43 percent of FDI projects in Dubai are using high and medium technology
Foreign direct investment (FDI) into Dubai increased by 26 percent – equating to $4.84 billion – over the first half of 2018 compared to the same period last year, according to new data from the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED).
Further statistics show how the number of FDI projects in Dubai also rose to 248, a 40 percent increase over the same time period for last year.
According to Sheikh Hamdan, Crown Prince of Dubai and chairman of the Dubai Executive Council: “the rise in FDI capital and projects reinforces Dubai’s leading position as the preferred global location for global businesses and start-ups pursuing growth and expansion and clearly reflects investor confidence in Dubai’s economy”.
Further to this, the Financial Times reported that according to fDi Markets – the central bank of information on the globalization of business – Dubai ranks third globally in the number of greenfield FDI projects, accounting for 64 percent of total FDI projects in H1 2018.
Of the total FDI projects during the first course of 2018, 43 percent are using high and medium technology, according to the classification universally adopted by the Organisation for Economic Co-operation and Development (OECD). ‘Strategic projects’ accounted for 56 percent of total investment projects that Dubai attracted.
The United States, India, Thailand, Spain and the UK topped the list of source countries for FDI capital, while the US topped the list of investment projects, followed by France, the UK, India and Switzerland.
In a statement by the DED’s director general, Sami Al Qamzi echoed Sheikh Hamdan’s sentiments that the growth of Dubai’s economy can be attributed to its diversity, competitiveness and attractiveness from a foreign investment standpoint.
Furthermore, FDI growth in ‘advanced technology’ has resulted in Dubai being ranked third globally in FDI technology transfer, and third after Singapore and Shanghai among the top 25 destinations in the world when it comes to attracting FDI in AI and robotics, according to the Financial Times – FDI Benchmark.
There is a growing confidence in the region about Dubai’s future prospects for attracting FDI inflows, especially in light of the issuance of new laws that enhance Dubai’s competitiveness as a preferred global destination for investment and an incubator for innovation and creativity.
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Source: Arabian Business