DUBAI: Foreign direct investment (FDI) into the United Arab Emirates rose to $19.88 billion in 2020, up 44.2% from the previous year, the government said on Saturday.

Contributing to this figure were large deals carried out by the state-run Abu Dhabi National Oil Co (ADNOC), state news agency WAM said, without giving any further details.

Economy minister Abdullah al-Marri said the UAE would move forward with initiatives to increase the efficiency of the business environment, strengthen investor confidence, increase opportunities in priority sectors, and unify efforts to improve competitiveness at local and federal levels.