UAE Ministry of Economy signs MoU with Presight to drive FDI

The UAE’s Ministry of Economy (MoE) signed a memorandum of understanding (MoU) with Presight to drive foreign direct investments into new sectors within the UAE.

Presight, which is active in 14 countries, is listed on the Abu Dhabi Stock Exchange and its majority shares are owned by the G42 Group in Abu Dhabi.

The agreement highlights the government’s focus on attracting AI companies as part of its broader strategy to diversify the UAE’s economy and create new economic sectors. In equal measure, these efforts are expected to support the attraction of talent into the UAE contributing to the growth of a vibrant and dynamic AI ecosystem.

The MoU was signed on the sidelines of the 12th Annual Investment Meeting 2023, held at the Abu Dhabi National Exhibition Center from May 8-10.

Juma Al Kait, Assistant Undersecretary of Foreign Trade at the Ministry of Economy said: “The country’s increasing economic openness to the world has contributed to the development of the investment and business environment in line with international best practices. This in turn has boosted FDI inflows to the country in line with the ‘We the UAE 2031’ vision that aims to double the GDP to reach Dhs3tn by 2031.

“In July 2022, we launched the NextGenFDI initiative to attract digitally enabled global companies to the UAE. Today, we continue our endeavors to support the national business and investment landscape by forging partnerships with Presight. This cooperation will strengthen the government’s partnership with the private sector and promote promising investment opportunities in the country to accelerate the national FDI agenda, thus solidifying the UAE’s position as a leading global destination for investment and business.”

Al Kait added that the UAE is a regional and global leader in the FDI sector, which contributed to strengthening its position as a global hub for trade and investment. The UAE attracted $20.7bn in FDI in 2021, up 4 per cent from 2020 to rank first in West Asia, Middle East, and North Africa. Besides, FDIs inflows to the UAE are expected to reach $22bn, accounting for 4.3 per cent of the GDP of the national economy, according to the Institute of International Finance’s report.

Presight will deploy data, AI to attract FDI

Dr Adel Al Sharji, COO of Presight said: “We are honoured to join hands with the Ministry of Economy (MoE) to further the UAE’s economic and investment objectives. Our partnership aims to identify and promote promising investment opportunities in emerging sectors, which will attract foreign investment and solidify the UAE’s position as a global investment and business hub, as we work towards achieving our national vision of doubling the GDP to reach Dhs3tn by 2031.”

Presight will work with the Ministry of Economy to attract foreign direct investments to new sectors in the UAE, by deploying big data, analytics and artificial intelligence in education, healthcare, infrastructure and financial services.