UAE defies global FDI decline with a 28% increase in investments

Dubai: The UAE has emerged as a leading destination for foreign direct investment (FDI), according to a new report by the United Nations Conference on Trade and Development.

Despite a worldwide 18 per cent decrease in FDI inflows in 2023, the UAE recorded a significant 28 per cent increase in new foreign investment projects, positioning it second globally after the United States.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, took to Twitter to share the significant achievement.

"In the latest UNCTAD report on global economies, FDI inflows dipped by 18 per cent in 2023. Yet, the UAE stood out, securing the second highest surge in foreign investment projects at 28 per cent, following the US. This underscores our enduring appeal for investments, competitive edge, and talent attraction. As we step into the new year, we do so with optimism and confidence. A heartfelt thank you to all who have invested in and continue to believe in the UAE economy. Looking ahead, we anticipate an even brighter future, Insha'Allah," Sheikh Mohammed said.

Adding to the UAE's economic success story, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, highlighted Dubai's continued economic growth.

The city's GDP grew by 3.3 per cent in the first nine months of 2023, indicating steady progress towards achieving the objectives of the Dubai Economy Agenda D33. This ambitious agenda, launched by Sheikh Mohammed bin Rashid, aims to rank Dubai among the top three urban economies globally within the next decade.

“Driven by the strategic vision of its leadership, Dubai has set an example for economic strength, resilience and innovation. With the dedicated efforts of our government teams and international business partners, we look forward to achieving many more milestones in 2024,” Sheikh Hamdan tweeted.