UAE aims to increase size of economy from AED1.4 trillion to AED3 trillion by 2030: Abdullah Al Marri

UAE aims to increase size of economy from AED1.4 trillion to  AED3 trillion by 2030: Abdullah Al Marri

WAM: Abdullah bin Touq Al Marri, Minister of Economy, said the UAE aims to increase the size of its economy from AED1.4 trillion to AED3 trillion by 2030.

This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, including embracing the Fourth Industrial Revolution and employing advanced technologies to advance the national economy, increase research capacities, ensure future industries and encourage foreign direct investments (FDI), he added.

He made this statement during the signing of a Memorandum of Understanding (MoU) between the Ministry of Economy and the Sharjah FDI Office (Invest in Sharjah) to promote cooperation, as part of the first edition of the Investopia Investment Summit, which will take place on 28th March.

In 2020, the UAE attracted FDIs worth some US$20 billion, an increase of 17 percent compared to 2019, he added. The UAE was ranked 15th globally and first, in the Middle East, North Africa and West Asia in terms of investment flows in the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2021.