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UAE hosts Annual Investment Meeting in bid to promote economy

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The Ministry of Economy of the United Arab Emirates (UAE) has finalized preparations to organize an Annual Investment Meeting (AIM) from March 29 to 31, 2022, with a focus on expanding investment channels.

The UAE, as a developed economy, had a threefold surge in FDIs in the first half of this year, totaling $424 billion.

In terms of FDI, the UAE is one of the top 20 economies in the world. The FDI Pillar of AIM 2022 aims to investigate key themes such as mainstreaming ESG investments, GVC optimization, IPAs as a favorable business environment, and the importance of SEZs, among other topics.

“Currently, the UAE is ranked 11th in the world for Ease of Doing Business and first in the region. Together, we will make the UAE the best investment destination in the world”, H.E. Dr. Thani bin Ahmed Al Zeyoudi.

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Eyeing the augmentation of Foreign Direct Investments (FDI) flows worldwide, The Annual Investment Meeting (AIM) – an initiative by the UAE’s Ministry of Economy expressed its keenness on continuing to create numerous investment opportunities and innovative economic and business strategies, whilst fully supporting the ensuing macro recovery and subsequent changes to the global economy.

The AIM’s next edition – to be held from 29 to 31 March 2022, with the theme of “Investments in Sustainable Innovation for a Thriving Future” will focus mainly on endorsing and boosting investments towards sustainability and innovation through key activities under the FDI Pillar.

Thanks to rising investors’ confidence, FDI flows have rebounded, globally, in 1H21, as per the latest United Nations (UN) report. Developed economies’ FDIs increased more than threefold in the first half of this year, hitting $424 billion.

Contrary to previous forecasts, global FDI prospects for the full year have improved, the UNCTAD report indicated. This has also been evident in FDIs into East and Southeast Asian countries, which saw a rise of 25%.

The UAE is one of the world’s top 20 economies, in terms of FDI, indicating the country’s strong economic performance. In response to the pandemic, it was one of the first countries in the world to launch stimulus packages and initiatives to provide the necessary support to the economy’s various sectors and adapt to pandemic-related challenges.

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The country’s resilience and relentless pursuit of successful economic transformation and sustainability are clearly manifested in the high global rankings it has achieved.

H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, said:
“With the world’s greatest show, Expo 2020 Dubai, we are now looking forward to collaborating with other organizations and partnering with the best ideas in the world to shape the future.

To achieve our goal of attracting foreign direct investment, we offer a number of incentives to investors, such as zero personal income tax, 100% foreign ownership, and a 10-year golden visa. Currently, the UAE is ranked 11th in the world for Ease of Doing Business and first in the region. Together, we will make the UAE the best investment destination in the world”.

AIM 2022 activities are designed to boost investment opportunities extensively in various sectors. Participants can explore lucrative investment prospects and ideas under the FDI Pillar as global markets offer new investment opportunities to spur economic growth.

H.E. Dr. Thani bin Ahmed Al Zeyoudi added that:
“For the past 10 years, the Annual Investment Meeting has played a crucial role in bringing in foreign investment to the UAE. Our focus is now on enhancing UAE’s international reputation as an investment hub and mobilizing concrete investments, along with bringing in solutions for sustainable economic growth. I believe the next edition of the Annual Investment Meeting will bring positive economic change achieving new milestones in the FDI world.”

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AIM 2022 will recognize the best Investment Promotion Agencies across the globe through the AIM Awards, giving tribute to the best FDI projects in regions that have contributed significantly to their markets’ growth and expansion.
AIM’s FDI Pillar will present and discuss key topics; these include:

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“Less than a decade away from SDGs 2030, where are we now, in terms of sustainable investments?” which will explore the concerns and action plans to foster inclusive economic development and resilient societies.

“How FDIs must drive change towards mainstreaming ESG investments”, where experts from global investment agencies will provide their insights and engage in thought-provoking discussions.

