Closing Bell: TASI sheds points to close at 12,657 points

Closing Bell: TASI sheds points to close at 12,657 points
Closing Bell: TASI sheds points to close at 12,657 points

Thank you for reading the news about Closing Bell: TASI sheds points to close at 12,657 points and now with the details

Jeddah - Yasmine El Tohamy - UAE’s abroad investments performing well despite economic headwinds: top official 

RIYADH: The UAE has strengthened its position in the global economy, with its overseas investments proving resilient amid economic fluctuations, said a senior official. 

Jamal Bin Saif Al-Jarwan, secretary-general of the UAE International Investors Council, stated that the Emirate’s assets abroad, both government and private, are estimated at $2.5 trillion as of early 2024, as reported by the state news agency WAM. 

He added that the country is continuously expanding its investment portfolio to secure future generations with valuable and viable projects.

“It (the UAE) ranked first in the Arab region and West Asia and 15th globally, and second globally in investing in new opportunities,” said Al-Jarwan, although he did not specify which list he was referring to.

In a statement to WAM, Al-Jarwan revealed that the US holds the top spot, attracting $65 billion in bonds and $50 billion in direct investments by the UAE. 

The US is followed by Egypt at $65 billion, while direct investments in the UK and India amounted to $40 billion each.  

He added that they are currently operating in 90 countries.  

He anticipates that their focus will be on India, Indonesia, and ASEAN countries. Additionally, Egypt, Morocco, and Central Asian countries were expected to draw their attention.  

Moreover, the UK, France, and Germany, along with the US and Canada, were also on their radar. Lastly, he added, some European countries, particularly Serbia, Greece, and Turkiye, would be areas of focus. 

The senior official revealed that 72 percent of the UAE’s overseas investments are attributed to the country’s sovereign wealth funds, led by the Abu Dhabi Investment Authority. Other prominent entities include Mubadala Investment Co., Investment Corp. of , Emirates Investment Authority, and ADQ. 

Government-owned and quasi-governmental companies account for 18 percent of the Emirate’s investments abroad. UAE banks, family-owned, and private businesses collectively hold 10 percent of foreign investments. Among these, banks hold 2.5 percent, while family-owned and private businesses hold 7.5 percent. 

He added that the UAE owns seven sovereign wealth funds, with assets exceeding $2 trillion. 

“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 added.  

The official also highlighted the deal in which the Canadian Caisse de dépôt et placement du Québec acquired 22 percent ownership of DP World in both the Jebel Ali Free Zone and the National Industries Park and Jebel Ali Port for $5 billion. 

He added that the UAE’s investment flow abroad increased in 2022, reaching $24.83 billion, marking a 10 percent rise compared to 2021. 

Citing a report issued by the UN Conference on Trade and Development, Al-Jarwan noted that the UAE ranked 15th globally in investment flows to other countries in 2022, compared to its position in 2021. 

These were the details of the news Closing Bell: TASI sheds points to close at 12,657 points for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT China’s factory activity expands at fastest clip in 13 months, Caixin PMI shows

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]