At AED 7 trillion; the value of UAE Assets Under Management Abroad07 Feb 2023
At AED 7 trillion; the value of UAE Assets Under Management Abroad
Bin Touq: The UAE International Investors Council works according to a clear vision to enhance openness to foreign markets and explore new opportunities that serve the development agenda of the country
Abu Dhabi February, 07 2022:
His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Honorary Chairman of the UAE International Investors Council (UAEIIC), said that the UAE International Investors Council continues to explore growth opportunities and deal with the challenges facing member companies in global markets, and the Council is keen to enhance channels of communication with promising markets and explore opportunities to establish new partnerships to serve the country's development agenda and its vision to move towards a new, more diversified and flexible economic model.
This came during the thirty-third meeting of the Board of Directors meeting of the UAE International Investors Council (UAEIIC), which was held at the Ministry of Economy building in the UAE capital, Abu Dhabi, under the chairmanship of H.E. Abdullah bin Touq Al Marri, and in the presence of H.E. Saif Mohammad Khalfan Al Mazrouei, CEO of Ports Cluster - AD Ports Group – Chairman of the Executive Committee of UAEIIC, and H.E. Jamal bin Saif Al Jarwan, Secretary General of the Council, With the participation of the members, H.E. Ali Rashid Al Jarwan, CEO of Dragon Oil, H.E. Yusuff Ali Musaliam, Chairman & Managing Director of LuLu Group International, H.E. Mohammed Saif Al-Aryani, Senior Vice President for Strategic Investments at ADNOC, H.E. Rashed Saud Al Shamsi, Independent BOD Member of UAEIIC, H.E. Mohammed Al Muallem, Executive Vice President-DP World , H.E. Adeeb Ahamed, Managing Director of LuLu Financial Group, H.E. Salah Sharaf Al Hashmi, Vice President – Sharaf Group.
The meeting discussed the Board's strategy and its role in supporting the work of member companies and their investments in foreign markets, studying and seizing promising opportunities and ways to grow further. H.E. bin Touq praised the UAEIIC efforts to protect and promote UAE investments, employ the Council's full resources and partnerships to deal with the challenges facing member companies in foreign markets, and serve the UAE's investments abroad and stimulate their growth, especially in priority sectors.
His Excellency Abdullah bin Touq Al Marri stated “thanks to the directives of the wise leadership of the UAE, the country continues to position the UAE as a global destination for trade and investment, as the UAE's non-oil foreign trade achieved record growth rates in 2022 and amounted to AED 2 trillion and 233 billion, a growth of 17% compared to 2021.
In terms of UAE investments, the country has succeeded in maintaining its position among the first positions in the region in terms of its ability to attract investments to its markets, as well as in terms of the volume of outward investments, the cumulative balance of UAE outward investments reaching more than $ 215 billion by the end of 2021, with a growth rate of 11.7% compared to the balance of 2020, according to the Global Foreign Direct Investment Report 2022 issued by the United Nations Conference on Trade and Development (UNCTAD).
His Excellency pointed out that the UAE International Investors Council includes 22 Emirati companies whose investments are distributed in more than 80 countries around the world, stressing that UAE investments abroad represent an added value to the markets in which they operate through their role in creating job opportunities and growth that support development efforts in those markets.
The UAE International Investors Council reviewed the growth in the value of UAE investment assets under management internationally which is estimated at AED 7 trillion during the year 2022 compared to 2021, achieving a growth of 25% despite global economic challenges.
The UAE international investments until the end of 2022 was distributed according to continents based on their size as follows: Europe, North America, Asia, Africa, South America, Australia, and at the level of countries, UAE investments focuses on the following Markets: the United Kingdom, USA, Canada, France, India, Turkey, Egypt, Morocco, Indonesia and South Korea and more.
As for the sectors in which the UAE outward investments is interested in most notably are: oil and gas, renewable energy, food security, agriculture, industry, retail, communications and information technology, ports, transport and logistics, real estate, tourism and hospitality, sports, entertainment, financial and banking sector, technology, aviation industry, air transport services, education, mining, infrastructure, healthcare, food, pharmaceutical and medical industries and AI.
It's worth noting
The UAE International Investors Council (UAEIIC), which was established in 2009, aims to contribute to supporting the economic development of the United Arab Emirates, and for UAE investments abroad to be supportive tributary to the national economy based on e inimical diversification, innovation and knowledge to enhance sustainable competitiveness of UAE. By uniting the efforts of Emirati investors abroad and actively contributing to overcoming the challenges facing their investments through continuous coordination with the competent government agencies and foreseeing the future.
The membership of the UAE International Investors Council consists of 22 members as follows: Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, e& Group, Abu Dhabi Ports Group, DP World, Dubai Investments, Majid Al Futtaim, Sharaf Group, Dragon Oil, Crescent Petroleum, Lulu Group International, Al Nowais Investment Group, LIFCO Group, Lulu Financial Holding Group, Borouge, Valtrans, Yahsat, Gulf Pharmaceutical Industries Company (Julphar), ABA Investments, IFFCO Group, Arabian Gulf Investment Group, Arab Lab Pharmaceutical Technology Group.