Page 475 - MOE ENGLISH PR - MAY 2024

5/28/24, 2:49 PM H.E. Bin Touq reviews UAE's new economic model during his meeting with Chairman & CEO of Morgan Stanley - Middle East Ne…
stimulate private investments in vital and sustainable sectors and reviewing latest global

strategies for investment and economic diversification.

Moreover, during his roundtable meeting with top investors, H.E. Bin Touq elaborated on the

recent developments in the UAE’s business environment and how investors and
entrepreneurs can benefit from its features to start and grow businesses and economic

activities. Most notably, these include amendments to the Commercial Companies Law to

allow full foreign ownership of companies and establishment of businesses and activities and

issuance of many competitive and flexible economic laws. These changes led to a rise in the
number of companies operating in the country to more than 788,000 by the end of 2023. The

UAE was also named the best place to start and operate new economic businesses globally,

according to the Global Entrepreneurship Monitor (GEM) 2023/2024 report.

Furthermore, H.E. highlighted the economic and investment cooperation between the UAE

and the USA, which is witnessing continuous growth and promising results reflecting the
strong strategic relations between the two friendly countries. The UAE’s FDI in the USA

totaled $3.7 billion between 2018 and 2023, while American FDI flows to the UAE reached

nearly $9.5 billion during the same period. More than 115 UAE companies operate in the US

market across many sectors, most notably tourism, aviation, energy, clean energy, IT, AI,
electronics, and real estate, whilst 1,160+ American companies operate in the transportation,

warehouse, technology, energy, clean energy, communications, and real estate sectors in the

UAE.

H.E. Bin Touq also highlighted the promising opportunities in the UAE’s hospitality and

tourism sectors considering the increased growth and outstanding performance demonstrated

by these sectors. The country seeks to attract new tourism investments of AED 100 billion by
the next decade in line with the objectives of the UAE’s National Tourism Strategy 2031.

H.E. Ghanam Batti Al Mazroui, Chairman Of Abu Dhabi Securities Exchange (ADX), said:
“We are delighted by the participation of H.E. Bin Touq in this conference hosted by ADX in

collaboration with Morgan Stanley, during which, he apprised American investors and

companies listed on the Abu Dhabi Securities Exchange of the need to capitalize on the

UAE’s business and investment environment.”

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