UAE investors to help rebuild Iraq, Syria, Yemen and Libya: Official

April 12, 2018

The UAE’s public, private sector and institutional investors will help re-build the war-torn countries in the Middle East, including Iraq, Syria, Yemen and Libya, a senior official said.

Jamal Al Jarwan, Secretary-General of the UAE International investors Council (UAEIIC) said, “Investors in the UAE are well equipped to help re-build the economies of Iraq, Syria, Yemen and Libya and when the time is right, we will play our part in helping these economies. I’m sure the UAE government is also doing its part in providing support.”

He said, “The UAE’s investors are looking at Asia, Africa and the Middle East as strong investment destinations.”

The UAE ranks 34th in the world in terms of Foreign Direct Investment (FDI) inflow and 2nd in the Middle East.

However, as a source for FDI, the UAE ranks 23rd in the world and the first in the Middle East - making it a net capital exporting country in the world.

“We give direction to the UAE’s investor community and we see a stronger South-South Cooperation in investment,” Jarwan, a former CEO of Etisalat, said.

“Asian economies, especially, China, India and ASEAN counties are now more promising than most other countries.

“We see a great potential in Egypt where laws and regulations are improving with greater clarity in investment protection. In three months’ time, there will be a lot more changes coming in Egypt and that will change a lot.”

“UAE investors have already invested US$10 billion in India and US$6.5 billion in Egypt and there will be much more investment going in these countries. We will invest where we see great potential.”

Yusuffali MA, Chairman and Managing Director of Lulu Group International, said, “For us, the presence of a visionary leadership, a sustainable society, strong and stable economy, ease in doing business, solid infrastructure and the government’s investment in the economy are key factors for us to invest. All these are very much present in the UAE where we grew our business for the last 45 years and we will continue to invest in this economy.”

The three-day Annual Investment Meeting (AIM) congregation of high-profile officials that include 25 federal ministers, 19 mayors, eight organisation heads, one head of parliament and investors will see the signing of a number of agreements and announcements that will help countries boost the flow of FDI.

This will make the AIM the largest such gathering of government leaders and private sector business leaders and investors, organised by Ministry of Economy.