DUBAI: Dubai attracted Dh25.5 billion in foreign direct investment (FDI) inflows in 2016 and succeeded in maintaining its position among the top 10 global cities in drawing in foreign investment. The emirate ranks seventh worldwide, announced Crown Prince of Dubai and Chairman of the Executive Council Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum. Dubai has also succeeded in attracting 247 new investment projects, which contributed to reaffirming its position as a preferred international investment destination, and stood third behind London and Singapore in new investment initiatives in 2016, as per the latest Dubai FDI Monitor report released by the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, and FT (Financial Times) fDi Markets data, reports The Gulf News.
The sustained FDI inflow to Dubai underlines the strength of the local economy and its ability to create new opportunities for investors, said Shaikh Hamdan Bin Mohammad. Strategic projects accounted for 60 per cent of new investment initiatives and 92 per cent of FDI inflows in 2016 as infrastructure, stability, and smart services along with productivity and competitiveness in Dubai enhanced global economic stability and growth while also supporting regional and international expansion of businesses.
Shaikh Hamdan pointed out that advanced technology projects in varied sectors, which constituted 73 per cent of total FDI projects in 2016, along with diversification in FDI projects and the significant share of FDI inflows in knowledge and innovation in Dubai, confirm the emirate’s leadership as a hub for finance, business, trade and tourism as well its capability to realise the sustainable development vision of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan and His Highness Shaikh Mohammad Bin Rashid Al Maktoum Vice-President and Prime Minister of UAE and Ruler of Dubai.
Shaikh Hamdan Bin Mohammad also highlighted the findings in the Dubai FDI Monitor report, which reinforces Dubai’s position as a preferred FDI destination for the international investor community. Canada, UK, France, Spain and the US were among the leading sources of capital and together, the US, UK, India, Germany and Italy accounted for 152 FDI projects, which was 59 per cent of the total. Shaikh Hamdan said it’s a clear indication that investors in major industrialised countries are confident about choosing Dubai to expand their strategic investments into wider markets across the Middle East, Africa and South Asia.