Sheikh Khaled bin Mohamed meets chiefs of JP Morgan and BlackRock in Abu Dhabi

He discussed investment opportunities offered by the UAE with the executives

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, during a meeting with JP Morgan Chase chairman and chief executive Jamie Dimon in Abu Dhabi. PhotoShow more

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met JP Morgan Chase chairman and chief executive Jamie Dimon in the UAE capital.

During the meeting, they discussed areas of mutual co-operation in the banking sector, as well as investment opportunities offered by the UAE to international companies, the Abu Dhabi Media Office said in a statement on Wednesday.

Sheikh Khaled also highlighted the milestones achieved by the UAE in diversifying its economy, building a business-friendly legislative framework, and laying the foundations for a knowledge-based and innovative economy that have contributed to positioning the Emirates as a leading global investment destination.

Sheikh Khaled also met Larry Fink, chairman and chief executive of asset management company BlackRock and discussed opportunities available for international investors and companies in the UAE.

He highlighted how Abu Dhabi supports companies, particularly within renewable energy and technological solutions, to accelerate the growth of a knowledge-based economy.

The meeting also involved discussions on the facilities, incentives, and flexible but robust regulatory framework offered by Abu Dhabi, which are attracting global companies to establish operations in the emirate as a way of expanding their business in the Mena region.

The UAE economy has made a sharp rebound from the coronavirus-induced slowdown on the back of higher oil prices and measures to mitigate the impact of the pandemic.

The country's economy expanded by 7.9 per cent in 2022, its biggest increase in nearly 11 years.

It carried forward the momentum to this year, with its gross domestic product growing by 3.8 per cent on an annual basis in the first quarter, boosted by the UAE's strong non-oil sector.

The UAE economy is expected to expand by 4 per cent in 2024 and 3 per cent this year, driven by strong growth in its non-oil sector, S&P analysts told state news agency Wam last month.

The rising number of tourist arrivals, supportive government campaigns and increasing tech advancements are expected to spur the country's economic expansion, they said.

Meanwhile, Abu Dhabi's non-oil GDP grew by an annual 12.3 per cent to Dh154 billion ($41.96 billion) in the second quarter of this year, the highest since 2014, as the emirate continues to diversify.

The emirate's total GDP for the three months to the end of June also grew by 3.5 per cent on an annual basis, underpinning the “competitiveness and resilience” of its economy, which has helped it to navigate global headwinds, the Statistics Centre Abu Dhabi said this month.

The UAE has allowed 100 per cent foreign ownership of companies, reduced visa restrictions, provided various incentives for small and medium enterprises and introduced laws to improve transparency for investors.

The country is also putting in place various measures to boost foreign direct investment. It aims to attract Dh550 billion in FDI by 2030, and eventually reach Dh1 trillion by 2051.