Latest news with #greenfield
Gulf Business
12 hours ago
- Business
- Gulf Business
UAE ranks 10th globally for FDI in 2024, attracts record Dhs167.6bn
Image: WAM/ For illustrative purposes The UAE ranked 10th globally in 2024 for foreign direct investment (FDI) inflows, bringing in a record Dhs167.6bn ($45.6bn), a 48 per cent increase from the previous year, according to the United Nations Conference on Trade and Development's ( World Investment Report 2025 . The country accounted for 37 per cent of all FDI inflows into the region, reinforcing its position as the leading investment destination in the Middle East and North Africa. 'Out of every $100 invested in the region, $37 comes to the UAE,' said Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai. The UAE also ranked second globally, after the US, in the number of newly announced greenfield FDI projects, with 1,369 projects launched in 2024. Despite a global slowdown in greenfield project growth to 0.8 per cent, the UAE posted a 2.8 per cent increase, with announced greenfield project capital reaching Dhs53.3bn ($14.5bn). Key sectors fuelling UAE FDI inflows Key sectors driving this growth include software and IT services (11.5 per cent of total greenfield project value), business services (9.7 per cent), renewable energy (9.3 per cent), coal, oil, and gas (9 per cent), and real estate (7.8 per cent). The energy sector alone attracted Dhs4.8bn ($1.3bn) in greenfield FDI, aligned with national goals to triple renewable energy production capacity by 2030. Since 2015, annual FDI inflows into the UAE have grown from Dhs31.6bn ($8.6bn) to Dhs167.6bn, representing a compound annual growth rate of 10.5 per cent. The cumulative FDI stock reached $270.6bn by the end of 2024. Mohamed Hassan Alsuwaidi, Minister of Investment, attributed the record inflows to strategic reforms and long-term policy direction. 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business,' he said. The Ministry continues to support investor confidence through enhanced legislation, full foreign ownership in mainland companies, a 9 per cent corporate tax rate, and streamlined licensing. The country also ranks fifth globally for attracting highly skilled talent and third in AI talent, according to recent studies by INSEAD and Stanford University. This talent pool supports ongoing digital transformation, including a $1.5bn AI-focused joint venture between Microsoft and Abu Dhabi-based The UAE's National Investment Strategy 2031 aims to double annual FDI inflows by the end of the decade, targeting Dhs2.2tn in cumulative FDI by 2031. Strategic focus areas include advanced manufacturing, clean energy, financial services, and IT. 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear,' said Sheikh Mohammed. 'Our message is simple: development is the key to stability, and the economy is the most important policy.'
Zawya
2 days ago
- Business
- Zawya
New iron ore concentrator project in Oman advances
MUSCAT - The development of a greenfield iron ore concentrator plant is gaining momentum at Sohar Port and Freezone, with international companies announcing key contracts for the supply of critical equipment and project management services. A joint investment of approximately $627 million is being made in the Sohar Concentrator Plant by Brazil-based global mining conglomerate Vale and leading Chinese steelmaker Jinnan Iron & Steel Group. First unveiled last October, the state-of-the-art facility will produce high-quality iron ore concentrate for the manufacture of pellets and briquettes—crucial feedstock for the production of low-carbon steel via the Direct Reduction (DR) route. The concentrator plant will process 18 million tonnes of low-grade iron ore annually, yielding 12.6 million tonnes of high-grade concentrate. Vale has committed $227 million to connect the new plant to its existing pelletisation facility in Sohar, while Jinnan will invest approximately $400 million to build, own, and operate the plant. On Tuesday, Finnish industrial machinery manufacturer Metso Corporation announced it had signed an agreement to supply core process equipment for the project. The contract includes the delivery of heavy-duty grinding machinery with a total installed capacity of 25 MW, large slurry pumps, and mill discharge pumps. Commenting on the agreement, Piia Karhu, President of the Minerals business at Metso, said: 'This project marks Jinnan's first venture in Oman, a country rich in diverse mineral resources and with a strategic vision to develop its mining sector as part of broader economic diversification efforts. As a leading supplier of process technology and services for concentrator plants worldwide, Metso is pleased to partner with Jinnan Iron & Steel Group on this greenfield initiative.' Earlier, Chinese media reported that MCC Changtian International Engineering Company, a subsidiary of China Metallurgical Group Corporation (MCC Group), had been awarded a general contracting and project management contract by Jinnan Iron & Steel for the Sohar facility. MCC Changtian's scope also includes development of a supporting stockyard, long-distance slurry transport systems, and a dry tailings stacking system. MCC Changtian is a leading Chinese engineering, procurement, and construction (EPC) company specializing in metallurgical and infrastructure projects. Once operational by mid-2027, the concentrator is expected to establish Oman as a key global supplier of DR-grade iron ore. Joint venture partner Vale has indicated it intends to replicate this investment model across its proposed Mega Hubs in other locations, including Saudi Arabia, the United Arab Emirates, Brazil, and the United States. Under this model, Vale will construct and operate ore concentration and briquetting plants, while local partners develop the required logistics infrastructure. Metso is well-established as a supplier of mineral processing equipment for Oman's industrial and mining sectors. Earlier this year, the Finnish firm signed an agreement with Mazoon Mining, a wholly owned subsidiary of Minerals Development Oman (MDO), to supply key process equipment worth $30 million for its copper concentrator plant located in Yanqul. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Arabian Business
20-05-2025
- Business
- Arabian Business
Emirates Development Bank
EDB will offer its range of flexible financial solutions, including capex financing for expansion or facility upgrades, greenfield and brownfield project finance, and financial support for the integration of Industry 4.0 tech or clean energy transition
