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Other sectors are likewise being progressively stressed to advance the country's decarbonization goals following the 28th Conference of the Celebrations (COP28). Low-carbon innovations, such as solar PV manufacturing, are being actively pursued. 5 By targeting these sectors, the UAE aims to build a more diversified and sustainable economy, minimizing reliance on imported items while also developing jobs for both nationals and residents.
As one of the world's top 20 economies, the UAE has secured a leading position in foreign direct financial investment (FDI) inflows within the area. The World Investment Report 2024 by the United Nations Conference on Trade and Development reported that FDI flows into the UAE reached approximately US$ 30.69 billion in 2023, up from US$ 22.74 billion in 2022, putting the UAE second globally in FDI inflows.
In 2022, the Dubai Multi Commodities Center (DMCC) welcomed 665 new business, marking its best first quarter in over twenty years, with significant registrations from China, India, the United Kingdom, Germany, and France. 7 By 2023, the DMCC's total number of business went beyond 24,000.8 Similarly, the Jebel Ali Free Zone supports nearly 800 production firms with customized facilities, exceptional logistics, and over 100 customized projects.
Its tactical area at the crossroads of Europe, Asia, and Africa, offers seamless connection to global markets, which makes it possible for efficient circulation of items to a large range of clients and end-users. Even more, the UAE's strong logistics and facilities, lack of trade sanctions, and a growing number of complimentary trade agreements with streamlined, duty-free access to Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) markets, make it an appealing place for establishing production bases.
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