Dubai retained its position as the world’s leading destination for foreign direct investment projects in the first half of this year, according to reports.
In the first six months of the year, the emirate attracted 492 FDI projects, which is 80.2 percent year-on-year, according to data published by the Dubai Department of Economy and Tourism (DET), the Dubai Press Office said in a statement. its about monday.
Dubai witnessed FDI inflows of Dh13.72 billion ($3.74bn) in the January-June period, showing a growth of 14.6 percent compared to the same period last year.
The Kingdom offers one of the safest and most stable business environments, increasing investor interest, said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
“The Emirate provides a policy framework for future-oriented high-tech sectors, while its strong infrastructure provides a productive environment for mainstream businesses.
“Alternative investments and high-tech projects are contributing to the emirate’s growing number of FDI inflows, underscoring Dubai’s position as the capital of the world’s digital economy and a hub of innovation and high-tech,” Sheikh Hamdan said.
Dubai was also ranked first in the world in attracting Greenfield FDI projects during the period, according to the Financial Times’ ‘fDi Markets’ – one of the most comprehensive online databases of cross-border greenfield investment.
Greenfield projects accounted for 56 percent of Dubai’s FDI projects during the period, according to the Dubai Investment Development Agency (Dubai FDI), a DET entity, using data from the Dubai FDI Monitor.
Meanwhile, investments and FDI projects generated 15,164 new jobs in the first half of the year, up 33.5 percent year-on-year.
Dubai also retained its top position in FDI-related employment among countries in the Middle East and North Africa. It ranked fourth in the world in FDI investment projects, 10th in the world in return of FDI capital and eighth in terms of jobs created by reinvestment projects.
“We started the year with great momentum, fueled by the hugely successful Expo 2020, the international tourism regime … a range of progressive visa policies and laws, and Dubai demonstrating strong and sustained resilience within the context of global economic pressures and supply,” Helal Al Marri, Director General of DET, said.
“Our success in attracting investment confirms our commitment to work to develop Dubai’s leading position, enhance its economic and tourism competitiveness, expand the scope of international trade, and keep pace with future developments to position Dubai as a city of excellence world to live, work and invest.”
While 56 percent of the FDI projects that entered Dubai in the first half of this year were green field projects, 29 percent were new investment types, 6 percent were VC-backed FDI projects, 5 percent were. merger and acquisition projects, 3 percent were reinvestments and 1 percent joint ventures.
The leading countries for FDI capital in Dubai in the first half were the United Kingdom (36 percent), America (20 percent), France (10 percent), Singapore (5 percent) and Switzerland (4 percent). .
In terms of FDI projects, the top five markets were the United States (18 percent), the United Kingdom (15 percent), India (13 percent), and Singapore and France (4 percent each).
The five most prominent sectors in terms of FDI capital inflows to Dubai over the past six months are specialty trade contractors (28 percent), non-residential construction (12 percent), accommodation and food services (12 percent ), data processing, hosting and related services (6 percent), and electricity generation (4 percent).
Updated: October 31, 2022, 6:29 PM