UAE economic diversification drive pushes investment appeal to top 10 globally

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The UAE has now secured the second spot among emerging markets, following China, marking a significant leap in global investment appeal. According to the 2024 Kearney Foreign Direct Investment Confidence Index, the UAE has surged to 8th place from 18th last year, solidifying its position as a prime investment destination.

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This rise in ranking reflects the success of the UAE's economic diversification efforts, with foreign direct investment reaching $22.7 billion in 2022, constituting 60 percent of FDI into the Gulf region.

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Rudolph Lohmeyer, head of the National Transformations Institute at Kearney, attributes this achievement to the visionary leadership and decisive actions driving economic diversification. The UAE's continuous policy reforms have instilled confidence among investors, positioning it as a global investment magnet.

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The government's initiatives to enhance the business environment, including fostering a dynamic tech startup ecosystem, have further heightened the country's allure to international capital.

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While economic diversification has been a longstanding goal, efforts gained momentum post the 2014 oil price downturn. Policy overhauls have enhanced the UAE's appeal across sectors like renewable energy and tourism.

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The upward trajectory in the FDI index, now in its 26th year, validates the UAE's diversification agenda. With ongoing enhancements in infrastructure and other fundamentals, the UAE anticipates even stronger investment inflows in the future.

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