June 21, 2024

H.E. Bin Touq reviews UAE’s new economic model during his meeting with Chairman & CEO of Morgan Stanley

 H.E. Abdullah bin Touq Al Marri, Minister of Economy, paid a visit to the headquarters of Morgan Stanley in New York City, the prominent global banking and investment firm. H.E. was welcomed by Mr. James P Gorman, Chairman and CEO of the company. In a meeting that followed, they discussed opportunities for collaboration to strengthen investments, enhance financial services, and to offer solutions that promote sustainable economic development as part of Morgan Stanley’s ongoing initiatives.

During the visit, H.E. also held a roundtable meeting with several prominent investors to explore investment opportunities and potentials in the financial markets of the UAE and the USA. In addition, H.E. Bin Touq participated in the Abu Dhabi Securities Exchange Conference alongside Morgan Stanley, in the presence of H.E. Ghannam Butti Al Mazrouei, Chairman of the Abu Dhabi Securities Exchange.

During the interactions, H.E. reiterated the UAE’s commitment to strengthening cooperation and fostering productive partnerships with global financial and business institutions and major investment funds. These efforts aim to boost the competitiveness of the UAE’s business landscape, support the ongoing modernization of economic legislation, and solidify the country’s status as a leading global hub for business and investment. H.E. highlighted the crucial role that Morgan Stanley and international banks play in supporting these efforts and encouraging investments in rapidly expanding sectors, facilitating the shift towards innovative and flexible economic models.

During the meeting, H.E. Bin Touq discussed the UAE’s new economic model based on knowledge and innovation and its role in ensuring resilience in the face of current global challenges. It also contributes to accelerating the diversification of the national economy, especially since the contribution of non-oil sectors to the UAE’s GDP has reached 74 per cent. This model has also contributed to enhancing the UAE’s attractiveness to foreign investments in new economic sectors, especially fintech, entrepreneurship, clean energy, sustainable manufacturing, smart transportation, and the circular economy.

The Minister of Economy noted that the UAE economy is going through a new phase of sustainable development thanks to the flexible and competitive economic policies, legislations, and economic partnerships with diverse strategic markets at regional and global levels. The non-oil GDP increased by 5.9 per cent during the first nine months of 2023, and the inward FDI amounted $22.737 billion, an increase of $2.07 billion with nearly 10 per cent growth compared to 2022, recording the second highest global increase in new foreign investment projects at a rate of 28 per cent.

Both sides exchanged views and experiences on competitive and flexible economic policies and their role in creating promising opportunities for the private sector. They also discussed the latest global economic developments and their impacts on the region, the need to stimulate private investments in vital and sustainable sectors and reviewing latest global strategies for investment and economic diversification.

Moreover, during his roundtable meeting with top investors, H.E. Bin Touq elaborated on the recent developments in the UAE’s business environment and how investors and entrepreneurs can benefit from its features to start and grow businesses and economic activities. Most notably, these include amendments to the Commercial Companies Law to allow full foreign ownership of companies and establishment of businesses and activities and issuance of many competitive and flexible economic laws. These changes led to a rise in the number of companies operating in the country to more than 788,000 by the end of 2023. The UAE was also named the best place to start and operate new economic businesses globally, according to the Global Entrepreneurship Monitor (GEM) 2023/2024 report.

Furthermore, H.E. highlighted the economic and investment cooperation between the UAE and the USA, which is witnessing continuous growth and promising results reflecting the strong strategic relations between the two friendly countries. The UAE’s FDI in the USA totaled $3.7 billion between 2018 and 2023, while American FDI flows to the UAE reached nearly $9.5 billion during the same period. More than 115 UAE companies operate in the US market across many sectors, most notably tourism, aviation, energy, clean energy, IT, AI, electronics, and real estate, whilst 1,160+ American companies operate in the transportation, warehouse, technology, energy, clean energy, communications, and real estate sectors in the UAE.

H.E. Bin Touq also highlighted the promising opportunities in the UAE’s hospitality and tourism sectors considering the increased growth and outstanding performance demonstrated by these sectors. The country seeks to attract new tourism investments of AED 100 billion by the next decade in line with the objectives of the UAE’s National Tourism Strategy 2031.

H.E. Ghanam Batti Al Mazroui, Chairman Of Abu Dhabi Securities Exchange (ADX), said: “We are delighted by the participation of H.E. Bin Touq in this conference hosted by ADX in collaboration with Morgan Stanley, during which, he apprised American investors and companies listed on the Abu Dhabi Securities Exchange of the need to capitalize on the UAE’s business and investment environment.”

 “Despite the increasing global challenges and their impacts on the rapid changes in the global economic landscape, the UAE’s economy has achieved considerable growth reflecting its flexibility, and continuous development to meet the growing needs of the business sector, investors, and institutions locally and globally. The UAE has become a role model in every aspect of economic growth, development, innovation, investments, sustainability, and attractions, and it has a stimulating investment environment for global companies.”

H.E. continued: “The Abu Dhabi Securities Exchange is a leading financial market across various domains, boasting a significant market value of nearly USD 1 trillion. This makes it an appealing choice for foreign investments.”  He added, “Abu Dhabi Securities Exchange remains committed to bolstering the UAE’s status as a global economic and investment hub. We take pride in our accomplishments thus far, as our market offers a dynamic and forward-thinking platform for exporters to increase their capital and support investors in expanding and diversifying their portfolios.”

H.E. continued: “Our main focus lies in promoting the sustainable development of the UAE by forging stronger connection between global financial markets and facilitating trade in partnership with our key players in the New York Stock Exchange, ICE, Nasdaq, and others. We welcome investors, exporters, and U.S. companies seeking to expand their footprint in the country and the region with open arms. Furthermore, we urge them to capitalize on the favourable investment environment, the ongoing economic growth of our national economy, the supportive business environment, and the wide range of services and products available through the Abu Dhabi Securities Exchange.”

The Abu Dhabi Securities Exchange is the UAE’s largest capital market and the second largest in the Arab region, with a market value of nearly USD one trillion. With a portfolio of over 120 listed companies, it represents key growth sectors within the country. The Abu Dhabi Securities Exchange is the most active and highly liquid platform for exchange-traded fund (ETF) market in the MENA region. In 2023, the market experienced a significant surge in trading volume, reaching approximately USD 1.4 billion, which signifies a remarkable 160 per cent YoY growth

In 2023, the Abu Dhabi Securities Exchange generated more than USD 5.6 billion in funds from initial public offerings (IPOs), representing 56.3 per cent of the combined proceeds in the region. Furthermore, the market accounted for 48 per cent of the total combined proceeds of GCC.

Morgan Stanley has been actively involved in the Middle East since the 1970s, making it one of the pioneering companies in the Dubai International Financial Centre. In 2006, the company established its regional headquarters in DIFC. From this strategic headquarter, Morgan Stanley provides a comprehensive range of investment banking products and services, investment and stock management solutions.

Last Updated on 4 weeks by Middle East News 247

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