In the past twenty years, the UAE has pursued an economic strategy based on diversifying the sources of the UAE economy, in order to reduce dependence on oil. In the past ten years, the UAE has achieved the golden equation and become the global model for investment in alternative and clean energy, artificial intelligence, and space. It also established many legislations and laws of attracting foreign investments.
While the Middle East region and the world were experiencing turmoil and armed conflicts, in which the UAE made diplomatic efforts that could be taken into account in the balance of international relations and diplomacy, the UAE was moving on a steady and confident path toward leadership and the economy of the future, which made it the most preferred destination for foreign investors who are looking for safety and stability to pump Capital and successful investment.
This was confirmed by the Kearney Foreign Direct Investment Confidence Index for 2024, conducted by the Kearney Global Business Policy Council, based on an annual survey of global business leaders and a survey of companies with annual revenues of no less than $500 million. According to the latest index, it has risen ten places since the year 2023, from 18th to eighth place globally, while the United States topped the global index rankings for the twelfth year in a row, Canada retained second place globally, and China jumped to third place, after being in seventh place in 2023.
The UAE and Saudi Arabia also ranked second and third, respectively, among emerging markets, behind China. The Sultanate of Oman entered the list of emerging markets for the first time, thanks to the launch of its Future Fund.
The Kearney Foreign Direct Investment Index, in its 26th edition, is considered one of the most reliable sources in terms of forecasting global trends in foreign direct investment, and it also highlights the tremendous progress that the UAE has achieved in its endeavor to diversify the sources of its economy.
This is what contributed to strengthening the UAE’s position as a strategic regional center in the global business arena, and this was confirmed by Rudolf Lemaire, Partner at the National Institute for Transformations – Kearney Middle East when he said that “the remarkable rise achieved by the UAE on the Foreign Direct Investment Confidence Index reflects… “The leadership’s vision and commitment to diversify the economy strengthens the UAE’s position as a leading destination in attracting global investments.”
The UAE, as a result of the forward-looking vision of UAE President Sheikh Mohammed bin Zayed Al Nahyan, has outperformed the countries of the region and proven that its position on the global map is influential not only on the political level but also on the global economic level and that it is one of the most important makers of the future and its economy.
