Latest news with #Dhs1.3
Gulf Today
20-06-2025
- Business
- Gulf Today
UAE attracts $45.6b in FDI in 2024, ranks 10th globally
The UAE ranked 10th globally as a leading destination for inbound foreign direct investment (FDI) in 2024, achieving an unprecedented Dhs167.6 billion ($45.6 billion in FDI inflows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025. The UAE Foreign Direct Investment Report 2025, issued by the Ministry of Investment, highlights the country's exceptional performance and unmatched success in attracting capital across strategic sectors, reinforcing its status as a premier global investment destination despite an unstable global landscape. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, declared that, under the visionary leadership of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, the UAE's tenth global ranking in FDI inflows for 2024 confirms its status as a land of boundless opportunities and the premier destination for innovative businesses and bold ideas. Sheikh Mohammed Bin Rashid Al Maktoum said: 'In an international vote of confidence in the UAE's economy, the latest report by the United Nations Conference on Trade and Development (UNCTAD) revealed that the UAE attracted Dhs167 billion ($45 billion) in foreign direct investment over the past year, marking a 48% growth compared to the previous year.' His Highness added: 'The UAE accounted for 37% of all foreign direct investment inflows into the region. Out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally, after the United States, in the number of newly announced foreign direct investment projects. Our next goal is to attract Dhs1.3 trillion in foreign direct investment over the next six years, God willing.' His Highness continued: 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear. Our message is simple: development is the key to stability, and the economy is the most important policy.' Despite a global slowdown in greenfield FDI project growth to 0.8%, the UAE achieved a remarkable 2.8% growth, solidifying its position as a key destination for investment flows. Total capital for announced greenfield FDI projects in 2024 reached Dhs53.3 billion ($14.5 billion). The UAE ranked second globally, after the United States, in attracting greenfield FDI projects, with 1,369 new projects announced in 2024. The Ministry of Investment leads these efforts by enabling investment in key sectors, providing a flexible and competitive environment for global capital, and acting as a trusted partner for international investors. The ministry continues close collaboration with federal and local government entities, investment promotion agencies, private sector companies, and international partners to develop innovative policies, enhance the UAE's investment value proposition, and unlock new avenues for long-term economic growth. Annual FDI inflows rose from Dhs31.6 ($ 8.6 billion) in 2015 to Dhs167.6 billion ($45.6 billion) in 2024, with cumulative FDI stock reaching $270.6 billion, reflecting a 10.5% compound annual growth rate from 2015 to 2024. Mohamed Hassan Alsuwaidi, Minister of Investment, stated: 'Recording this unprecedented level of FDI inflows to the UAE is an achievement that reflects the strategic choices made by our wise leadership and its long-term vision to establish the UAE as a leading global investment destination. The Ministry of Investment is committed to developing a comprehensive regulatory and legislative framework aligned with our national priorities, meeting investors' needs, and providing a competitive business environment that attracts global capital.' He added: 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business. Through the National Investment Strategy 2031, we continue to set ambitious goals to cement the UAE's position as a leading global FDI destination. We provide a clear pathway to drive sustainable growth, double investment opportunities, diversify priority sectors, and open new horizons for global companies seeking innovation and expansion in future markets.' The strong performance of key economic sectors boosted the upward trajectory of announced greenfield FDI projects in the UAE. Software and IT services led announced FDI greenfield project values (11.5%), followed by business services (9.7%), renewable energy (9.3%), coal, oil, and gas (9%), and real estate (7.8%). The energy sector attracted Dhs4.8 billion USD 1.3 billion in greenfield FDI, advancing the UAE's national goal to triple renewable energy production capacity by 2030. The UAE's supportive investment policies and robust strategic partnerships have solidified its position as a primary destination for foreign capital in the region, capturing approximately 37% of the region's FDI inflows in 2024. The UAE continues to attract top global talent, driven by policies supporting its investment strategy, including full foreign ownership in mainland companies, a competitive 9% corporate tax rate, streamlined licensing procedures, and enhanced legal protections. These policies have fostered a favorable investment climate, while strong legal frameworks, such as the Dubai International Arbitration Centre, have bolstered investor confidence and safeguarded their interests. The UAE ranks fifth globally in attracting highly skilled talent (per the 2024 Global Talent Competitiveness Index by INSEAD) and third in attracting AI talent (per Stanford University's 2024 AI Index), reinforcing its status as a leading hub for professionals, entrepreneurs, and innovators. Global partnerships are another key driver of investment attraction, with 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties clearly supporting the investment landscape. This momentum is underpinned by the UAE's significant investments in digital transformation, exemplified by the $1.5 billion joint venture between Microsoft and Abu Dhabi-based G42 to advance AI capabilities and set new standards for innovation. The National Investment Strategy 2031 aims to double annual FDI inflows by 2031, targeting Dhs2.2 trillion cumulative FDI by 2031, as per the National Investment Strategy (NIS). The strategy focuses on priority sectors such as advanced manufacturing, renewable energy, financial services, and IT, emphasising sustainability and innovation. Initiatives under this strategy aim to cement the UAE's global leadership in economic diversification and technological advancement. WAM
