What do we know about the Ministry of Investment UAE?
The UAE government has announced its intention to establish a new federal Ministry of Investment. The aim of the Ministry of Investment UAE would be to further develop the country’s investment strategy locally and globally to counter the growing regional economic competition. Ministry of Investment UAE policies are in line with the overall goal of the country to diversify its economy and move away from hydrocarbon. Here’s what we know about the objectives of the Ministry.
ABOUT THE MINISTRY OF INVESTMENT UAE
In recent times, the UAE government has taken multiple steps to make the economic environment more business-friendly. From the establishment of free zones to investor visas, much has been accomplished. It is looked at as the regional industry leader when it comes to tourism and financial services. The establishment of this Ministry is the continuation of the effort to make the UAE a preferred choice for investors in diverse sectors.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, The Prime Minister of the UAE and ruler of Dubai, announced on Twitter that Mohammed Hassan Al Suwaidi has been appointed the Investment Minister.
Ministry of Investment UAE policies would be aimed at stimulating the investment environment in the country. It will work to update the legislation and procedures to make the UAE more attractive to global investors. Moreover, a Financial Stability Council will be formed to monitor risks and look at ways to deal with any financial crisis.
This can be viewed in the backdrop of the announcement of the 10-year economic plan “D33” by H.H. Sheikh Mohammed. The objective of D33 is to double the size of UAE’s economy and make Dubai one of the top four global financial centres in the 10-year period.
WHAT ARE THEY SAYING?
H.H. Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai took to Twitter and discussed the role of the new ministry.
“The aim of the new ministry is to develop the country’s investment vision, stimulate the investment environment internally and continuously enhance the competitiveness of our procedures and legislation to ensure that the country remains a global destination for investment and a major player in the global investment movement,”
FAQS ABOUT THE MINISTRY OF INVESTMENT UAE
WHAT WILL BE THE ROLE OF THE MINISTRY?
The Ministry of Investment procedures and plans are wide-ranging. It will prepare strategies, projects, plans legislation and national programme.
HOW DOES THE UAE RANK IN TERMS OF FDI INFLOWS GLOBALLY?
In 2022, it ranked 16th globally and top among the Arab world in terms of FDI (foreign direct investment). With the Ministry of Investment UAE procedures and plans, the government would hope to increase FDI and rise up the charts. They can work on providing further incentives like UAE Real Estate Investor Visa.
Setting up the Ministry of Investment UAE can prove to be pivotal in terms of facilitation of investment in the long run. The country will be viewed favourably considering its openness towards foreign investment and constant push to make the environment positive for investors.
If you are looking to invest in the UAE or seek employment it would be a good idea to read about MOHRE (Ministry of Human Resources and Emiratisation).