The UAE has been ranked first in the Middle East and Africa region in terms of the number of new foreign direct investment (FDI) projects in the country’s biotechnology sector. The UAE was also ranked third in the region in terms of the volume of capital invested in these projects during the period from 2003 to 2020, according to a Wam report.

 

The rankings were revealed by the FDI Markets Index, which was recently issued by the Financial Times’ FDI Intelligence magazine, which specializes in foreign investment trends around the world. The index monitors capital flows and new foreign direct investment projects around the world and identifies the best FDI destinations in the world through reference comparisons.

 

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that these advanced rankings achieved by the UAE in the field of foreign direct investments in biotech once again underline the country’s leading position in the regional and global investment landscape, thanks to the vision and support of its wise leadership.

 

He added, "Over the past years, the UAE has succeeded in consolidating its position as an attractive destination for investments and business, and today, it is reinforcing its position as a regional and global hub for investment in the sectors of the new economy. This latest recognition is set to further strengthen the confidence of global investors in the efficiency and quality of the UAE’s business climate and highlight the extent of development and readiness of its markets to be a preferred destination for future projects."

 

Al Zeyoudi went on to say, that the UAE government is continuing its efforts to enhance the policies that attract foreign investments and expand the scope of incentives and facilities for companies and investors. "Among the most important steps taken in this regard is the recent amendment of the Federal Law on Commercial Companies, which represents a milestone in increasing the flexibility and sustainability of the business climate in the country.

 

"The result of the index shows that the largest number of biotech projects in the Middle East and Africa exist in the UAE," he said.

 

According to him many research and innovation centres have also been established in this field, such as the Dubai Science Park Lab Complex, the Al Jalila Foundation for Medical Innovation, the Research Bank UAE of the Ministry of Health and Prevention, and many other institutions, facilities and projects specialized in modern biological technologies.

 

He further noted the importance of systematic and integrated response adopted by the country in the face of the COVID-19 pandemic across various sectors, including health and the economy, and the increased focus in the economic recovery and advancement plan adopted by the country. "The UAE’s ongoing transformation towards a flexible and sustainable economic model is set to further enhance opportunities and prospects for the rapid growth of projects in the sectors of the future such as biotechnology, which will cement the UAE's position in this sector in the coming years," he concluded.--TradeArabia News Service