Your Excellency Mr. Ahmed Jassim Al-Zaabi,
Chairman of the Department of Economic Development in Abu Dhabi
Your Excellencies,
Ladies and Gentlemen,
It is a great pleasure for me to join you today in inaugurating the 13th session of the Annual Investment Forum, held under the gracious patronage of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi. I would like to express my heartfelt gratitude to the UAE government, represented by the Ministry of Industry and Advanced Technology, the Ministry of State for Foreign Trade, and the Annual Investment Forum, for their invaluable support in organising this distinguished event.
I extend sincere thanks to all those who have contributed to the successful preparation of this distinguished gathering. The League of Arab States is eager to collaborate with you in this forum, recognising its pivotal role in advancing investment opportunities not only in the UAE but also across the Arab region. By bringing together leaders of prominent companies, business owners, and economic policymakers, this event serves as a platform for exchanging experiences and forging mutually beneficial partnerships here in Abu Dhabi.
Since its inception, this forum has enjoyed unwavering support from the Emirati leadership, resulting in a diverse array of sessions and a remarkable increase in participant numbers. The growth is evident, with the number of participating countries soaring from 40 in 2011 to an impressive 175 during this session.
Ladies and Gentlemen,
I acknowledge that you are all entrepreneurs, gathered here to explore new partnership opportunities and discuss ways to enhance the investment climate while addressing barriers hindering existing projects and the initiation of new ones. However, I am also aware of your profound concern regarding stability and its profound impact on the business environment.
Stability is indeed a prerequisite for investment and stands as the cornerstone for achieving sustainable and enduring growth. Yet, recent crises in the Arab region have posed significant challenges, impeding the attraction of capital despite the vast potential and efforts exerted by nations. The convergence of global crises and internal unrest within certain countries has cast a shadow over growth prospects, disrupting comprehensive development efforts in various regions.
The ongoing Israeli war on Gaza serves as a poignant illustration of how instability undermines investment and entrepreneurship. This brutal war, devoid of moral considerations or adherence to humanitarian and legal principles and laws of the war, has inflicted untold suffering upon the Palestinian people. The deliberate targeting of investments, infrastructure, and hard-won achievements in both the West Bank and Gaza Strip reflects a reprehensible attempt to break Palestinian resilience through the imposition of severe collective punishment, unparalleled in the 21st century.
From this standpoint, I urge for an increase in urgent humanitarian aid to alleviate the dire conditions faced by Palestinians, exacerbated by the relentless onslaught of war. It is imperative that we extend assistance to mitigate the tragic consequences witnessed daily in the region.
Furthermore, this conflict has had profoundly negative and perilous regional ramifications. Neighbouring countries experienced a decline in tourism activity, global supply chains were disrupted, revenues from vital sea routes like the Suez Canal were impacted, and energy prices experienced fluctuations, thereby adversely affecting the prices of essential commodities.
However, amidst these challenges, there are glimmers of hope. Despite the adversities, the Arab gross domestic product surged in 2023, reaching a commendable $3.5 trillion. The International Monetary Fund anticipates further improvement in the performance of Arab economies, projecting a growth rate of 3.6 percent in 2024, largely fuelled by the expansion of oil-producing nations. Nonetheless, this projection remains contingent upon the resolution of the war on Gaza, which I fervently hope will come to an immediate end.
Ladies and Gentlemen,
I'd like to draw your attention to a crucial topic closely tied to the agenda of this conference: the role that artificial intelligence (AI) will play in the realm of investments in the forthcoming period. I foresee AI as the driving force of the future, offering vast opportunities for in-depth, abstract, and objective market analysis fuelled by extensive data and ever-advancing computational capabilities. It furnishes precise insights into market trends over the medium and long term. Major digital corporations are investing significant resources in enhancing their AI capabilities, recognising its potential returns and significance in the near future.
From this platform, I advocate for bolstering Arab investments in AI companies, nurturing incubators for emerging digital enterprises, formulating Arab policies to cultivate capabilities, and developing legislation to regulate this domain. Moreover, I emphasise the importance of advancing research and development initiatives to ensure that the Arab world remains abreast of this transformative revolution poised to reshape the global economy comprehensively.
In closing, I extend my heartfelt gratitude to all who have contributed to the success of this forum. I eagerly anticipate future sessions and discussions, wishing you continued prosperity and achievements.
Thank you.