“Global Value Chains (GVCs) Optimisation” is also especially relevant, as developed and emerging economies are urged to reposition and optimize their supply chain systems, not only in terms of cost-effectiveness, but more importantly, from the perspective of logistical expertise and long-term regional stability. As GVCs are revisited, redesigned and transformed, this will be reflected in investors’ preferences, in addition to all the complementary initiatives that are implemented by regulatory authorities.

Establishing a digital competitive investment infrastructure has now become mandatory for positioning Investment Promotion Agencies (IPAs) as favourable business environments, which was evident in the global economic recovery pattern. This issue will be explored in the session: “Accommodating Virtual FDIs: No Longer a Far-Fetched Concept, but a Requisite”.

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− According to UNCTAD, only half of the IPAs worldwide acknowledge the impact of FDI attraction in their country zones. The Special Economic Zones (SEZs) session, “Walking the Talk Beyond Fiscal Incentives”, will discuss the rationality of establishing SEZs: what makes them mutually prosperous and sustainable in today’s business context; and how to best strategize their development through constructive partnerships.

When selecting an FDI location, countries with higher-skilled and better-educated workforces tend to attract more greenfield FDI projects (UNCTAD, WIF). In the wake of workforce flexibility, countries are increasingly promoting diverse and digitally adept talent pools to leverage FDIs.

The session, “Seizing the Opportunity to Attract & Retain the Talent Pool” will present an opportuiny where policymakers and employers will gather to tackle the issue of the remotely functional and resilient workforce in today’s fragmented global economy.

Focused on three regional topics that examine the economic landscapes of Africa, Asia and Latin America, Day 3 of the FDI Pillar’s activities will explore the regions’ risks, challenges and opportunities for growth that call for increased regional cooperation.

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Mr. Dawood Al Shezawi, President of the AIM’s Organising Committee, stated that:
“Since the global pandemic, the Annual Investment Meeting has undertaken several innovative and technologically driven initiatives to transform the economy towards an upward direction. The platform has continued to drive investments through smart solutions. It has also pushed for the development of several projects that add value to investors and the economy in general. AIM recognises the UAE’s continued success and will serve as an instrument to further establish future economic developments and boost FDI flows worldwide.”

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The Annual Investment Meeting continues to gain support from several Ministries and Government Departments, Special Economic Zones (SEZ), Smart City Solution Providers, Venture Capitalists, Angel Investors and several financial institutions to provide SMEs and start-ups with an abundance of opportunities. Apart from AIM’s FDI Pillar, the Annual Investment Meeting consists of five more pillars: I) the 50 Initiatives Pillar; ii) The Small Medium Enterprises (SME’s) Pillar; iii) The Future Cities Pillar; iv) The Start-ups Pillar; and v) the FPI Pillar.
For more information on AIM 2022, please visit www.aimcongress.com.

About the Annual Investment Meeting
Annual Investment Meeting (AIM) is the world’s leading platform for Foreign Direct Investment (FDI), aimed at facilitating strategic networking and promoting investments. It is the largest gathering of the international investment community, policy makers, business leaders, regional and international investors, entrepreneurs, leading academics and experts showcasing up-to-date information and strategies on attracting FDI.

It convenes key decision-makers from around the world, bringing together businesses and countries willing to engage in sustainable partnerships with investors. It offers a variety of features aimed at facilitating strategic networking and promoting investments while providing a worthwhile learning experience.

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1,197 Nigerian-trained doctors move to UK since May

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About 1,197 Nigerian-trained doctors moved to the United Kingdom since May 29, 2023, to date,  investigation has revealed.

At the moment, Nigeria is set to overtake Pakistan and become the country with the second-highest number of foreign-trained doctors in the UK.

Currently, India remains the country with the highest number of foreign-trained doctors in the UK.

This is according to the register of the General Medical Council of the UK.

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The GMC is a public body that maintains the official register of medical practitioners within the UK.

