The UAE’s overseas investments have hit $2.5 trillion in 2024 and are developing the national economy, according to Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC).
In statements to the Emirates News Agency (WAM), Al Jarwan explained that the United States holds the top spot, attracting $65 billion in bonds and $50 billion in direct investments.
Egypt follows closely with $65 billion, while the United Kingdom and India each pull in $40 billion in direct investments. Morocco sees $30 billion, and Europe is emerging as a promising future destination due to its currency stability.
“We are currently operating in 90 countries, and I expect India, Indonesia, ASEAN countries, Egypt, Morocco, Central Asian countries, Britain, France, Germany, the United States, Canada, and some Eastern European countries, especially Serbia, Greece, and Turkey, to be the focus of our attention,” Al Jarwan added.
The Secretary-General of the UAEIIC explained that Emirati investments worldwide are divided between sovereign wealth funds by 72%, with Abu Dhabi Investment Authority (ADIA) playing a primary role, along with Mubadala Investment Company, Investment Corporation of Dubai, Emirates Investment Authority, and ADQ.
The UAE owns 7 sovereign wealth funds with assets exceeding $2 trillion dollars, followed by government-owned and quasi-governmental companies at 18%, UAE banks at 2.5%, and 7.5% for family-owned and private companies.
Jamal Al Jarwan said, “There are a series of deals that have been concluded, the most prominent of which was the deal between the American asset management company Apollo Global Management and Abu Dhabi Investment Authority to acquire UniVar Solutions, headquartered in the UAE, for US$8.2 billion.”
He also mentioned the deal of the Canadian Caisse de dépôt et placement du Québec acquiring 22% of the ownership of DP World in both the Jebel Ali Free Zone and the National Industries Park and Jebel Ali Port for $5 billion.
He mentioned that among the most important deals in this field is the acquisition by the e& group of a stake of 9.8% in the British Vodafone group for $4.4 billion, and the acquisition by the Abu Dhabi National Oil Company (ADNOC) of 24.9% of the Austrian oil and gas company from a local sovereign wealth fund affiliated with Mubadala for $4.1 billion.
Jarwan stated that the UAE invested $1.9 billion during the period from 1991 to 2000, and $53.6 billion during another ten-year period from 2001 to 2010.
This culminated in a total cumulative balance of Emirati investments abroad by the end of 2022 amounting to $240 billion, compared to $215 billion in 2021.
