The UAE has captured 45.4% of the total foreign direct investments (FDIs) flowing into the Arab states, amounting to AED248.3 billion ($67 billion) in 2023, a report said, citing World Investment Report 2024 by UN Trade and Development (UNCTAD).

The country has strengthened its position as a leading global destination for promising investment opportunities and a key player in the global economy, which is evident from the record growth in FDI inflows to the UAE, which increased by 35% to top AED112.6 billion in 2023, Emirates News Agency, WAM, said.

The UAE topped the list of countries in attracting FDIs, thanks to its enablers, flexible policies, and competitiveness that facilitate the establishment of diverse business activities and pioneering startup projects.

The country also boasts advanced investment legislation and incentives that boost FDI inflows. Amendments to the Commercial Companies Law, allowing foreign investors to establish and fully own companies, facilitated over 275,000 new companies within a year and a half, bringing the total to over 788,000 companies by the end of 2023.

The UAE continues to collaborate across various government and private sectors to achieve the goals of the ‘We the UAE 2031’ vision, aiming to double the GDP to AED3 trillion and increase UAE’s foreign trade to AED4 trillion.

Notably, the UAE ranked second globally after the United States in greenfield FDI project announcements in 2023, with 1,323 new projects registered, marking a growth rate of approximately 33% compared to the previous year.