Dubai bagged the first position in the world in attracting foreign investment projects last year and grabbed the second position in attracting corporate headquarters as the economy of the emirate continues to recover from the Covid-19 pandemic.
The emirate, which is the commercial and tourism hub of the Middle East, attracted over 418 greenfield FDI projects in 2021, said Crown Prince of Dubai and Chairman of the emirate’s Executive Council, Sheikh Hamdan bin Mohammed on Sunday, 8 May, as he revealed the yearly ‘Dubai FDI Results & Rankings Highlights Report 2021’, issued by Dubai Investment Development Agency (Dubai FDI), which is an agency of the Department of Economy and Tourism (DET).
Altogether, Dubai lured over 618 FDI projects last year, including the greenfield as well as projects of reinvestment and other forms of investment, with the total amount of FDI capital flows in the emirate estimated at around Dh26 billion ($7bn), which is 5% more than the last year, as per a statement issued on Sunday.
The total number of jobs that were created via FDI projects also increased by 36% to 24,868 in 2021.
Sheikh Hamdan, in a statement, stated, “Dubai has made a stable, sustainable economic environment and a dynamic business ecosystem for businesses and entrepreneurs to establish new ventures, tap new opportunities and grow their business both in the country as well as beyond its borders.”
“Over the years, Dubai has also proved its stability to global economic fluctuations, gaining the confidence of global investors, and improving its reputation as one of the world’s top lifestyle and business destinations.”
The United Arab Emirates, which is the second-largest economy in the world, has rebounded from the losses that occurred due to the pandemic on the back of increasing oil prices and a bounce back in its travel and tourism sectors as the COVID-19 pandemic’s restrictions ease all over the world.