The UAE Ministry of Economy, the organizing body of Annual Investment Meeting (AIM) 2015 to be held with the support of Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE, ruler of Dubai, has named Saudi Arabia as the Country of Honor for this year’s event.

The ministry said Invest Saudi will oversee Saudi companies’ participation in AIM and the companion exhibition, scheduled to be held from March 30 to April 1 at the Dubai International Convention and Exhibition Centre.

The move is part of ongoing collaboration between the two countries and a shared vision on supporting foreign direct investment (FDI) and technology transfer in regional economies. As part of the cooperation, Invest Saudi has invited its affiliates and companies operating under its umbrella to participate in AIM 2015, whose theme is sustainable development through FDI induced innovation and technology transfer.

Mohammed Ahmed bin Abdul Aziz Al-Shehhi, undersecretary of the Ministry of Economy, says: “We welcome Saudi Arabia as the Country of Honor for the region’s top investment event, the Annual Investment Meeting. The move underscores the collaboration between the UAE and Saudi economies focused on boosting FDI in both countries. This collaboration will be extended to the rest of the participating countries in this year’s AIM.”

Al-Shehhi added: “Through stronger cooperation with regional and global industry leaders, we seek to exchange experiences in emerging markets and remove investment hurdles so as to allow companies to grow fast and expand their operations. These collaborations hold great potential with the wide range of Saudi participants this year, and confirmed attendance of senior officials at the Ministerial Roundtable as well.”

Saudi Arabia has always supported the FDI approach as an effective way to raise the GDP and ensure active investment movement in regional markets. AIM’s focus on FDI is a healthy approach that will boost economies and provide competitive products in domestic and global markets.

Dawood Al-Shezawi, CEO, AIM, says: “The aim of collaborating with Invest Saudi is to effectively demonstrate the fruitful inter-dependence between the economies of the UAE and Saudi Arabia. The international delegations will have the opportunity to review highly promising investment opportunities in Saudi Arabia and the region.”

Al-Shezawi added that Dubai, which hosts AIM annually, is aware of Saudi Arabia’s rising world rankings year after year. Saudi Arabia has an attractive investment environment, vital enough to quickly adapt to global variables, which is consistent with the AIM approach. “We are confident that Saudi Arabia is the ideal partner for this year’s edition and the strong presence of Saudi companies will support the objectives of this event.”

Saudi companies from the energy, transport, logistics, telecommunications, information technology, health, life sciences and human development sectors are expected to participate in the three-day AIM event.

A recent Purchasing Managers Index (PMI) report compiled by Markit Economics showed that region-wise working conditions are the best in Saudi Arabia and the UAE. AIM has attracted representatives from 140 countries. The event supports the diversification of the economy through stronger activation of SME operations.