The eight targeted markets make up 10% of the world’s economic output and are home to about a quarter of the world’s population, said Omar Al Olama, a minister of state whose portfolio covers artificial intelligence, digital economy and remote work.
The announcements come as Dubai plans from October to host the World Expo, one of the world’s biggest in-person events since the Covid-19 pandemic. The UAE has accelerated reform plans during the pandemic.
Wealth fund push
Asia and Africa have emerged as important destinations for UAE funding, mostly carried out by way of investments through Abu Dhabi’s sovereign wealth funds. The UAE’s particular focus has been on India, where Mubadala Investment’s investments in 2020 eclipsed its combined total of the preceding 19 years.
The UAE’s top trade partners in 2020 were China, India, Japan, the US and Saudi Arabia, according to data compiled by Bloomberg.
As part of its plans to look further afield for growth, the UAE is seeking 550-billion dirhams ($150bn) of inward foreign investment over the next nine years and aims to be among the 10 biggest global investment destinations by 2030, UAE economy minister Abdulla bin Touq told a media briefing. It will focus on investments from countries including Russia, Australia, China, and the UK.
In another move that seeks to boost growth, the UAE announced a new class of visas that will allow expatriates to apply for work without being sponsored by an employer. The government will allow people who’ve lost their jobs to remain in the country for up to 180 days — a major boost in a country where most workers are foreigners and visas are often tied to employment.
“The fuel for any economy is the human capital,” bin Touq said in an interview with Bloomberg Television. He said authorities understood that someone losing their job should not immediately have to leave.
The UAE will also launch a federal agency that would make it easier for investors to work across…