Image used for illustrative function.
Enterprise Bureau, Gulf Immediately
The UAE has been ranked first within the Center East and Africa area by way of the variety of new international direct funding (FDI) tasks within the nation’s Biotechnology sector. The UAE was additionally ranked third within the area by way of the amount of capital invested in these tasks throughout the interval from 2003 to 2020.
The rankings have been revealed by the FDI Markets Index, which was lately issued by the Monetary Instances’s FDI Intelligence journal, which focuses on international funding developments world wide. The index displays capital flows and new international direct funding tasks world wide and identifies one of the best FDI locations on this planet by way of reference comparisons.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for International Commerce, stated that these superior rankings achieved by the UAE within the discipline of international direct investments in Biotech as soon as once more underlines the nation’s main place within the regional and international funding panorama, because of the imaginative and prescient and assist of its smart management.
This recognition is the newest milestone within the UAE’s report of achievements in numerous fields associated of financial growth and its business and funding surroundings’s attractiveness, particularly within the revolutionary and futuristic sectors.”
He added: “Over the previous years, the UAE has succeeded in consolidating its place as a pretty vacation spot for investments and enterprise, and as we speak, it’s reinforcing its place as a regional and international hub for funding within the sectors of the brand new financial system. This newest recognition is ready to additional strengthen the boldness of world traders within the effectivity and high quality of the UAE’s enterprise local weather and spotlight the extent of growth and readiness of its markets to be a most popular vacation spot for future tasks.”
Al Zeyoudi added that the UAE authorities is continuous its efforts to reinforce the insurance policies that appeal to international investments and increase the scope of incentives and amenities for corporations and traders. Among the many most necessary steps taken on this regard is the current modification of the Federal Legislation on Business Corporations, which represents a milestone in growing the pliability and sustainability of the enterprise local weather within the nation.
This modification now allows full international possession of tasks and firms and liberates all sectors earlier than international direct investments, aside from some actions with a strategic affect.
He affirmed that the amendments to the legislation will open up new horizons for investments within the sectors of the longer term financial system and can present extra incentives to draw profitable corporations and greatest worldwide skills and competencies to run their companies in another country.
He added: “Due to the limitless assist and the forward-looking imaginative and prescient of its smart management, the UAE as we speak has all of the competencies wanted to be one of many distinguished international locations within the discipline of Biotech. The results of the index reveals that the most important variety of Biotech tasks within the Center East and Africa exist within the UAE. This achievement is the results of the efforts exerted by the nation in creating a powerful and built-in infrastructure for Biotechnology tasks and an related R&D system, particularly by strengthening this pattern amongst college college students and tutorial establishments. Many analysis and innovation facilities have additionally been established on this discipline, such because the Dubai Science Park Lab Complicated, the Al Jalila Basis for Medical Innovation, the Analysis Financial institution UAE of the Ministry of Well being and Prevention, and plenty of different establishments, amenities and tasks specialised in fashionable organic applied sciences.
He additional famous the significance of systematic and built-in response adopted by the nation within the face of the COVID-19 pandemic throughout numerous sectors, together with well being and the financial system, and the elevated focus within the financial restoration and development plan adopted by the nation. The UAE’s ongoing transformation in direction of a versatile and sustainable financial mannequin is ready to additional improve alternatives and prospects for the fast progress of tasks within the sectors of the longer term comparable to Biotechnology, which is able to cement the UAE’s place on this sector within the coming years.
In the meantime, The worth of non-oil commerce between the UAE and Africa totalled $40.7 billion within the first 9 months of 2020, in comparison with $36.9 billion in the identical interval of 2019, underscoring the rising commerce between the UAE and African international locations regardless of the coronavirus (COVID-19) pandemic.
In an interview with the Emirates Information Company (WAM), on the event of the launch of “Dubai Week in Africa-Kenya” discussion board on Monday, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for International Commerce, stated that the worth of non-oil commerce between the UAE and Africa amounted to $50 billion in 2019, in comparison with $33 billion in 2015.
He stated that the business change between the UAE and Kenya has witnessed vital progress from 2015 to 2019, amounting to almost $2.7 billion, in comparison with $1.5 billion in 2015.
Relating to Emirati investments in Kenya and future cooperation alternatives between the 2 international locations, Al Zeyoudi highlighted the rising funding flows between the 2 international locations, noting that Emirati investments in Kenya are equal to some $2.38 billion whereas Kenyan investments within the UAE are valued at $63 million, with round 18 logos within the UAE being from Kenya.