The UAE aims to attract investment in a number of new sectors to diversify its economy away from oil, the country’s Minister of State for Foreign Trade said.
“As the UAE strives to push forward its economic diversification agenda, we are encouraging investments in scientific research, logistics, health care, food security, manufacturing and advanced technologies, and renewable energy, among many other areas,” Dr Thani Al Zeyoudi told the World Investment Forum.
“Additionally, we are focused on driving innovation and empowering small businesses and start-ups by improving access to finance and encouraging public-private collaboration.”
The UAE, the Arab world's second-largest economy, is undertaking various measures to attract more FDI into the country. This year, it unveiled a new industrial strategy to boost the contribution of the industrial sector to Dh300 billion ($81.68bn) in the next 10 years from Dh133bn.
The country overhauled its commercial companies' law last year to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder.
Country is encouraging investment in scientific research, logistics, health care, food security and renewable energy.
For the full article click here