UAE to attract $23 billion in foreign investment in 2022

Vice President, Prime Minister and Ruler of Dubai of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, said that his country reached the highest level of foreign direct investment in its history with $23 billion in 2022. In a statement he made on his social media account Twitter, Al Maktoum shared information about the UAE from the United Nations Trade and Development Organization's (UNCTAD) 2023 World Investment Report. Stating that the UAE leads global investments in the region, Al Maktoum stated that according to the report, the UAE is the fourth largest recipient of new project investments in the world after the US, UK and India with a total of 997 projects. Al Maktoum said, "We aim to reach new record figures for foreign direct investment this year." Gulf countries have been aiming to reduce their dependence on oil as their main source of income since the crisis that started with the collapse in crude oil prices in 2015. Continuing its economic diversification program, the UAE is also taking steps to advance the non-oil economy by focusing on tourism, industry, agriculture and technology sectors.