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Other sectors are also being progressively stressed to advance the country's decarbonization objectives following the 28th Conference of the Parties (COP28). Low-carbon innovations, such as solar PV production, 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 producing jobs for both nationals and residents.
As one of the world's top 20 economies, the UAE has protected a leading position in foreign direct investment (FDI) inflows within the area. The World Investment Report 2024 by the United Nations Conference on Trade and Advancement reported that FDI flows into the UAE reached approximately US$ 30.69 billion in 2023, up from US$ 22.74 billion in 2022, placing the UAE second globally in FDI inflows.
In 2022, the Dubai Multi Commodities Center (DMCC) welcomed 665 brand-new business, marking its best very first quarter in over 20 years, with substantial registrations from China, India, the United Kingdom, Germany, and France. 7 By 2023, the DMCC's total number of companies went beyond 24,000.8 Similarly, the Jebel Ali Free Zone supports nearly 800 manufacturing companies with customized infrastructure, outstanding logistics, and over 100 customized projects.
Its tactical place at the crossroads of Europe, Asia, and Africa, uses seamless connection to global markets, which allows effective circulation of products to a vast array of customers and end-users. Even more, the UAE's strong logistics and facilities, absence of trade sanctions, and a growing variety of totally free trade contracts with streamlined, duty-free access to Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) markets, make it an appealing area for establishing manufacturing bases.
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