Though about 1,197 Nigerian-trained doctors were licensed between May 29, 2023, and December 1, 2023, the total number of Nigerian doctors licensed to practise in the UK is now 12,198.

This figure, however, excludes Nigerian doctors who were trained in other countries.

Presently, there are 73 Nigerian-trained doctors in the field of anaesthetics and Intensive Care Medicine, 61 in the field of emergency medicine, 241 for general medicine, 207 for obstetrics and gynecology, 17 for occupational medicine, 16 for ophthalmology, pediatrics field with 164, and 50 for pathology.

There are 35 of them for public health, 357 for psychiatry, 29 for psychiatry and 135 for surgery.

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The rate of migration of medical doctors has recently become a matter of concern. The Nigerian Medical Association, while lamenting the high rate of medical brain drain, had said Nigeria might import doctors in the future.

In 2015, only 233 Nigerian doctors moved to the UK. The number increased to 279 in 2016, while the figure was 475 in 2017. In 2018, the figure rose to 852, while it further increased to 1,347 in 2019.

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In 2020, the figure was 833 even though the GMC closed operations during the COVID-19 pandemic. The figure for 2021 was put at 932.

The Chairman, Committee of Chief Medical Directors of Federal Tertiary Hospitals, Prof. Emem Bassey, commenting on the brain drain recently said, “Some African countries are also beginning to poach from Nigeria.

“The West Coast is looking for our specialists. So many people are now going to places like Sierra Leone and Gambia and the wages they earn are $3,000 to $4,000. It is about three to four times what they earn back home. So we are beginning to see that people are leaving for other African countries too.

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“The health sector is currently undergoing a major crisis in terms of manpower. What we are seeing is that medical specialists, not just doctors, even nurses even more nurses are leaving. Doctors, nurses, laboratory scientists, physiotherapists, radiographers and all manner of health professionals are leaving the country in droves.”

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Elumelu to global leaders: Prioritise climate change issues

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The Founder of the Tony Elumelu Foundation, Tony Elumelu, has called on world leaders to give priority to climate change issues.

Elumelu, who said this when he brought together global leaders to drive immediate and equitable climate action for Africa at the COP28 – UN Climate Change Conference taking place in Dubai, United Arab Emirates.

“Addressing climate change remains the paramount challenge of our era. The urgency is unmistakable; there is no room for delay. It is imperative that we enhance our efforts to tackle these issues and establish the groundwork for a sustainable future.” Elumelu stated. “It is critical that Africa, as a continent, and African voices, play a key role in global climate conversations, as meaningful participants, and no longer as bystanders – Africa must actively set the agenda,” Elumelu said.

The UN Climate Change Conference hosts world leaders every year to assess progress in dealing with climate change. Elumelu is one of Africa’s leading advocates for an equitable Marshall plan for climate action and through The Tony Elumelu Foundation has empowered thousands of green entrepreneurs shaping a more sustainable future for Africa.

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Elumelu, through his Foundation, The Tony Elumelu Foundation and in partnership with the United Bank for Africa (UBA), which he chairs, hosted a high-level session at COP28, bringing together Africans, and key players in the Gulf, Europe, and Americas, where UBA operates, to engage in a multi-stakeholder dialogue, underscoring the urgent need for innovative approaches to climate adaptation and mitigation while fostering sustainable development.

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The TEF Founder said that the Foundation partnered with the UNDP to empower thousands of young Africans, with an ambitious project to impact the lives of one million young Africans in the Sahel region of Africa.

Speaking at the Tony Elumelu Foundation hosted #COP28 high-level event, Dr. Okonjo Iweala, DG, World Trade Organisation stated, “I am terribly proud of what my brother, Tony Elumelu, has done in empowering and inspiring so many young entrepreneurs. We have no choice; the future is green. The future of growth is two things – it is green, and it must be inclusive. I am very interested in partnerships with organisations like the Tony Elumelu Foundation because I don’t want to duplicate what someone else has done.”

