The UAE has strengthened its position in the global economy and the total value of UAE assets abroad, both government and private, is estimated at $2.5 trillion as of early 2024, a senior official has said.
Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), stated that UAE investments abroad are performing well despite global economic fluctuations, according to a Wam news agency report.
The UAE is expanding its investment portfolio to secure future generations with valuable and viable projects, demonstrating sound economic management and commitment to development and cooperation, he said.
The UAE ranked first in the Arab region and West Asia and 15th globally in investments, and second globally in investing in new opportunities, he said.
In statements to Wam, Al Jarwan said the United States holds the top spot, attracting $65 billion in bonds and $50 billion in direct investments. Egypt followed closely with $65 billion, while the United Kingdom and India each pulled in $40 billion in direct investments. Morocco saw $30 billion, and Europe is emerging as a promising future destination due to its currency stability.
He said: "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."
Regarding the breakdown of ownership and capital holders, he explained that Emirati investments worldwide are divided between sovereign wealth funds by 72 percent, with Abu Dhabi Investment Authority (ADIA) playing a primary role, along with Mubadala Investment Company, Investment Corporation of Dubai, Emirates Investment Authority, and ADQ. This is followed by followed by government-owned and quasi-governmental companies at 18 percent, UAE banks at 2.5 percent, and 7.5 percent for family-owned and private companies.
He noted that the UAE owns seven sovereign wealth funds with assets exceeding $2 trillion.
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 $8.2 billion."
He also mentioned the deal of the Canadian Caisse de dépôt et placement du Québec acquiring 22 percent 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 and its subsidiary Atlas 2022 Holdings of a stake of 9.8 percent in the British Vodafone group for $4.4 billion, and the acquisition by the Abu Dhabi National Oil Company (Adnoc) of 24.9 percent of the Austrian oil and gas company OMV AG from a local sovereign wealth fund affiliated with Mubadala for $4.1 billion.
He added: “With the growing popularity of cross-border deals, Ras El-Hekma, a deal of great significance worth $35 billion emerges.” (The deal between Egypt and the UAE will see Egypt develop the Ras El Hekma area into a city that will bring up to $150 billion in investment).
Regarding annual flows, he clarified that the UAE's investment flows abroad increased in 2022 to reach $24.833 billion, representing a 10 percent increase from 2021, when it was $22.546 billion.
