Emirate Leads in Sustainable Growth with Record Non-Oil GDP, Green FDI Ranking –UAE Ministry of Economy
First published onRAKIS ↗
Ras Al Khaimah, December 12: At the Ras Al Khaimah Investment and Business Summit, held on December 10th and 11th at the Al Hamra International Exhibition & Conference Center, H.E. Abdulla Al Saleh, Undersecretary at the UAE Ministry of Economy, highlighted the transformative economic reforms that have strengthened the UAE's global investment appeal, enhanced economic resilience, and invited investors to explore the wealth of opportunities within the emirate.
One of the most impactful reforms, he stated, was the amendment to the UAE’s company law, enabling 100% foreign ownership of companies on the mainland without the requirement for a local sponsor. This landmark decision, extended beyond free zones, has catalysed unprecedented business growth. “Since 2021, the number of registered enterprises in the UAE has nearly doubled, skyrocketing from 550,000 to over 1 million,” he stated.
Additional initiatives include the introduction of the Family Business Law to support legacy enterprises and comprehensive packages designed to foster venture capital investments and entrepreneurship. Notably, the “UAE has issued 200,000 golden visas over the last four years”, further incentivizing entrepreneurs and investors to establish roots in the country.
Promoting sustainable economic practices remains a priority for the UAE. H.E. Al Saleh emphasised the nation’s commitment to green economic policies, including achieving net-zero carbon emissions by 2050 and encouraging circular economy initiatives. UAE “ranks second globally in attracting FDI for green projects”, showcasing its leadership in sustainable development.
Strategic economic partnerships have also played a pivotal role. With 18 comprehensive economic partnership agreements concluded to date, the UAE is driving collaboration and investment, aiming to double its GDP within the next decade. In 2023 alone, the country attracted over $51 billion in foreign direct investment (FDI), marking a 50% growth compared to the previous year and securing a global rank of 17th in FDI inflows.
A testament to the UAE’s diversification success, non-oil sectors now contribute a record 74% to the nation’s GDP. This achievement reflects the effectiveness of the innovative strategies and economic reforms of the emirate as stated by H.E. Al Saleh.
With its bold vision and robust reforms, the UAE continues to “solidify its position as a global leader in economic development and investment attraction”, setting a new benchmark for sustainable and inclusive growth.
By Muhammad Younis, PR & Communications at Valiant Business Media
