Dubai Retains Top Spot as World’s Leading City for Greenfield FDI

Dubai has once again proven its mettle in the global economic arena, securing its position as the world’s premier city for attracting Greenfield Foreign Direct Investment (FDI) projects for the third consecutive year. The latest data from Financial Times Ltd’s ‘fDi Markets’ underscores Dubai’s appeal to international investors.

A Record-Breaking First Half

In the first half of 2024, Dubai attracted a remarkable 508 Greenfield FDI projects, which accounted for 6.2% of global FDI, a notable increase from 5.7% in the same period of 2023. This growth is indicative of the emirate’s evolving economic policies and robust infrastructure.

Sheikh Hamdan’s Vision

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, attributes this achievement to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai. “Dubai’s position as a major player in the global economic landscape has been significantly strengthened by a forward-looking vision that transforms the emirate into a global hub for FDI,” Sheikh Hamdan stated during a briefing on FDI figures and tourism performance.

Six Consecutive Half-Years at the Top

Since the second half of 2021, Dubai has consistently maintained its top position in attracting foreign investment. The emirate has emerged as a leader across multiple sectors, including tourism, real estate, artificial intelligence, logistics, and fintech. Sheikh Hamdan emphasized that this success is a reflection of investors’ confidence in Dubai’s capacity to foster innovation and sustainable growth.

Commitment to Economic Expansion

Sheikh Hamdan reiterated the commitment to maintaining Dubai’s status as a major economic and tourism center. “We aim to rank among the top three global cities for visiting, investing, living, and business,” he stated. This aligns with the Dubai Economic Agenda D33, which seeks to double the emirate’s economic size by 2033.

Enhancing Regional Dominance

Top Rank in MENA

Dubai’s rise in the global FDI landscape has been significant. The city moved from sixth to third place globally for attracting Greenfield FDI capital and rose to first place in the Middle East and North Africa (MENA) region, showcasing its investor-friendly environment and strategic initiatives aimed at fostering economic growth.

Growth in FDI Capital

In the first half of 2024, total FDI projects valued at AED 21.85 billion were announced in Dubai, reflecting an 8% increase from AED 20.30 billion in the same period last year. This includes Greenfield FDI, new forms of investments, and various capital types, solidifying Dubai’s attractiveness for high-value investments.

Job Creation and Economic Diversification

Global Rankings in Job Creation

Dubai ranked fifth globally for jobs created through inward FDI in H1 2024 and maintained its top position in the MENA region. The emirate experienced significant talent attraction in key sectors such as food and beverages, software, IT services, and financial services.

Strategic Insights from DET

Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism (DET), highlighted the city’s sustained leadership in attracting Greenfield FDI. “Attracting over 500 projects in the first half of 2024 is a testament to Dubai’s vision and enabling policies,” Almarri stated. He emphasized the importance of fostering a business environment conducive to innovation and growth.

Strengthening Tourism Sector Performance

Robust Growth in Visitor Numbers

Dubai welcomed 10.62 million international overnight visitors from January to July 2024, marking an 8% year-on-year increase. This growth further cements Dubai’s status as a top global destination.

Resilience in Hotel Performance

The city’s hotels demonstrated robust performance with significant growth in average occupancy and revenue metrics, reflecting strong investment opportunities in the tourism sector.

Conclusion

Dubai’s remarkable achievement in maintaining its rank as the world’s top city for Greenfield FDI is a testament to its strategic foresight, innovative policies, and commitment to creating an investor-friendly environment. As the emirate continues to forge ahead with ambitious goals under the Dubai Economic Agenda D33, it remains a compelling destination for businesses and investors seeking growth opportunities in a dynamic and evolving landscape.

[related_post_block post_link=”https://arabtimesnews.com/uae-launches-second-edition-of-great-arab-minds-initiative-with-aed-6-million-prize-pool/”]