Mohammed Al Suwaidi, the UAE Minister of Investment appointed after the establishment of the Ministry of Investment this year, stated on Thursday that the country is working on developing a national investment strategy. The UAE announced that it will establish a new federal ministry for investment and appointed Al Suwaidi to lead it in developing the country’s investment strategy at both global and local levels, amidst increasing economic competition from neighboring countries. Al Suwaidi mentioned at a conference in Abu Dhabi: "We have spent the past few months formulating a strategy for the UAE."
Al Suwaidi also holds the position of CEO of one of the largest sovereign wealth funds in Abu Dhabi, ADQ. He pointed out that the role of the new ministry will not be that of a regulatory body or a policymaking entity, but rather to promote the entry of UAE companies into new global markets and enhance opportunities for foreign investment. Economic competition is intensifying in the Gulf region as countries there attempt to diversify their income sources and boost non-oil growth. The UAE is among the leaders in this effort, with the non-oil sector accounting for more than 70 percent of its GDP. Key economic sectors in the UAE include trade, logistics, financial services, manufacturing, and tourism.
Saudi Arabia's Crown Prince oversees similar initiatives known as Vision 2030. Saudi Arabia is aiming to attract billions in foreign direct investment and has offered incentives for global companies to establish regional headquarters in the area, which could challenge the UAE’s commercial dominance in the region.
