Latest news with #FDI
Business Recorder
an hour ago
- Business
- Business Recorder
Tax officials' new powers: FPCCI mulling moving the court
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has unequivocally rejected the new powers granted to tax officials in the recently announced Federal Budget, branding them as 'excessive, overly-subjective, and harassment-prone.' During a press conference in Karachi, FPCCI leadership announced their intention to challenge these authorities in superior courts, specifically those enabling taxmen to withdraw funds from business accounts and conduct raids on business premises without prior notice. The FPCCI leadership urged the federal government to withdraw these stringent measures before the budget's final passage from parliament to restore confidence within the business community. FPCCI President Atif Ikram Sheikh emphasized that tax collection targets can only be met if industrialists and exporters are actively engaged through a comprehensive consultative process. He lamented that the budget largely overlooks the necessary steps to empower the business community to realize the Prime Minister's vision for export-led growth. Sheikh further elaborated on a globally established principle: increased intervention or interaction by tax collectors with taxpayers tends to undermine fairness, transparency, and impartiality, as heightened human-to-human interactions and subjective human judgments become a source of nuisance. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, demanded the restoration of the Fixed Tax Regime (FTR) for exporters in its original form and for a long-term duration. This, he argued, is crucial for bringing clarity, certainty, and consistency to taxation policies, thereby attracting both Foreign Direct Investment (FDI) and domestic investment by ensuring Pakistan remains competitive as a country. Magoon also highlighted the necessity of broadening the Export Facilitation Scheme (EFS) to include local manufacturers, warning that without such inclusion, Pakistani products would face supply line disruptions and a lack of competitiveness in regional and international markets. He further expressed resentment that the FPCCI's recommendations for special incentive packages for the high-growth Information Technology, mines & minerals, and fishing industries were disregarded in the Federal Budget. FPCCI Vice President Asif Sakhi urged tax authorities to cease accusing the business community of tax evasion or theft. Instead, he called for a transformation of the tax machinery into a facilitative body that engages with taxpayers through amicable and respectful behaviour. During the press conference, FPCCI Vice President Aman Paracha proposed the formation of a high-powered fact-finding committee to ascertain the root cause of the FBR's inability to achieve the tax collection target for fiscal year 2025. Vice President Nasir Khan highlighted a concerning trend, stating that many businessmen have already relocated to more lucrative and stable investment, trade, and industrial destinations, while those remaining are struggling to operate their factories without incurring losses. Another concern raised by the FPCCI was the restriction imposed on Special Economic Zones (SEZs) developers for a period of 10 years or until tax year 2035, whichever comes first. Copyright Business Recorder, 2025
Arabian Business
6 hours ago
- Business
- Arabian Business
UAE sees $45.6bn foreign direct investment in 2024, targets massive $354bn inflow
The UAE has been named the world's 10th largest recipient of foreign direct investment (FDI) in 2024, drawing in AED167.6bn ($45.6bn) in inflows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025. This marks a 48 per cent increase year-on-year, cementing the country's status as a global magnet for capital, particularly across strategic sectors. The UAE also accounted for 37 per cent of all FDI inflows into the Middle East region in 2024. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai said: 'In an international vote of confidence in the UAE's economy, the latest report by the United Nations Conference on Trade and Development (UNCTAD) revealed that the UAE attracted AED167b ($45bn) in foreign direct investment over the past year, marking a 48 per cent growth compared to the previous year.' UAE foreign direct investment 'The UAE accounted for 37 per cent of all foreign direct investment inflows into the region. Out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally, after the United States, in the number of newly announced foreign direct investment projects. 'Our next goal is to attract AED1.3tn ($354bn) in foreign direct investment over the next six years. 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear. Our message is simple: development is the key to stability, and the economy is the most important policy.' The UAE also ranked second globally—after the United States—for the number of newly announced greenfield FDI projects, with 1,369 new initiatives valued at AED53.3bn ($14.5bn). In contrast to a global slowdown in greenfield project growth (0.8 per cent), the UAE achieved 2.8 per cent growth. The top sectors for greenfield FDI in 2024 included: Software and IT services: 11.5 per cent Business services: 9.7 per cent Renewable energy: 9.3 per cent Oil, gas, and coal: 9 per cent Real estate: 7.8 per cent The energy sector alone attracted AED4.8bn ($1.3bn), supporting the UAE's target to triple renewable capacity by 2030. The UAE's cumulative FDI stock reached $270.6bn in 2024, driven by a 10.5 per cent compound annual growth rate since 2015, when inflows stood at AED31.6bn ($8.6bn). Mohamed Hassan Alsuwaidi, Minister of Investment, said: 'Recording this unprecedented level of FDI inflows to the UAE is an achievement that reflects the strategic choices made by our wise leadership and its long-term vision to establish the UAE as a leading global investment destination. 'The Ministry of Investment is committed to developing a comprehensive regulatory and legislative framework aligned with our national priorities, meeting investors' needs, and providing a competitive business environment that attracts global capital. 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business. Through the National Investment Strategy 2031, we continue to set ambitious goals to cement the UAE's position as a leading global FDI destination. 'We provide a clear pathway to drive sustainable growth, double investment opportunities, diversify priority sectors, and open new horizons for global companies seeking innovation and expansion in future markets.' The National Investment Strategy targets AED2.2tn ($599bn) in cumulative FDI by 2031, with a focus on advanced manufacturing, renewable energy, financial services and information technology. The United Arab Emirates investment climate is bolstered by: Full foreign ownership in mainland companies A competitive 9 per cent corporate tax rate Streamlined licensing processes Legal frameworks like the Dubai International Arbitration Centre Its global appeal is reinforced by 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties. In talent attraction, the United Arab Emirates ranks fifth globally (INSEAD's Global Talent Competitiveness Index 2024) and third in attracting AI talent (Stanford University's AI Index 2024).
