The United Arab Emirates’ minister of economy, Sultan bin Saeed Al Mansouri, said foreign capital will continue to flow to the UAE in the next six years as a result of giant projects, led by the renewable energy and retail sectors.
He pointed out that the accumulated volume of foreign investments has soared to $126 billion by the end of 2015, compared with $115bn at the end of 2014, mainly driven by increased investment in manufacturing and other heavy industries such as aluminum and petrochemicals as well as other sectors, including tourism and aviation.
In an interview with Al Bayan, the minister said that the security, safety and political stability in the UAE provide a safe and attractive economic environment in a region beset by political and economic crises.
He noted that his ministry seeks to attract more foreign capital to make up five per cent of gross domestic product in accordance with the UAE 2021 agenda.
Al Mansouri added that forecasts by the International Monetary Fund indicate that the UAE economy will grow by more than three per cent. The minister explained that this ratio is good given the current global economic climate.
He said that the small and medium enterprises sector will continue to deliver good performance and will remain a major contributor to the non-oil national income.
($1 = AED3.67, at the time of publishing)