Page 55 - MOE ENGLISH PR REPORT - FEBRUARY 2024

Press Release

sectors such as fintech, clean energy, and innovation. Additionally, it explores the available
opportunities in global financial markets, particularly those in the Abu Dhabi and Dubai financial
markets,” H.E. added.

UAE one of the promising markets for investment

H.E. Bin Touq said: “The UAE is considered a promising investment destination at both regional
and global levels. The business environment in the country has undergone a radical transformation
in legislation and economic policies, contributing to an increase in FDI inflows into the UAE. In
2022, the country achieved its highest-ever figure for foreign direct investment inflows, reaching
AED 84 billion (USD 23 billion), and recorded the second-highest global increase in new foreign
investment projects, with a growth rate of 28 per cent, following the United States in 2023.”

Developing the fintech sector in line with highest global standards
H. E. stated, “The fintech sector is a key driver for enhancing innovation and economic growth in
the country. The UAE has been keen on encouraging investment in this vital sector and developing
it according to the best global standards. It also constitutes an important part of the national strategy
for the digital economy, which aims to double the contribution of the digital economy to the
country's GDP from 9.7 per cent in 2022 to 19.4 per cent over the next ten years in line with the
'We the UAE 2031' vision, to become a global hub for the new economy.”

Development in investments in fintech sector

The fintech sector is experiencing steady growth in attracting investments, with an expected
compound annual growth rate of 17.2 per cent to reach $949 billion during the period from 2022
to 2030, according to the latest reports from the Dubai International Financial Centre, in
collaboration with Refinitiv, a subsidiary of the London Stock Exchange Group.
Lord Michael Mainelli, the Mayor of London, said: "We are delighted to announce our
collaboration with Investopia in organizing Investopia London. The economic ties between the
United Kingdom and the UAE in the field of financial services have been witnessing dynamic
growth, particularly in light of the recently signed MoU aimed at fostering cooperation in this
vital sector." He noted that the Investopia event serves as a significant platform for
entrepreneurs, investors, and visionaries to connect and explore potential investment prospects.

He added: "London is a leading global hub when it comes to financial services. In light of the
strong economic partnership between both countries, we are fully prepared to strengthen
collaboration in multiple areas during the upcoming phase. These include capital markets, wealth
management, innovation, green finance, and SME financing. Such efforts will contribute to
creating a more conducive environment and fostering the economic growth of both nations."

Marianne Scicluna, Senior Executive Director of Supervision at Abu Dhabi Global Market
(ADGM) stated: “Accompanying the UAE delegation on this visit highlights our commitment to
promoting economic development, supporting the financial sector, and developing bilateral