Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohamed bin Rashid Al Maktoum attend lunch reception hosted by Sheikh Nasser bin Hamad Al Khalifa in Dubai

Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, announced that the country received the highest foreign direct investment (FDI) of $23 billion last year.

This marked a 10% increase in the FDI, compared to 2021.

"The UAE has achieved the highest foreign direct investment (FDI) inflows in its history in 2022, reaching AED84 billion ($23 billion) despite a 12% decline in global FDI movement, according to the UNCTAD's annual World Investment Report 2023," Sheikh Mohammed said on Wednesday, WAM reported.

According to the report, UAE ranks first regionally in attracting FDI inflows and the country has become the fourth largest recipient of greenfield investment projects in the world with a total of 997 projects, after the United States, the United Kingdom, and India.

The prime minister went on to appreciate everyone including all regulatory, legislative, and service entities who played a role in strengthening the position of the UAE as one of the best international investment hubs.

"Our aim during the coming year is to achieve more historic milestones," he concluded.

The United Nations Conference on Trade and Development (UNCTAD) published a report that monitored investment on a global and regional basis alongside international investment policy developments.

However, looking at the overall report including every country, the global foreign direct investment fell 12% in 2022. The report also mentioned how developing countries are facing investment deficits as they work towards achieving the Sustainable Development Goals (SDGs) by 2030.

The developing countries require renewable energy investments of about $1.7 trillion annually, whereas they managed to get only $544 billion last year. Although these investments are three times more compared to 2015.

The report suggested developing countries should get more investment on an urgent basis, in order to transition into clean energy.

UAE, on the other hand, has aimed to invest up to $54 billion in renewable energy sources over the next seven years. This announcement was made on Monday during a cabinet meeting.

In fact, the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed Al Maktoum inaugurated the world's largest renewable energy facility in the Warsan area, located in Dubai on Tuesday.

Sheikh Hamdan also shared a video on social media, revealing the facility that is capable of generating 220 megawatt-hours of renewable energy, which can power 135,000 residential units.

UAE is focusing on clean energies and incentivizing decarbonization. COP28 President-Designate, Dr. Sultan Al Jaber echoed similar sentiments during his London Climate Action Week visit last week.