UAE attracts $8bn Arab Spring investment
Dubai, February 11, 2013
The United Arab Emirates attracted about Dh30 billion ($8.2 billion) of direct foreign investment last year, the UAE's prime minister said on Monday.
Large amounts of capital fled Egypt, Tunisia, Syria, Yemen and other Arab countries in search of safe havens after political and economic turmoil erupted in those countries in early 2011.
Because of its political stability and Dubai's status as an international business centre, the UAE has attracted a large share of the capital.
Sheikh Mohammed bin Rashid al-Maktoum's office said in a statement that the UAE had received 30 billion dirhams in all foreign direct investment last year.
But speaking earlier the Sheikh insisted that it would be wrong to think the UAE was benefitting from the Arab Spring, as stability in countries hit by the unrest would benefit the whole region including the UAE.
"If we had peace and stability, we would have more than 30 billion...," Sheikh Mohammed, who is also Dubai's ruler, said during an open forum for the public to quiz government officials.
Dubai's real estate market began to recover last year from a crash in the previous few years, partly because foreign investors saw the emirate as a safe haven, property analysts said.
The UAE attracted $7.68 billion of foreign direct investment from all countries in 2011, up from $5.50 billion in 2010, according to the United Nations Conference on Trade and Development.
Sheikh Mohammed also said the UAE had invested much more than Dh30 billion in countries hit by the Arab Spring.
The oil-rich UAE has pledged billions of dollars in aid to help stabilise cash-strapped Arab states since the uprisings began, and UAE companies have shown interest in investing in North Africa. -Reuters
More Finance & Capital Market Stories
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn