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Other sectors are likewise being progressively highlighted to advance the nation's decarbonization objectives following the 28th Conference of the Celebrations (COP28). Low-carbon technologies, such as solar PV manufacturing, are being actively pursued. 5 By targeting these sectors, the UAE intends to develop a more varied and sustainable economy, decreasing dependence on imported goods while also creating jobs for both nationals and residents.
As one of the world's top 20 economies, the UAE has secured a leading position in foreign direct financial investment (FDI) inflows within the region. The World Investment Report 2024 by the United Nations Conference on Trade and Advancement reported that FDI streams into the UAE reached around US$ 30.69 billion in 2023, up from US$ 22.74 billion in 2022, placing the UAE second globally in FDI inflows.
In 2022, the Dubai Multi Commodities Center (DMCC) welcomed 665 new business, marking its best first quarter in over 20 years, with substantial registrations from China, India, the United Kingdom, Germany, and France. 7 By 2023, the DMCC's overall variety of companies exceeded 24,000.8 Likewise, the Jebel Ali Free Zone supports nearly 800 manufacturing companies with tailored facilities, outstanding logistics, and over 100 tailored projects.
The Development of Third-Party Risk Management in the GCCIts strategic place at the crossroads of Europe, Asia, and Africa, provides smooth connection to worldwide markets, which allows effective circulation of products to a wide variety of clients and end-users. Further, the UAE's strong logistics and infrastructure, lack of trade sanctions, and a growing number of complimentary trade arrangements with streamlined, duty-free access to Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) markets, make it an appealing area for establishing production bases.
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