Dubai further strengthened its position as a global destination for foreign direct investment (FDI), recording over 80 per cent increase in FDI inflows and creating over 13,500 jobs last year.
According to the latest data from the 2022 Financial Times ‘fDi Markets’ report, the emirate retained its top spot for a second successive year, achieving 89.5 per cent growth in total announced FDI projects in 2022, while total FDI capital surged 80.3 per cent over the same period.
The total estimated FDI capital in Dubai reached Dh47 billion last year as compared to Dh26.07 billion in 2021 while an estimated 38,447 jobs were created in 2022 as against 24,932 jobs in the previous year. The city attracted a total of 1,173 FDI projects last year.
The ‘fDi Markets’ data for 2022 showed that Dubai ranked first in attracting FDI projects into tourism, business services, financial services, transport and warehousing, consumer products, and software and IT services sectors. The city also emerged as the 2022 world leader in attracting FDI projects in the creative industries cluster, in research and development projects, and in attracting FDI project headquarters by hosting international companies’ global and regional headquarters.
The top five source countries for FDI projects were the US, the UK, India, France and Switzerland. While top five source countries for FDI capital were Canada, the UK, the US, India and Switzerland.
The emirate was ranked seventh globally in attracting Greenfield FDI capital and fifth in FDI jobs. In the Middle East and North Africa (Mena) region, Dubai was ranked second in capital and first in Jobs.
The emirate’s share in attracting global Greenfield FDI projects grew 1.9 per cent to four per cent, with a record 837 projects enabling the city to achieve the highest growth in global shares across the past seven years, according to data from Financial Times’ fDi Markets, the most comprehensive online database on cross-border Greenfield investments.
“Dubai’s ability to secure the No. 1 global ranking for Greenfield FDI projects for the second year in a row demonstrates its ability to sustain its compelling investment value proposition even at a time when the worldwide economy is facing headwinds.
“Driven by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate offers the deep stability, sustainability, infrastructure and opportunity-rich environment needed to ensure the long-term trust of international investors, businesses and entrepreneurs,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
Earlier this year, Dubai Economic Agenda ‘D33’ was launched to double the size of the emirate’s economy over the next decade, and consolidate its position among the top three global cities.
“Dubai leads the world in attracting FDI in a wide range of industries, especially future-oriented sectors, a fact that is a testament to the strategic vision articulated in the Dubai Economic Agenda D33, which aims to consolidate Dubai’s position as one of the world’s top urban economies,” he said.
Helal Saeed Almarri, director-general of Dubai’s Department of Economy and Tourism, said the emirate’s leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city’s business and investment environment.
“Our strategy to further consolidate the city’s position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups, and global talent have in Dubai,” he said, adding that the growth of the city’s share in global Greenfield FDI projects clearly indicates the strategy’s effectiveness and also highlights the city’s position as the capital of the global digital economy.
