87 thousand millionaires and 13 billionaires with a total wealth of $ 870 billion live in the country

The UAE is home to investment opportunities and a gateway to global markets of 3 billion people

The UAE is ranked third in the world and first in the region in terms of investment power in infrastructure projects.

Archives

Yesterday, a government report confirmed that the UAE managed, during the first 50 years of its founding, to transform its national economy from a simple economy based on agriculture in oases, fishing, the trade of dates and pearls, to one of the fastest growing economies in the region and the world, and the most prepared for the future based on The knowledge economy and innovation, which will qualify it to achieve more economic and developmental jumps in the coming decades.

A forward-looking vision

He added that although oil played a major role in the development and growth of the Emirati economy, the forward-looking vision of the leadership of the UAE has, for decades, adopted multiple plans and strategies to diversify the national economy away from the fluctuations of oil prices, until the country turned into a global financial center and an economic capital that it takes. Major international companies operating in various sectors have a regional headquarters, in addition to a large population diversity, as residents of more than 200 nationalities live and work in them in coexistence and harmony.

The report emphasized that the UAE, with all its unique geographical location, economic components, high-level infrastructure, and laws and legislation stimulating investment, has become a main gateway to markets of about three billion people, by taking advantage of air shipping lines and the port network managed by Emirati companies. And it is spread on the continents of the world, in addition to the infrastructure of airports and ports in the country, supported by an integrated logistical services network.

Legislative structure

The report pointed out that the economic position the UAE has reached at the regional and global level came thanks to the preparation of the legislative structure necessary for the growth and prosperity of the economy, through laws and legislation to support business and investments, as the state enacted, at the beginning of the new millennium, a federal law with the aim of organizing and protecting industrial property for patents, designs and models. The concerned authorities also issued a package of decisions and circulars to frame the corporate governance process.

The UAE government has also adopted the bankruptcy law in a way that achieves a balance between the interests of creditors vis-à-vis debtors and enables them to obtain their rights, while the amendment to the new companies law issued in 2020 is the latest in the process of developing the investment legislative climate in the country, as the amendments allowed entrepreneurs and investors Foreigners can fully establish and own companies, and the condition requiring a foreign company that wants to open a branch inside the country has been canceled to have an agent who is a citizen of the state.

Become the world leader

The report stated that the UAE ranked third globally and first regionally in the strength of investment in infrastructure projects, and investment in facility facilities over the past years, as part of the Infrastructure Index 2020, in addition to the first place in the list of countries with the best electronic infrastructure in the world. And the 31st place for the quality of digital life in 2020.

The report emphasized that it was natural, in light of the forward-looking vision to enhance the leading economic position of the UAE, to top regionally in global indicators, and to have the highest credit ratings from prestigious international institutions, as the UAE government obtained the highest sovereign rating in the region (Aa2) from the international rating agency. Moody's, with a stable view of the national economy.

It also ranked ninth in the world among the most competitive countries, and for the fourth consecutive year the countries of the Middle East and North Africa region topped the Global Competitiveness Yearbook 2020 report, and ranked first in the Arab world for the seventh consecutive year.

Land of riches

According to a report by the New World Wealth Foundation, which specializes in wealth research, the fortunes of millionaires and billionaires in the UAE increased by $ 45 billion (165.15 billion dirhams) in the second half of 2020, registering an increase of 4,276 millionaires with wealth over one million dollars, and one billionaire. By the end of December 2020.

There are also 87,000 millionaires and 13 billionaires living in the UAE, with a total wealth of $ 870 billion (3.2 trillion dirhams) at the end of last year, up from 82,724 millionaires and 12 billionaires, and more than 4,500 wealthy people moved to reside and live in the UAE between 2000. And 2020.

The largest wealth management center

The UAE is the largest wealth management center in the region with assets amounting to about $ 110 billion, mainly because it is the largest safe haven in the Middle East and North Africa region, with an advanced economy, a first-class healthcare system, low tax rates, as well as a center. International business, making it an ideal destination for venture capitalists and investors from all over the world.

-

"Moody's" gives the UAE the strongest sovereign rating in the region, with a stable outlook for the economy.

Follow our latest local and sports news, and the latest political and economic developments via Google news