In fact, the Emirates' plan is to deepen their trade ties with the fast-growing economies of Asia and Africa.
According to the plan, which was released by officials, the UAE, which has been the "rich fund" of the Middle East for more than a decade and is facing increasing competition from neighboring Saudi Arabia, will work with eight countries that have not high growth potential.
The rapprochement countries are South Korea, Indonesia, Kenya, Ethiopia and Turkey, where relations with President Recep Tayyip Erdogan have rekindled after years of tensions. The emirate will also expand its economic ties with Britain, India and Israel, where their ties normalized a year ago.
The eight "target" markets account for 10% of global GDP and account for about ¼ of the world's population, said Omar Al Olama, Emirates Minister (whose portfolio covers artificial intelligence, digital economy and distance work). with Bloomberg.
In a statement to local media, he said "there will be huge opportunities for co-operation between the UAE and these countries with the aim of boosting trade, increasing cross-border investment and supporting local economies." It is recalled that the Emirates is now holding this "opening" in view of the World Expo 2020 which will be held late due to measures against the coronavirus pandemic and is one of the largest events in the world.
Asia and Africa have emerged as major destinations for UAE fundraising, mainly through investments by Abu Dhabi government funds. The UAE was particularly interested in India, where the investments of Mubadala Investment Co. in 2020 they surpassed the total of the previous 19 years!
The top trading partners for the UAE in 2020 were China, India, Japan, the United States and Saudi Arabia, according to data compiled by Bloomberg. As part of its plans for long-term development, the Emirates is looking for 550 billion. dirhams ($ 150 billion) from Foreign Direct Investment for the next nine years and aim to be among the 10 largest investment destinations in the world by 2030.
