UAE MoE to drive foreign direct investments into new sectors

The Ministry of Economy (MoE) signed a memorandum of understanding (MoU) with Presight, the region’s leading data analytics company powered by artificial intelligence, to drive foreign direct investments (FDI) into new sectors within the UAE.

The initiative will help attract foreign companies to expand and invest in the UAE’s markets and support the partnership with the private sector.

The signing took place on the sidelines of the 12th Annual Investment Meeting (AIM) 2023, which was held at the Abu Dhabi National Exhibition Center from May 8-10.

The MoU was signed by Juma Al Kait, Assistant Undersecretary of Foreign Trade at the Ministry of Economy and Dr Adel Al Sharji, COO of Presight.

Al Kait said: “Thanks to the directives and vision of its wise leadership, the UAE now has a more competitive and flexible investment environment, made possible by the launch of forward-looking economic and investment policies and legislation.”

“The country’s increasing economic openness to the world has contributed to the development of the investment and business environment in line with international best practices. This in turn has boosted foreign direct investments inflows to the country in line with the ‘We the UAE 2031’ vision that aims to double the GDP to reach Dhs3 trillion by 2031.”

Al Kait added: “In July 2022, we launched the NextGenFDI initiative to attract digitally enabled global companies to the UAE. Today, we continue our endeavors to support the national business and investment landscape by forging partnerships with Presight.

This cooperation will strengthen the government’s partnership with the private sector and promote promising investment opportunities in the country to accelerate the national FDI agenda, thus solidifying the UAE’s position as a leading global destination for investment and business.”

Al Kait added that the UAE is a regional and global leader in the foreign direct investments sector, which contributed to strengthening its position as a global hub for trade and investment.

The UAE attracted $20.7 billion in foreign direct investments in 2021, up 4 per cent from 2020 to rank first in West Asia, Middle East, and North Africa.

Besides, foreign direct investments inflows to the UAE are expected to reach Dhs22 billion in 2022, accounting for 4.3 per cent of the GDP of the national economy, according to the Institute of International Finance’s report.

Dr. Adel Al Sharji, COO of Presight said: “We are honored to join hands with the Ministry of Economy (MoE) to further the UAE’s economic and investment objectives.”

“Our partnership aims to identify and promote promising investment opportunities in emerging sectors, which will attract foreign investment and solidify the UAE’s position as a global investment and business hub, as we work towards achieving our national vision of doubling the GDP to reach Dhs3 trillion by 2031.

Together, we are confident in our ability to unlock new opportunities for growth and prosperity and chart a path towards a prosperous future for the UAE.”

Under the terms of the MoU, Presight will work with the Ministry of Economy to attract foreign direct investments to new sectors in the UAE, by deploying big data, analytics and artificial intelligence in education, healthcare, infrastructure and financial services.

The focus on attracting leading AI companies is expected to create a pipeline of promising AI companies and technologies, driving M&A activity in the sector.

The MoU highlights the government’s focus on attracting AI companies as part of its broader strategy to diversify the UAE’s economy and create new economic sectors.

In equal measure, these efforts are expected to support the attraction of talent into the UAE contributing to the growth of a vibrant and dynamic AI ecosystem.

Presight is a UAE company listed on the Abu Dhabi Stock Exchange and its majority shares are owned by the G42 Group in Abu Dhabi.

Through its world-class platform for computer vision, AI, and comprehensive analytics, the company interprets data from all sources to support the decision-making process.

Presight is active in 14 countries on three continents and has over 300 employees, that comprise more than 30 nationalities.