RIYADH: Foreign direct investment inflows to the UAE jumped to $23 billion in 2022, up 10 percent from $21 billion in the previous year, its highest ever, according to the latest UN Conference on Trade and Development report.

The UNCTAD’s annual World Investment Report 2023 also ranked the UAE in the top position in the region in attracting FDI inflows. It stood as the fourth-largest nation globally for greenfield investment projects at 997, recording an 84 percent increase over the previous year.

The surge came despite a global decline in FDI inflows by 12 percent in 2022.

According to the report, the UAE’s FDI outflows also increased by 10 percent to $25 billion in 2022, propelling the country as the 15th largest investor in the world, up from the 20th in 2021.

ADQ and Canada’s BMO to acquire minority stake in Sagard 

Abu Dhabi-based investment and holding company ADQ and Canada’s Bank of Montreal intend to purchase minority shares in Sagard, a multi-strategy alternative asset management firm with $14.5 billion in assets.

With regulatory approvals, the transaction is expected to come to completion in the third quarter, according to a joint statement by both firms, Reuters reported.

As part of the deal, Canadian financial holding firm Great-West Lifeco will increase an existing minority interest, supporting Sagard’s future growth through mergers and acquisitions.

Sagard’s current and future investment strategies will get additional long-term financial commitments from ADQ, BMO and Great-West Lifeco, boosting its ability to raise money and accelerate the launch of new products.

RAKEZ inks deal with Manufacturers’ Association of Israel 

Ras Al Khaimah Economic Zone signed a memorandum of understanding with the Manufacturers’ Association of Israel to provide investment and expansion opportunities for industrial firms in both countries, according to Emirates News Agency.

The MoU will enhance economic relationships and boost industrial activities between both nations.

“It is important that we take steps toward enhancing cooperation between the UAE and Israel through economic exchange. We believe that our partnership with the MAI will create new gateways for industrial players in both countries to expand their regional footprints,” said Ramy Jallad, CEO of RAKEZ Group.

Hagai Edri, the deputy CEO of MAI, added: “We see RAKEZ as a potential strategic partner that will allow Israeli industries to expand to other markets while maintaining their main industrial activity in Israel in a way that will benefit both organizations, their members and their respective economies.”