Page 61 - MOE ENGLISH PR - MAY 2024

Press Release

In 2022, the UAE achieved its highest FDI inflows at USD 22.7 billion, up 10 per cent from 2021,
in a first in the region. The country recorded the second highest increase in the number of new FDI
projects in 2023 at 28 per cent and ranked first globally in the Global Entrepreneurship Monitor
Report 2024, maintaining its prestigious global position in attracting investments and
entrepreneurial projects.

Comprehensive development of economic legislation to keep pace with new economy trends

H.E. Bin Touq emphasized that the UAE is one of the most attractive destinations for setting up
and conducting businesses today. Over the past years, it has succeeded in developing a number of
legislations and procedures that have enabled the business community to grow and compete. These
include a law on trade through the means of modern technology, and laws on intellectual property,
industrial property, trademarks, and copyright. The country has also strengthened the legislative
environment for family enterprises considering them as an important pillar in promoting
sustainable growth and transitioning towards an economy based on knowledge and innovation.

The UAE has also allowed 100 per cent foreign direct ownership of companies and enterprises,
increasing the number of companies operating in the UAE by 43 per cent or 275,000 between 2020-
2022, bringing the total number of companies operating in the UAE to more than 788,000 by the
end of 2023.

H.E. added: "High value-added emerging industries are the driving force behind the economic
growth sectors of the new economy, green growth, sustainable finance, and investment, and the
tourism sector. The UAE shares this vision with the United States at the government, private and
corporate levels, which opens the prospects for stronger partnerships.”

-Ends-

For further information, please contact:

Orient Planet Group (OPG)
Tel: +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com

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