UAE planning to develop a national investment strategy -minister | Reuters
The United Arab Emirates is working on developing a national investment strategy, its recently appointed investment minister, Mohamed Al Suwaidi, said on Thursday.
The UAE said in July it would set up a new federal ministry of investment - appointing Suwaidi to lead it - to develop the Gulf state's investment strategy globally and domestically as it contends with growing economic competition from neighbours.
"We have been spending the last few months putting together a strategy for the UAE," Suwaidi said, speaking at the Milken Institute's Middle East and Africa Summit in Abu Dhabi.
The UAE is a federation of seven emirates, dominated by capital Abu Dhabi and regional trade and tourism hub Dubai, with each having their own individual investment strategies.
Suwaidi, who is also the chief executive of one of Abu Dhabi's biggest sovereign funds, ADQ, said the new ministry's role would not be that of a regulator or a policymaker. It would instead advocate for UAE companies to tap new markets globally and grow opportunities for foreign investment.
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