The United Arab Emirates (UAE) aims to triple its foreign direct investment (FDI) balance to 2.2 trillion AED (around 600 billion U.S. dollars) by 2031, Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on Tuesday.

The ambitious plan, known as "the UAE Investment Strategy," was announced by Mohammed bin Rashid on social media platform X, formerly Twitter.

Despite a global downturn, the UAE saw FDI inflows surge to 112.6 billion AED in 2023, which the UAE prime minister called an "exceptional leap" that highlights "the success of our orientations and strategies and the high confidence our country enjoys among international circles."

The strategy aims to double cumulative FDI to 1.3 trillion AED and reach a total FDI balance of 2.2 trillion AED by 2031, according to Mohammed bin Rashid, who is also the ruler of Dubai.

This will involve attracting new investments in priority sectors, expanding existing projects, strengthening international partnerships, improving investor relations, and boosting overall competitiveness, he added.