Dubai Eye
10 hours ago
- Business
- Dubai Eye
H.H. Sheikh Mohammed hails growing global confidence in UAE economy
The UAE has recorded a major surge in foreign direct investment, with inflows reaching AED 167 billion in 2024. That's a 48 per cent increase from the previous year, according to a new report from the United Nations Conference on Trade and Development (UNCTAD). The UAE ranked second globally, after the United States, in attracting greenfield FDI projects, with 1,369 new projects announced in 2024. The report also shows the UAE captured nearly 37 per cent of all FDI inflows to the region in 2024. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, described the report as a global vote of confidence in the UAE's economy. He also highlighted the country's efforts to attract AED 1.3 trillion in foreign investment over the next six years. Sheikh Mohammed credited the clear development plan under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, a unified government team, and the people who stand behind their leadership as the driving forces behind the UAE's continued economic success. The UAE ranked 10th globally as a leading destination for inbound FDI in 2024, achieving an unprecedented AED 167.6 billion (USD 45.6 billion) in FDI inflows, according to the (UNCTAD) World Investment Report 2025. @Inv_UAE — UAEGOV (@UAEmediaoffice) June 19, 2025
Al Etihad
10 hours ago
- Business
- Al Etihad
UAE cements its position as global destination for attracting FDI with total inflows of Dh167.6 billion in 2024
19 June 2025 20:35 DUBAI (WAM) The UAE ranked 10th globally as a leading destination for inbound foreign direct investment (FDI) in 2024, achieving an unprecedented Dh 167.6 billion ($45.6 billion in FDI inflows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report UAE Foreign Direct Investment Report 2025, issued by the Ministry of Investment, highlights the country's exceptional performance and unmatched success in attracting capital across strategic sectors, reinforcing its status as a premier global investment destination despite an unstable global Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, declared that under the visionary leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the UAE's tenth global ranking in FDI inflows for 2024 confirms its status as a land of boundless opportunities and the premier destination for innovative businesses and bold Highness Sheikh Mohammed bin Rashid Al Maktoum said: 'In an international vote of confidence in the UAE's economy, the latest report by the United Nations Conference on Trade and Development (UNCTAD) revealed that the UAE attracted Dh 167 billion ($45 billion) in foreign direct investment over the past year, marking a 48% growth compared to the previous year.'His Highness added: 'The UAE accounted for 37% of all foreign direct investment inflows into the region. Out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally, after the United States, in the number of newly announced foreign direct investment projects. Our next goal is to attract Dh 1.3 trillion in foreign direct investment over the next six years, God willing.'His Highness continued: 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear. Our message is simple: development is the key to stability, and the economy is the most important policy.'Despite a global slowdown in greenfield FDI project growth to 0.8%, the UAE achieved a remarkable 2.8% growth, solidifying its position as a key destination for investment flows. Total capital for announced greenfield FDI projects in 2024 reached Dh53.3 billion ($ 14.5 billion).The UAE ranked second globally, after the United States, in attracting greenfield FDI projects, with 1,369 new projects announced in Ministry of Investment leads these efforts by enabling investment in key sectors, providing a flexible and competitive environment for global capital, and acting as a trusted partner for international investors. The ministry continues close collaboration with federal and local government entities, investment promotion agencies, private sector companies, and international partners to develop innovative policies, enhance the UAE's investment value proposition, and unlock new avenues for long-term economic FDI inflows rose from Dh31.6 billion ($8.6 billion) in 2015 to Dh167.6 billion ($45.6 billion) in 2024, with cumulative FDI stock reaching $270.6 billion, reflecting a 10.5% compound annual growth rate from 2015 to Hassan Alsuwaidi, Minister of Investment, stated: 'Recording this unprecedented level of FDI inflows to the UAE is an achievement that reflects the strategic choices made by our wise leadership and its long-term vision to establish the UAE as a leading global investment destination. The Ministry of Investment is committed to developing a comprehensive regulatory and legislative framework aligned with our national priorities, meeting