Financial

Dubai retains number one position for attracting FDI

A report shows the emirate is the world’s top foreign direct investment hub for the second year running

Dubai retained its No. 1 spot globally for attracting greenfield FDI projects in 2022, further reinforcing its position as the world’s top foreign direct investment hub, according to data from the 2022 Financial Times ‘fDi Markets’ report.

Retaining its top spot for a second successive year, Dubai achieved 89.5% Y-o-Y growth in the number of FDI projects announced in 2022, while total FDI capital surged 80.3% over the same period. This further consolidates the emirate’s status as one of the top three global cities for FDI, a key goal of the Dubai Economic Agenda D33, as launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The emirate’s share in attracting global Greenfield FDI projects reached 4%, an increase of 1.9% compared to 2021, 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’.

Dubai FDI Monitor’s data also revealed that the total estimated FDI capital flowing into Dubai in 2022 was US $12.8bn compared to $7.08bn in 2021. An estimated 38,447 jobs were created in Dubai in 2022 compared to 24,932 jobs in 2021.

The top five source countries for FDI projects accounted for 54% of the total in 2022, split among the United States (20%), the United Kingdom (13%), India (12%), France (5%), and Switzerland (4%). Additionally, the top five source countries for FDI capital accounted for 72% of the total estimated flows into the emirate in 2022, split among Canada (41%), the United Kingdom (12%), the United States (11%), India (4%), and Switzerland (4%).

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: “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. Over the years, Dubai has forged dynamic partnerships with global investors to accelerate innovation and create enduring economic value. 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 concluded.

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