Over the past 50 years, the UAE has transformed into one of the largest Middle East economies – and the most dynamic one among them today. The economic stability in the UAE against the backdrop of an unclear global economic outlook is a clear indicator how the UAE is capable of driving its capabilities to reach set milestones.
We as the Kuwaiti business community believe in the UAE’s vision and its ability to achieve its goals as proven by its historical achievements. Kuwaiti investors acknowledge the risk associated with overseas investments during the pandemic and nevertheless still went ahead when it came to investments in Dubai and the UAE. During this year, the trade between the nations exceeded Dh30 billion and more than 550 Kuwaiti companies exported their products to the UAE by the end of August last.
Our historical ties grow stronger and that is reflected by the high level of cooperation between official channels and private investments, whereby Dubai and Abu Dhabi get a visible preferences compared with other global financial centers due to ease of access and proximity.
Golden Visas and residencies
The UAE has demonstrated how to manage and mitigate the impact of critical situations in terms of legislations and incentives. Dubai’s latest economic development plan has incentivized more regional startups and investors to consider listing on the Dubai Financial Market, with the emirate showing a clear economic recovery due to the revival of tourism, the Expo 2020, and initiatives such as the Golden Visa, permanent residencies, citizenship grants and those that encourage more capital injection by regional and international investors to acquire prime assets in the country.
The recent IPOs in Abu Dhabi a have contributed greatly in shedding the light on opportunities the UAE provides in its plans to diversify the economy. The ADNOC affiliated Fertiglobe raised more than $795 million, ADNOC Drilling gathered in $1.1 billion, and Yahsat attracted $730 million.
The relatively stable price of oil – at over $65 mark through 2021 – is also a major contributor to the positive outlook for what the first quarter of 2022. These along with the successful pandemic management by the local authorities have clearly favored the UAE as the strategic investment destination in the MENA region.