Ministry of Economy & ADDED sign MoU to consolidate federal & local efforts to host Investopia summit
The Ministry of Economy signed a Memorandum of Understanding (MoU) with Abu Dhabi Department of Economic Development (ADDED) to consolidate efforts to support the targets of the upcoming Investopia summit at the federal and local levels. The summit, set to be held on 28 March 2022 alongside Exp2020 Dubai, is one of the major strategic initiatives under the ‘Projects of the 50’ announced by the UAE Government.
The agreement was signed by H.E. Abdulla bin Touq Al Marri, Minister of the Economy, on behalf of the Ministry of Economy; and H.E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADDED.
During the ceremony, the Minister of Economy underlined the importance of strengthening integration between the federal and local levels to achieve national objectives in accordance with the vision and directives of the wise leadership. These include supporting economic development and strengthening of the UAE's position as a global destination for investments, particularly in the new economic sectors that support the implementation of the initiatives, principles, and projects of the 50. He noted that the signing of the MoU is a major step forward in supporting efforts to consolidate investment opportunities in the country to achieve the goals set by the Investopia summit.
H.E. Bin Touq explained that the Summit supports the national ambitions, investment attraction programs, and the UAE’s influential position in the global investment landscape. It is poised to achieve these goals through its ambitious target to enhance FDI inflows into the UAE over the next 10 years through a wide array of sectors in accordance with the latest global investment trends.
In addition, the Summit will advance the future of investments in the country in accordance with a new vision that focuses on future technologies, activities of the new economy, climate action and the adoption of community responsibility and governance standards. It supports the goals of the national inward and outward investment agenda by providing a key platform for stimulating FDI inflows into the UAE, which is a key strategic goal among the targets of the economy of the 50.
Furthermore, H.E. noted that the summit is a global platform that seeks to accelerate the growth of various economic sectors, strengthen the UAE’s position as a destination for future investments, and generate innovative ideas in new economic sectors. In addition, it will serve as a platform that brings together the world's most ambitious visionaries, leaders, and investors to launch ideas, create opportunities, and invest in the future.
Commenting on the signing of the MoU, H.E. Al Shorafa said, “The signing of this agreement forms part of Government of Abu Dhabi’s efforts to support and enhance federal and local efforts to achieve national objectives of the UAE and the ‘Projects of the 50’. It will strengthen our economic development, reinforcing the UAE’s status as a dynamic hub for investments, particularly in new economic sectors”.
H.E. Al Shorafa further emphasized the importance of Investopia as a platform to enhance the UAE’s position as a thriving business and investment destination, noting that the UN Conference on Trade and Development (UNCTAD) had recently listed the UAE as one of the top 20 global FDI destinations. “This reflects our relentless efforts to diversify economy and investments in infrastructure and human capital development. It also confirms the effectiveness of the UAE’s initiatives in improving business climate, competitiveness, ease of doing business, transparency, and governance”.
H.E. added: “The emirate of Abu Dhabi will continue its efforts to ensure an ideal environment for corporates, investors, and entrepreneurs, focusing on knowledge and innovation-based economic sectors. We are attracting and incentivizing those with talent in science, technology, research, and development to help find solutions to current and future challenges. We have taken many steps to ensure ease of doing business and enhance regulations and systems to support innovators and entrepreneurs to make Abu Dhabi a preferred destination for investors”.
Under the terms of the MoU, the Ministry of the Economy and ADDED will work together to jointly announce future investment plans in the UAE and the Emirate of Abu Dhabi through the Investopia Summit. The two parties will also cooperate in hosting discussions and interactive sessions in the sectors and activities of the new economy, in the presence of decision makers and representatives of the regional and global business communities participating in the Summit. In addition, concerted efforts will be made to highlight business and investment projects and introduce global investors to promising opportunities and sectors in the UAE’s markets. Furthermore, the two sides will cooperate in inviting global and local stakeholders to attend the Investopia Summit and contribute to enriching its investment and new economy sessions.
The Investopia summit is one of the major strategic initiatives within the first set of the ‘Projects of the 50’ announced by the UAE Government. It is designed to provide a new global avenue to discuss future investment opportunities and support national ambitions and investment attraction programs. The Summit has set an ambitious target to enhance the inward flow of investments to attract AED 550 billion in FDI into the country by 2031, to reach AED 1 trillion by 2051.