UAE to attract $14.4 bln FDI
The UAE is expected to attract foreign direct investment (FDI) of $14.4 billion in 2014, 20 per cent higher than 2013, according to a top government official. Last year, the country also recorded a 20 per cent year-on-year growth in FDIs that reached $12 billion, Abdulla Al Saleh, Undersecretary UAE Ministry of Economy, Foreign Trade Sector, told reporters at a news conference in Dubai.
“In 2013, the UAE was able to attract three times more FDIs than expected,” Al Saleh said, adding that increased government spending and a significant resurgence in tourism, transport and trade have contributed to this upswing. He mentioned that FDI jumped by 200 per cent from $4 billion in 2007 to $12 billion in 2013. The country is the third most attractive country in West Asia for FDIs, he said quoting UNCTAD figures.