Dubai: Dubai attracted 511 greenfield foreign direct investment (FDI) projects in the first half of 2023, data showed on Sunday, maintaining its ranking as the top global destination for such projects.
According to the Financial Times ‘fDi Markets’ data, Singapore stood second with 325 projects.
During the first half of 2023, Dubai’s global share in the attraction of greenfield FDI projects stood at 6.58 per cent - up from 3.83 per cent over the same six-month period last year.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said: “Dubai’s ability to maintain its top ranking in attracting greenfield FDI projects reflects the city’s ability to create unparalleled growth opportunities and value for global investors… With the clear growth roadmap set out by the Dubai Economic Agenda D33, we continue to work to create an investment environment that not only wins the trust of investors from all over the world but also encourages them to contribute to Dubai’s transformation.”
New data released by Dubai FDI Monitor at Dubai’s Department of Economy and Tourism (DET) shows the city logged a total of 880 announced FDI projects between January and June this year, a year-on-year growth of 70 per cent.
Dubai’s greenfield FDI projects accounted for 65 per cent of total announced FDI projects, the FDI Monitor data showed, while year-on-year reinvestment FDIs increased from 3 per cent to 4.4 per cent when comparing H1 2023 with the same period in 2022.
Meanwhile, Dubai also saw a year-on-year rise in global greenfield FDI capital attraction, reaching Dh20.87 billion, climbing from eighth in H1 2022 to sixth globally in H1 2023.
Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, commented: “As we work to enhance the city’s competitiveness and business environment internationally, these strong increases in announced FDI projects for H1 2023 drive home how our progressive policy enablers and diverse attraction programmes are resonating with global investors and decision makers alike.”
Dubai rose from ninth in H1 2022 to fourth place globally in H1 2023 in employment creation from FDI projects, data showed. The climb follows a 43.3 per cent surge in job creation in H1 2023 compared to H1 2022, equating to a total of 24,236 jobs created through FDI.
During the first half, estimated job creation by FDI stood as: Business services at 5,212 jobs (21.5 per cent share), software and IT at 3,525 jobs (14.5 per cent), food & beverages at 3,090 jobs (12.7 per cent), financial services at 1,813 jobs (7.5 per cent), consumer products at 2,104 jobs (8.3 per cent) and real estate at 921 jobs (3.8 per cent).
