Dubai: Dubai pulled in Dh17.76 billion by way of foreign direct investments (FDI) in the first six months of the year, enough to place it in 10th spot in the global rankings in value terms.
Based on greenfield projects approved or launched involving FDI, the tally is 248 — and placing the emirate in third spot worldwide.
These represent a 26-per cent gain in value over the first half of 2017 and 40 per cent in terms of projects, according to the “Dubai FDI Monitor” data issued by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED).
In 2017, Dubai ranked 4th in greenfield FDI projects, 10th in FDI capital flows and 5th in FDI reinvestment projects.
Total FDI flows were Dh27.3 billion in 2017, 7 per cent up compared to 2016.
“The rise in FDI capital and projects reinforces Dubai’s leading position as the preferred global location for global businesses and startups pursuing growth and expansion and clearly reflects investor confidence in Dubai’s economy,” said Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, in a statement.
The rise in FDI capital and projects reinforces Dubai’s leading position as the preferred global location for global businesses and startups pursuing growth and expansion and clearly reflects investor confidence in Dubai’s economy.”
- Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum
Crown Prince of Dubai and Chairman of the Executive Council
The latest data show that 43 per cent of all FDI projects in the first-half involved medium- to high-technology, according to the classification adopted by the Organisation for Economic Co-operation and Development (OECD).
Financial Times – fDi Markets: FDI into #Dubai recorded a 26% increase in 1st half of 2018 compared to the same period last year. The emirate ranked 10th globally in FDI capital flows. pic.twitter.com/mGiwK5Peqc— Dubai Media Office (@DXBMediaOffice) October 6, 2018
“Strategic” projects accounted for 56 per cent of total investment projects that Dubai attracted in the same period.
According to ‘Dubai FDI Monitor’ data issued by #Dubai FDI, Dubai ranks third globally in the number of greenfield FDI projects during the 1st half of 2018. The number of FDI projects surged to 248. pic.twitter.com/kfr8xwvlJv— Dubai Media Office (@DXBMediaOffice) October 6, 2018
According to Sami Al Qamzi, Director-General of DED, said: “FDI flows in the first-half reaffirm the sustained growth of Dubai economy, and the diversity, competitiveness and attractiveness of the emirate.”
Top source countries
The US, India, Thailand, Spain and the UK were the top source countries for FDI capital.
.@HamdanMohammed: #Dubai’s ability to maintain its position as one of the top global FDI destinations reflects confidence of the global investor community in its business environment & its ability to offer diversified investment opportunities in key growth sectors. pic.twitter.com/noCE5a71Kw— Dubai Media Office (@DXBMediaOffice) October 6, 2018
The US also topped the list in terms of investment projects, followed by France, the UK, India and Switzerland.
.@HamdanMohammed: The success of #Dubai’s economy & its unique achievements is a result of the ambitious vision of @HHShkMohd. The rise in FDI inflow into Dubai is part of that success, which reflects investor confidence in the emirate’s economy. pic.twitter.com/Ii0YEnKKl7— Dubai Media Office (@DXBMediaOffice) October 6, 2018
Fahad Al Gergawi, CEO of Dubai FDI, said: “We are confident about the future prospects for enhancing FDI flows, especially following the issuance of new laws that enhance Dubai’s competitiveness as a preferred global destination for investment and an incubator for innovation and creativity, including laws allowing 100 per cent foreign ownership of companies, 10-year residency visas for investors, innovators, professionals and top-performing students.”