Dubai attracts Dh38.5 billion worth of FDI in 2018

Dubai climbed to sixth place from 10th in global FDI capital flows ranking.

Dubai on Sunday said it attracted 41 per cent more foreign direct investment (FDI) last year compared to 2017, and emerged first in global ranking of ‘Top FDI performers 2018’.

The FDI capital flows reached Dh38.5 billion in 2018 from Dh22.71 billion in 2017, and Dubai climbed to sixth place from 10th in global FDI capital flows ranking. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, expressed his happiness at Dubai’s number one ranking globally among the ‘Top FDI Performers 2018’ and termed the achievement ‘a precursor to Dubai’s future achievements’.

Dubai’s top FDI ranking follows the city being featured among the best performers in reports like the Global Cities of the Future; Digital Economies of the Future; Aerospace Locations of the Future; and top global free zones of the year.

The ‘Top FDI Performers 2018′, published by the Financial Times’ fDi Intelligence magazine, is based on data compiled by fDi Markets, the world’s leading online platform that monitors capital flows and new FDI projects around the world, and fDi Benchmark, which identifies the best FDI destinations based on comparison of latest FDI data. The report highlighted that Dubai has dominated global FDI rankings throughout 2018, followed by London, Paris, Dublin and Singapore, as the leading city globally in foreign direct investment (FDI) in 2018.

Sheikh Hamdan emphasized that the latest achievements revealed in the annual ‘Dubai FDI Results & Rankings Report 2018′ of the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, reflect global investors’ continued confidence in Dubai’s ability to sustain economic growth, and further boosts its global leadership.

“We are proud to announce the latest results of FDI capital inflows in 2018, which has reached Dh38.5 billion, a growth of 41 per cent over 2017, taking Dubai to the sixth place from 10th in global capital flows into greenfield projects. Dubai has also attracted 523 FDI projects in 2018, an increase of 43 per cent over 2017, elevating the emirate’s global ranking in the number of new investment projects to third from fourth,” Sheikh Hamdan said.

Sheikh Hamdan stated that Dubai’s continued achievements in FDI are the result of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who laid the foundations for a world-class investment ecosystem in Dubai. FDI plays a central role in the transfer of knowledge and technology as well as in attracting global talent, which are the pillars supporting the emirate in achieving its goals set in the Dubai Plan 2021 and the 50-Year Charter aimed at strengthening Dubai’s position as a pivotal hub in the global economy, said Sheikh Hamdan.

Sheikh Hamdan expressed his appreciation for the concerted efforts that have made the latest achievement possible, particularly the cooperation among government entities, free zones and the business community in Dubai in developing opportunities and new investment projects in various economic sectors, thereby enhancing Dubai’s position as a preferred FDI destination. He also commended the initiatives of Dubai FDI which helped improve the emirate’s investment ecosystem, highlighting the role of ‘Dubai FDI Monitor,’ the FDI open data platform which provides the latest information and data round the clock.

“Dubai FDI Monitor is a testament to Dubai’s commitment to enhance competitiveness and transparency of the emirate’s investment ecosystem, using innovative technologies and services to serve the global investor community,” Sheikh Hamdan said.

 

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Source: Khaleej Times