Gulf Today
21-04-2025
- Business
- Gulf Today
Adnoc listed firms to distribute over $6.7b in annual dividends
Adnoc Group's publicly traded portfolio companies collectively endorsed over $6.7 billion (Dhs24.6 billion) in annual dividend payments to shareholders for 2024, reflecting their strong financial health and commitment to shareholders value. At the Annual General Meetings (AGM) of all six listed companies, shareholders voted overwhelmingly to approve the dividend proposals brought forth by each companies' Boards of Directors. Each of the six listed companies prioritize strong returns and value creation for shareholders, while advancing their strategies to deliver profitable growth. Adnoc Distribution: At its AGM on March 26, Adnoc Distribution shareholders approved a final cash dividend of $350 million (Dhs1.3 billion) for the second half of 2024, bringing total annual dividends to $700 million (Dhs2.6 billion), equal to 20.57 fils per share. Since its IPO in 2017, Adnoc Distribution has paid out $4.8 billion (Dhs17.6 billion) in dividends and delivered a 92% total shareholder return as of the end of 2024. The company is planning capital expenditures of $250-300 million (Dhs917.5 million-1.1 billion) in 2025 while maintaining its dividend policy to distribute to shareholders at least $700 million (Dhs2.6 billion) or 75% of net profit, whichever is higher. Adnoc Gas: Adnoc Gas shareholders approved the companies' proposal to distribute $1.7 billion (Dhs6.2 billion) for the second half of the year, raising the 2024 annual dividend to $3.41 billion (Dhs12.5 billion), the largest distribution by any issuer on the Abu Dhabi Securities Exchange (ADX). The dividend payout and the company's strong 2024 results, which include record adjusted net income of $5 billion (Dhs18.35 billion), propelled it to deliver 19% total shareholder returns for the year. Adnoc Gas is also positioned for potential inclusion in the MSCI and FTSE indices later this year following the company's landmark secondary share offering of 3.1 billion shares-the largest of its kind in ADX history and the UAE's largest secondary offering. Adnoc Drilling: Shareholders of Adnoc Drilling approved the proposed 2024 annual dividend distribution of $788 million (Dhs2.9 billion) at its AGM, including a $394 million (Dhs1.4 billion) dividend for the second half of the year. This represents a 10% increase compared to the previous year, driven by the company's solid financial performance. In 2025, the company aims to enhance operational capacity, targeting revenue between $4.6-$4.8 billion (Dhs16.9-17.6 billion). The company plans to expand its fleet to over 148 rigs by 2026 and integrate AI-enabled technologies to boost efficiency. Adnoc L&S: Adnoc L&S shareholders approved a final 2024 dividend payment of $136.5 million (Dhs501 million), bringing total dividend payments for the year to $273 million and reflecting a 5% year-on-year increase as aligned with its progressive dividend policy. Between its 2023 IPO and the end of 2024, Adnoc L&S delivered more than 178% in total shareholder returns (including share price appreciation and dividends paid), significantly outperforming the ADX and reinforcing investor trust in its long-term strategy. Borouge: At its in-person AGM on April 7, Borouge shareholders approved a final 2024 dividend of $650 million (Dhs2.4 billion), bringing the total annual payout to $1.3 billion (Dhs4.77 billion), equivalent to 15.88 fils per share. Additionally, shareholders authorised a share buyback programme of up to 2.5% of outstanding shares, reflecting the company's strong confidence in its future prospects and the significant upside potential beyond the current share price. At the AGM, Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Managing Director and Group CEO of Adnoc, and Borouge Chairman, spoke about the proposed creation of Borouge Group International that will bring together Borouge and Borealis and acquire Nova Chemicals. The new company has been designed to deliver consistently strong dividends and significant near-term growth, with a production capacity of 13.6 million tonnes - nearly tripling Borouge's current capacity. Borouge also announced it will increase its 2025 dividend to at least 16.2 fils per share, and following completion of the Borouge Group International transaction, the new entity intends to distribute an estimated total annual dividend of $2.2 billion (Dhs8.1 billion), equivalent to a minimum of 16.2 fils per share from 2026 to 2030. Fertiglobe: Fertiglobe shareholders approved the proposed payout of a $125 million (Dhs459 million) dividend for the second half of 2024, bringing total 2024 dividends to $275 million (Dhs1.01 billion), equal to 12.2 fils per share. Since its 2021 IPO, the company has distributed $2.5 billion (Dhs 9.2 billion) to shareholders, delivering one of the highest total shareholder returns on the ADX over that time. WAM
