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Foreign investments in UAE to arrive at $126bn by yearend

Country “has become regional hub” for roughly 25 per cent of the world's 500 largest companies

Foreign investments in the United Arab Emirates are expected to exceed $126 billion by the end of the current year compared with $115bn at the end of 2014.

Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said the government plans to have foreign investments’ inflow comprising five per cent of gross domestic product.

In remarks to Al-Ittihad, the minister attributed the rise in foreign investments in the country to robust growth in the oil and non-oil sectors, including manufacturing, petrochemicals, tourism and aviation.

He noted that the UAE has become a regional hub for roughly 25 per cent of the world’s 500 largest companies, saying that he was confident foreign capital will continue to arrive in the next five years driven by mega ventures the country continues to launch.

Al Mansouri denied that the plunge in oil prices will leave any impact on the UAE’s transformation into Smart government, since the budget for this project has been already assigned.

The ministry of economy is striving to upgrade the legislative economic infrastructure by enacting a set of laws aimed at boosting economic performance such as the foreign investment legislation, which the minister expected to be issued by the beginning of next year.

Speaking on the legislation, Al Mansouri said the law, if it is endorsed, will offer more guarantees, privileges and incentives to foreign investors, in addition to identifying their rights and responsibilities in a fair manner.

($1 = AED3.67, at the time of publishing)