As we can see, the United Arab Emirates has witnessed a big transformation in economy and business over the last few decades, making it an ideal platform for economic success in the rapidly evolving business world.
When it comes to the growth of the UAE as an investment destination, many advantageous factors are playing in its favor. One is UAE’s strategic location in the global crossroads, and other factors include but are not limited to the
- Strong fiscal reserves,
- Sovereign wealth funds,
- Major developmental projects,
- Employment opportunities created,
- Infrastructure projects,
- A modern and diversified economy built in less than 50 years.
Kavan Choksi UAE discussing the economy
UAE has the desire to push forward hard and always try to keep the doors open to ensure that it remains a global beacon for innovation, talents, and endeavors. As Kavan Choksi UAE rightlypoints out, all these factors come together to make UAE a model environment for business and investment. As of late, UAE is regionally ranked first and globally ninth in the 2021 Global Competitiveness Report by being first on 22 specific indicators in the report. In a very short time, UAE has managed to push its limits to become one of the most diversified and successful economies in work.
Attracting both talent and capital
One of the fundamental driving forces of UAE’s growth is attracting FDI in all key sectors, particularly those which are associated with technology and the knowledge economy. IoT, artificial intelligence, blockchain, machine learning, medical innovations, high-speed transportation, augmented reality, robotics, autonomous cars, renewable energy, and all such advanced technological areas are being researched in the UAE to be the forerunner of all future generation technologies.
Despite the latest figures by the UN that the flow of global foreign direct investment has decreased by about 42 percent due to the post-Covid impact, UAE still has witnessed about 44 percent growth in terms of inward FDI flows in the year 2020. UAE had been ranked first in the Arab region and about 15th in terms of foreign direct investment globally. As per the Global Foreign Direct Investment reports in the year 2021, UAE attracted an of nearly $19.9 in the year 2020, which is about 11.24 percent over the figures of 2019.
It is also reassuring for the UAE economy that it has been first in the region of West Asia by receiving about 54.4 percent of the overall FDI inflows into this region. This will be amounting about $36.5 billion. So, the overall economic forecast for the UAE is very healthy, making the UAE’s business environment valuable and welcoming. Another big pointer to the positive investment climate in UAE is the GDP, which is totaled at about $421 in the year 2020, even with all the adverse impacts of the global pandemic. The GDP per capita had grown to $43,100, which exceeds that of many other developed countries like the UK, New Zealand, Spain, France, etc.
Kavan Choksi UAE concludes that the nation has undergone a constant transformation over the last few decades to now be a solid platform for success in the rapidly evolving business world. The digital infrastructure of the UAE also ranks first in the Arab world. The recent legislative changes also helped create more room for the investors and businesses attracted to UAE.