investors' needs, and providing a competitive business environment that attracts global capital.'He added: 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business. Through the National Investment Strategy 2031, we continue to set ambitious goals to cement the UAE's position as a leading global FDI destination. We provide a clear pathway to drive sustainable growth, double investment opportunities, diversify priority sectors, and open new horizons for global companies seeking innovation and expansion in future markets.'The strong performance of key economic sectors boosted the upward trajectory of announced greenfield FDI projects in the UAE. Software and IT services led announced FDI greenfield project values (11.5%), followed by business services (9.7%), renewable energy (9.3%), coal, oil, and gas (9%), and real estate (7.8%).The energy sector attracted Dh4.8 billion $1.3 billion in greenfield FDI, advancing the UAE's national goal to triple renewable energy production capacity by UAE's supportive investment policies and robust strategic partnerships have solidified its position as a primary destination for foreign capital in the region, capturing approximately 37% of the region's FDI inflows in UAE continues to attract top global talent, driven by policies supporting its investment strategy, including full foreign ownership in mainland companies, a competitive 9% corporate tax rate, streamlined licensing procedures, and enhanced legal policies have fostered a favourable investment climate, while strong legal frameworks, such as the Dubai International Arbitration Centre, have bolstered investor confidence and safeguarded their UAE ranks fifth globally in attracting highly skilled talent (per the 2024 Global Talent Competitiveness Index by INSEAD) and third in attracting AI talent (per Stanford University's 2024 AI Index), reinforcing its status as a leading hub for professionals, entrepreneurs, and partnerships are another key driver of investment attraction, with 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties supporting the investment momentum is underpinned by the UAE's significant investments in digital transformation, exemplified by the $ 1.5 billion joint venture between Microsoft and Abu Dhabi-based G42 to advance AI capabilities and set new standards for National Investment Strategy 2031 aims to double annual FDI inflows by 2031, targeting Dh 2.2 trillion cumulative FDI by 2031, as per the National Investment Strategy (NIS). The strategy focuses on priority sectors such as advanced manufacturing, renewable energy, financial services, and IT, emphasising sustainability and innovation. Initiatives under this strategy aim to cement the UAE's global leadership in economic diversification and technological advancement.
Khaleej Times
11 hours ago
- Business
- Khaleej Times
UAE attracts $45.6 billion in FDI in 2024, ranks in world's top 10
The UAE ranked among the world's top 10 destinations for foreign direct investment (FDI) in 2024, as inflows surged by nearly 49 per cent to reach $45.6 billion (Dh167.6 billion), up from $30.68 billion the previous year, according to a United Nations report. The World Investment Report 2025, released on Thursday by the UN Conference on Trade and Development (UNCTAD), revealed that the UAE climbed from 13th place in 2023 to 10th place in the latest global ranking. The UAE accounted for a dominant 55.6 per cent of total FDI inflows into the Middle East, which received $82.08 billion in 2024 – an increase from $78.39 billion the previous year. Other major recipients in the region included Saudi Arabia ($15.73 billion), Türkiye ($10.59 billion), and Oman ($8.68 billion). 'A strong rebound of flows in the UAE helped lift sub-regional figures, even as flows to Saudi Arabia and other Gulf Cooperation Council countries declined,' the UN report stated. The UAE's outward FDI also saw moderate growth, rising by 4.8 per cent to reach $23.4 billion in 2024. Globally, FDI rose marginally by four per cent to $1.51 trillion, up from $1.45 trillion in the previous year. However, UNCTAD noted that this figure was inflated by volatile flows through conduit economies. When adjusted for these factors, global FDI declined by 11 per cent – marking the second consecutive year of decline. 'Productive FDI fell by 11 per cent in 2024, continuing a downward trend,' warned UNCTAD Secretary-General Rebeca Grynspan. 'This is not just a downturn – it's a pattern.' Despite the overall decline, the United States remained the largest global recipient of FDI and led in both greenfield project announcements and international project finance (IPF) deals. Other top destinations included Brazil, Egypt, the UAE, Mexico, India, Indonesia, and Vietnam. Greenfield investment activity was especially strong in India and the UAE, while IPF deals were concentrated in a few mature markets and large emerging economies, the report added.
