The UAE has bolstered its position in the global economy, with the total value of UAE assets abroad, government and private, is estimated to be around $2.5 trillion as of early 2024, says a senior official.
Secretary-General of the UAE International Investors Council (UAEIIC), Jamal Bin Saif Al Jarwan said UAE investments abroad are performing well, despite fluctuations in the global economy, Wam news agency reports
The Secretary-General added that the UAE is increasing its investment portfolio with the aim of safeguarding future generations through the pursuit of valuable and sustainable projects, highlighting the nation's dedication to sound economic management, development, and cooperation.
The UAE is ranked in first place in the Arab region and West Asia and 15th globally in investments, and second globally in terms of investing in new opportunities, he added.
Al Jarwan highlighted that the United States is at the helm, attracting $65 billion in bonds and $50 billion in direct investments. Egypt closely follows with $65 billion, while both the United Kingdom and India attracted $40 billion each in direct investments. Morocco witnessed $30 billion in investments, whilst Europe is increasingly viewed as a promising future destination, particularly due to its currency stability.
He stated: "We are currently operating in 90 countries, and I expect India, Indonesia, ASEAN countries, Egypt, Morocco, Central Asian countries, Britain, France, Germany, the United States, Canada, and some Eastern European countries, especially Serbia, Greece, and Turkey, to be the focus of our attention."
Regarding the breakdown of ownership and capital holders, he clarified that Emirati investments globally are distributed as follows: 72% are held by sovereign wealth funds, with the Abu Dhabi Investment Authority (ADIA) playing a central role, alongside entities such as Mubadala Investment Company, Investment Corporation of Dubai, Emirates Investment Authority, and ADQ.
In addition, government-owned and quasi-governmental companies account for 18%, UAE banks hold 2.5%, and family-owned and private companies possess 7.5%.
Al Jarwan also said that the UAE owns seven sovereign wealth funds with assets, with assets in excess of $2 trillion.
He commented: "There are a series of deals that have been concluded, the most prominent of which was the deal between the American asset management company Apollo Global Management and Abu Dhabi Investment Authority to acquire UniVar Solutions, headquartered in the UAE, for $8.2 billion."
Moreover, the annual investment flows from the UAE abroad surged in 2022, reaching $24.833 billion. This marked a notable 10% increase from the previous year, which stood at $22.546 billion.