The Ministry of Economy (MoE) has signed a Memorandum of understanding (MoU) with Presight, a 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 Centre.
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.
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.
Commenting on the MoU, 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 developing the investment and business environment in line with international best practices. This, in turn, has boosted FDI inflows to the country in line with the ‘We the UAE 2031’ vision that aims to double the GDP to reach AED3 trillion by 2031.”
He added that this cooperation will strengthen the government’s partnership with the private sector and promote promising investment opportunities to accelerate the national FDI agenda, thus solidifying the UAE's position as a leading global destination for investment and business.
Al Kait noted that the UAE is a regional and global leader in the FDI sector, which contributed to strengthening its position as a global hub for trade and investment. The UAE attracted US$20.7 billion in FDI in 2021, up 4 percent from 2020 to rank first in West Asia, Middle East, and North Africa. Besides, FDIs inflows to the UAE are expected to reach US$22 billion in 2022, accounting for 4.3 percent of the GDP of the national economy, according to the Institute of International Finance’s report.
Dr. Al Sharji, in turn, said,
"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. 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."
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 attracting 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.
News Source: Emirates News Agency