Gulfnews: Foreign direct investment in UAE doubles
Gulfnews: Foreign direct investment in UAE doubles: "Foreign direct investment in UAE doubles
By Stanley Carvalho, Staff Reporter
Abu Dhabi: Foreign direct investment in the UAE doubled last year to $18 billion and is likely to go higher as the economy opens up and new laws come into force, the Minister of Economy said yesterday.
'The UAE attracted $18 billion FDI in 2005 and besides being an oil economy, the investments side is large,' Shaikha Lubna Al Qasimi said on the sidelines of the German-UAE Economic Forum. 'The new laws and changes enhance further openness between the UAE and other countries, facilitating more direct investments.'
She said tension over Iran's nuclear programme had no negative impact on the flow of investment into the country.
She said the UAE had become the third largest re-export centre in the world, reaching out to about a billion consumers.
The UAE is aspiring for investments and technology from sophisticated markets, the minister said.
'The UAE has 50 per cent of its GDP from the services sector and we require knowledge enhancing investments such as transfer of technology,' she said, adding that a lot of German technology has been introduced here.
German Minister of Economy Michael Glos said though exports to the UAE had been rising, there was potential for more.
Glos met General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and discussed ways to boost bilateral ties.
"
By Stanley Carvalho, Staff Reporter
Abu Dhabi: Foreign direct investment in the UAE doubled last year to $18 billion and is likely to go higher as the economy opens up and new laws come into force, the Minister of Economy said yesterday.
'The UAE attracted $18 billion FDI in 2005 and besides being an oil economy, the investments side is large,' Shaikha Lubna Al Qasimi said on the sidelines of the German-UAE Economic Forum. 'The new laws and changes enhance further openness between the UAE and other countries, facilitating more direct investments.'
She said tension over Iran's nuclear programme had no negative impact on the flow of investment into the country.
She said the UAE had become the third largest re-export centre in the world, reaching out to about a billion consumers.
The UAE is aspiring for investments and technology from sophisticated markets, the minister said.
'The UAE has 50 per cent of its GDP from the services sector and we require knowledge enhancing investments such as transfer of technology,' she said, adding that a lot of German technology has been introduced here.
German Minister of Economy Michael Glos said though exports to the UAE had been rising, there was potential for more.
Glos met General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and discussed ways to boost bilateral ties.
"
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