UAE leader in investment attraction: Report

The UAE has emerged as leader in luring foreign investments, having attracted over US$12 billion in 2005, according to a specialised report.The World Investment Report, issued by the Islamic Corporation for the Insurance of Investment and Export Credit (IIEC), a member of the Islamic Development Bank Group, said the flow of foreign investment into UAE in 2005 registered a record growth of 40% compared to 2004.Addressing the Broader MENA Investment Summit that opened here today, Dr. Abdel-Rahman Taha, ICIEC General Manager, said MENA region was the number one attractor of foreign investments in 2005 "thanks to serious economic liberalisation policies and close coordination between the public and private sectors".Dr. Taha noted, however, that MENA economies were facing significant challenges, particularly the need to create new job opportunities."We are facing challenges that are totally different than those encountered during the oil boom era, as the new job opportunities need to be created by the private sector," he said.Many of the world's leading economic and financial experts are taking part in the Summit that opened today at the Dubai International Financial Centre.The two-day event is organised by the World Bank Group's Multilateral Investment Guarantee Agency and ICIIEC, in association with DIFC.The summit covers a wide range of topics including investment opportunities and obstacles, the rise of Islamic financial instruments, regional privatisation trends, the prospects for basic industries, and coping with global competition. Source