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Other sectors are likewise being increasingly stressed to advance the nation's decarbonization goals following the 28th Conference of the Parties (COP28). Low-carbon technologies, such as solar PV manufacturing, are being actively pursued. 5 By targeting these sectors, the UAE aims to build a more varied and sustainable economy, lowering dependence on imported items while also producing tasks for both nationals and locals.
As one of the world's top 20 economies, the UAE has secured a leading position in foreign direct investment (FDI) inflows within the region. The World Investment Report 2024 by the United Nations Conference on Trade and Advancement reported that FDI streams into the UAE reached around 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 brand-new companies, marking its best first quarter in over 20 years, with considerable registrations from China, India, the UK, Germany, and France. 7 By 2023, the DMCC's overall number of business went beyond 24,000.8 Likewise, the Jebel Ali Free Zone supports nearly 800 production companies with customized infrastructure, excellent logistics, and over 100 personalized projects.
Upskilling the UAE Workforce for a Post-AI EconomyIts strategic place at the crossroads of Europe, Asia, and Africa, offers seamless connection to worldwide markets, which allows effective distribution of items to a vast array of consumers and end-users. Further, the UAE's strong logistics and facilities, absence of trade sanctions, and a growing number of totally free 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 developing manufacturing bases.
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