UAE ranks first in region for new FDI Biotech projects

A survey by the FDI Markets Index has ranked the UAE first in the MENA region for the number of new foreign direct investment biotechnology projects.

The rankings were issued recently by the Financial Times’ FDI Intelligence magazine, which specialises in the investment trends around the world.

The index monitors capital flows and identifies the best FDI global destinations through reference comparisons.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the UAE's position in the biotech sector underlines the country’s leading place in the regional and international investment landscape, thanks to the vision and support of its leadership.

Al Zeyoudi added, "Over the past years, the UAE has succeeded in consolidating its position as an attractive destination for investments and business, and today, it is reinforcing its position as a regional and global hub for investment in the sectors of the new economy. This latest recognition is set to further strengthen the confidence of global investors in the efficiency and quality of the UAE’s business climate and highlight the extent of development and readiness of its markets to be a preferred destination for future projects."

He went on to say that the UAE government is continuing its efforts to enhance the policies that attract foreign investments and expand the scope of incentives and facilities for companies and investors, noting: "Among the most important steps taken in this regard is the recent amendment of the Federal Law on Commercial Companies, which represents a milestone in increasing the flexibility and sustainability of the business climate in the country.

"The result of the index shows that the largest number of biotech projects in the Middle East and Africa exist in the UAE."

Key centres include the Dubai Science Park Lab Complex, the Al Jalila Foundation for Medical Innovation and the Research Bank UAE of the Ministry of Health and Prevention.

He highlighted the importance of systematic and integrated response adopted by the country in the face of the COVID-19 pandemic across various sectors, including health and the economy, and the increased focus on the economic recovery and advancement plan adopted by the nation.