Dubai Tops Global Rankings for Greenfield FDI Projects in 2023

UAE, 20 May, 2024 : Dubai has been ranked the No.1 global destination for greenfield foreign direct investment (FDI) projects in 2023 for the third consecutive year, according to the Financial Times "fDi Markets" data. The emirate outpaced other major cities by attracting 1,070 global greenfield FDI projects, significantly more than second-placed Singapore (442) and third-placed London (431).

Dubai's leadership extends across key sectors including consumer goods, energy, e-commerce, and tourism, where it also ranks first in FDI capital attraction and job creation. This success aligns with the Dubai Economic Agenda D33, aiming to double the size of the emirate’s economy by 2033.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, highlighted Dubai’s stability, infrastructure, and dynamic business environment as key factors driving its FDI success. Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism, emphasized the strong collaboration with international partners that underpins Dubai's robust investment climate.

In 2023, Dubai saw a 39% increase in announced FDI projects, reaching 1,650 compared to 1,188 in 2022. The city maintained its top global position in key technologies such as AI, FinTech, cloud computing, and cybersecurity.

Dubai attracted an estimated Dh39.26 billion ($10.69 billion) in total FDI capital in 2023. The top source countries by FDI capital were Canada (26.5%), the United States (17.5%), Saudi Arabia (8.9%), the United Kingdom (8.2%), and India (5.5%). By project count, the leading sources were the United States (15.5%), the United Kingdom (15.3%), India (14.9%), France (6.3%), and Italy (3.6%).

Dubai's continued prominence as a global FDI hub underscores its strategic initiatives and investor confidence, solidifying its status as a premier destination for business and talent.

Source : www.khaleejtimes.com