UAE’s FDI estimated at $2.5tn by early 2024: UAEIIC secretary-general

The UAE continues to assert its dominance in foreign direct investment (FDI), with estimates indicating a staggering $2.5tn in Emirati investments abroad by the beginning of 2024.

Jamal Bin Saif Al Jarwan, secretary-general of the UAE International Investors Council (UAEIIC), emphasised the country’s significant economic footprint, spanning both government and private sectors, solidifying its position as a key player on the global economic stage.

In a statement to the state news agency, WAM, Al Jarwan highlighted the Emirates’ strategic focus on emerging markets and the establishment of key partnerships, driving momentum for further expansion.

This proactive approach has led to landmark deals, including a historic $35bn investment agreement with Egypt for the development of Ras Al Hekma, representing the largest direct investment in Egypt’s history.

Read: UAE’s mega $35bn deal marks largest FDI in Egypt’s history

UAE investment to reap rewards in Egypt

Al Jarwan projected that the total UAE investment in Egypt would soar to approximately $65bn upon completion of the Ras Al Hekma project. He underscored the transformative impact of this deal, noting its immediate benefits for the Egyptian economy, such as strengthening the Egyptian pound, stabilising supply chains, and normalising prices. Additionally, the agreement is poised to position Egypt as a prime destination for foreign investment in the upcoming UNCTAD report, signalling global confidence in Egypt’s economic potential.

Detailing the Ras Al Hekma project, Al Jarwan outlined its ambitious scope, aiming to develop a “city of the future” spanning 170 million square metres, with anticipated investments exceeding $150bn over its lifespan.

Looking ahead, Al Jarwan expressed optimism regarding the future of UAE investments in Egypt, citing positive economic relations between the two countries.

He emphasised the country’s status as a leading investor in Egypt, with approximately 2,000 Emirati companies operating across various sectors.

Other areas of investment

Al Jarwan also highlighted the global strategic interest in the country’s nvestments, pointing to the professionalism of Emirati investors and their presence in 90 countries.

He anticipated continued interest from countries such as India, Indonesia, ASEAN nations, Morocco, and certain European countries, reaffirming the country’s commitment to fostering economic growth and international partnerships.