JEDDAH — UAE's GDP is projected to increase to more than AED1.54 trillion in 2014, compared to AED1.47 trillion in 2013, an approximate growth of 4.8 percent, said Sultan Bin Saeed Al Mansoori, UAE Minister of Economy. He also said that the cumulative FDI in the UAE stood at AED 223 billion from 2006 to 2013, bringing its total cumulative balance to AED 387 billion from various countries around the world. He added that the UAE has streamlined FDI, especially in logistics, and quoted a 2014 report by United Nations Conference on Trade and Development (UNCTAD) saying that the UAE was able to attract around $10.5 billion of FDI during 2013, compared to $9.6 billion in 2012, a growth of 9.2 percent. “Preparations for AIM 2015 are in full swing, at a time when the latest International Monetary Fund (IMF) forecast show a 3.3 per cent growth in international economy in 2014 and 3.8 percent in 2015,” he said. The UAE Ministry of Economy has stepped up the preparations for the 5th Annual Investment Meeting (AIM) to be held from March 3-April 1, 2015 at the Dubai International Convention and Exhibition Centre. The AIM, which will be held under the theme ‘Sustainable Development Through FDI-Induced Innovation and Technology Transfer', has attracted representatives from more than 140 countries, with ‘Innovation' as main discussion topic. The UAE Federal Government will launch a seven-year, integrated national strategy for innovation, comprising 30 phases, to push the UAE to innovation forefront globally, Al Mansoori further said. Organizers of AIM have urged countries seeking to attract foreign investment to create the appropriate environment to facilitate investments, and surmount logistical and legal obstacles, as well as encourage innovation among all segments of society. AIM is expected to attract more than 500 companies from 140 counties, displaying projects, products and services for many economic sectors such as agriculture, agro-industry, trade, construction, education, research, energy, finance, banking, aviation, commodities and management of free zones, insurance, government, healthcare, investment in information technology infrastructure, communications, legal affairs, logistics, pharmaceutical industry, marine and submarines industries, mining, tourism, hospitality, transportation and waste management. Workshops and several business deals will be held on the sidelines of the forum. It will also see the launch the second FDI Report 2015. Al Mansoori has lauded the forum's theme, as it comes at a time when the UAE is focusing on ‘Innovation', reflected in recent announcement of the UAE Cabinet under the directive of Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE that 2015 would be the year of innovation. Dawood Al Shezawi, CEO, AIM's Organizing Committee says: “Emerging markets' share of FDIs amounted to 54 percent in 2013, which underpins the importance of AIM 2015.” A day before AIM 2015, a planning conference will be held to throw light on achieving integrated growth, taking into account the income and living standards, through creating new investment relations with the global economy, which in turn attracts new technologies. AIM organizers say the forum has become a global hub for the convergence of expertise and open channels of communication, as well as an ideal platform for innovation, providing tips for developing economies to learn from successful models. — SG