Continuing the dialogue, Assistant Administrator and Regional Director for Africa, UNDP Ahunna Eziakonwa, added, “The reason why UNDP associated itself with the Tony Elumelu Foundation years ago is because of the leadership and courage of the Foundation to trust and invest in young Africans. It was one of the first organisations in the world to do so at that scale.”

Sergio Pimenta, VP, Africa at IFC, also stated, “Tony, I salute you and your Foundation for what you have been doing to support young entrepreneurs in Africa. The IFC has deployed $2billion in funding for African SMEs in the last fiscal year and we are very excited to be able to do more work with you.”

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Army donates palliatives to widows, orphans in Rivers

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The Nigerian Army, 29 Battalion under the 6 Division, Port Harcourt, has distributed 10,000 exercise books to students at the Community Secondary School, Ebubu, in the Eleme Local Government Area of the Rivers State.

Also, the Army distributed palliatives to widows and orphans in Ebubu and Aleto communities, as well as in Eleme LGA.

The Army said the gesture was aimed at building goodwill between the military and communities in Rivers State in the fight against criminal activities.

The 29 Battalion under the leadership of the General Officer Commanding, 6 Division Nigerian Army, Major General Jamal Abdussalam, handed the materials to the two communities in Eleme on Friday.

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Distributing the items, the Commanding Officer, of 29 Battalion, Nigerian Army, Lt. Cpl. Ishaya Manga, said the non-kinetic approach to tackling criminality in the state was in tandem with the people-oriented philosophy of the Chief of Army Staff, Lieutenant General Taoreed Lagbaja.

Manga stated, “It would be recalled that on the 13th of October, 2023, the Chief of Army Staff, Lieutenant General Taoreed Lagbaja, flagged off an exercise known as Operation Still Water Three here in Port Harcourt, Rivers state.

“Part of the exercise is designed to get rid of criminal activities within Rivers State, the exercise is not only conducted by the military alone, other security agencies are also involved in the exercise.

“The community leaders, traditional rulers and other critical stakeholders in Rivers State are also part of the operation.

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“We have seen that using the kinetic approach alone would not guarantee the successful conduct of this exercise and that was why the non-kinetic approach was also adopted in line with the kinetic approach so that we can actualise the vision of the Chief of Army Staff.”

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In line with the philosophy of the Chief of Army Staff, under the leadership of Major General J H Abdussalam, the General Officer Commanding 6 Division, Nigerian Army, has directed us to select some of those less privileged homes and vulnerable communities to express our hands of non-kinetic activities.”

Manga, further said the initiative started a month ago, pointing out that other communities have earlier benefited.

He added, “We have started this exercise since last month, especially, we have visited four orphanage homes and distributed palliatives.

“We have also given palliatives to Obele and Ebubu communities, apart from giving out palliatives, we have distributed 10,000 exercise books of 40 leaves to about seven secondary schools within Rivers State.

“Some of those secondary schools are Ebubu community junior and senior secondary schools, Township Model Primary Schools 1 and 2, World Book Capital City Model Primary Schools and St Cyprian Primary School, Port Harcourt.

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“Others are Community Secondary School Egberu, Ndoki, Community Secondary School, Anyama and Community Secondary School Okoloma in Oyigbo Local Government Area.”
Exercise books presented to students of Community Secondary School, Ebubu, by the 29 battalion, 6 DIV, Nigerian Army

Taking delivery of the donated items, the Sister-in-charge of Love Crucified Orphanage home, Aleto, Reverend Sister, Chika Maria expressed happiness, saying it was the first time such a large group of military personnel was visiting them.

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On her part, a widow in the Ebubu community, Aken Charity, who received the palliatives, thanked the Army for the gesture.

Speaking, the Principal of Community Secondary School Ebubu, Mr Nkara Barine, who received the notebooks, assured that the items will be judiciously utilised.

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