al Mansoori: “UAE Foreign Direct Investment inflow continues, with potential to attract more in coming years”
Dubai, UAE, 8 December 2014: The UAE Ministry of Economy has stepped up the preparations for the 5th Annual Investment Meeting (AIM), to be held from 30 March – April 1, 2015 at the Dubai International Convention and Exhibition Centre.
The AIM, which will be held under the theme ‘Sustainable Development Through FDI-Induced Innovation and Technology Transfer’, has attracted representatives from more than 140 countries, with ‘Innovation’ as main discussion topic.
H.E Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, has lauded the forum’s theme, as it comes at a time when the UAE is focusing on ‘Innovation’, reflected in recent announcement of the UAE Cabinet under the directive of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE that 2015 would be the year of innovation.
The UAE Federal Government will launch a seven-year, integrated national strategy for innovation, comprising 30 phases, to push the UAE to innovation forefront globally.
Organisers of AIM have urged countries seeking to attract foreign investment to create the appropriate environment to facilitate investments, and surmount logistical and legal obstacles, as well as encourage innovation among all segments of society.
H.E Sultan Bin Saeed Al Mansoori said that the cumulative FDI in the UAE stood at AED 223 billion from 2006 to 2013, bringing its total cumulative balance to AED 387 billion from various countries around the world.
H.E. said that the UAE has streamlined FDI, especially in logistics, and quoted a 2014 report by United Nations Conference on Trade and Development (UNCTAD) saying that the UAE was able to attract around USD 10.5 billion of FDI during 2013, compared to USD 9.6 billion in 2012, a growth of 9.2%.
H.E Al Mansoori projected an increase in UAE’s GDP to more than AED 1.54 trillion in 2014, compared to AED 1.47 trillion in 2013, an approximate growth of 4.8%.
H.E Al Mansoori said: “Preparations for AIM 2015 are in full swing, at a time when the latest International Monetary Fund (IMF) forecast show a 3.3 per cent growth in international economy in 2014 and 3.8% in 2015.”
AIM is expected to attract more than 500 companies from 140 counties, displaying projects, products and services for many economic sectors such as agriculture, agro-industry, trade, construction, education, research, energy, finance, banking, aviation, commodities and management of free zones, insurance, government, healthcare, investment in information technology infrastructure, communications, legal affairs, logistics, pharmaceutical industry, marine and submarines industries, mining, tourism, hospitality, transportation and waste management.
Workshops and several business deals will be held on the sidelines of the forum. It will also see the launch the second FDI Report 2015.
Mr. Dawood Al Shezawi, CEO, AIM’s Organizing Committee says: “Emerging markets’ share of FDIs amounted to 54% in 2013, which underpins the importance of AIM 2015.”
A day before AIM 2015, a planning conference will be held to throw light on achieving integrated growth, taking into account the income and living standards, through creating new investment relations with the global economy, which in turn attracts new technologies.
AIM organizers say the forum has become a global hub for the convergence of expertise and open channels of communication, as well as an ideal platform for innovation, providing tips for developing economies to learn from successful models.
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