Infrastructure development initiatives, services industries remain the major drivers of capital into Dubai
Infrastructure development initiatives and the services industries remained the major drivers of capital into Dubai in 2014 as the emirate saw AED28.6 billion ($7.8 billion) in foreign direct investment (FDI).
Estimates by Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development, showed that the US, the UK, India and other European countries such as France and Germany were major source markets.
The figures revealed that the real estate sector, financial services, tourism, renewable energy, business services, IT services were the top sectors together accounting for 78 percent of the total investment last year.
These sectors also claimed 133 projects, half of the total FDI projects in 2014, Dubai FDI said.
Sami Al Qamzi, director general of DED, said: "The latest FDI figures once again prove that Dubai remains the preferred and ideal destination for investors and businessmen, who have confidence in the national economy, which is witnessing steady growth in various sectors.
"Dubai hosting the Expo 2020 has stimulated a major influx of investors and growth opportunities. We welcome all kinds of investments and global companies that are looking for stability and business development in an integrated investment environment," he said.
"A strategic message we have been sending out to investors worldwide is the importance of being in Dubai to grow and expand. From the top FDI sectors in Dubai and projects of scale it is evident that there is growing realisation of Dubai's ability to facilitate business and competitively serve an expanding consumer market spread across the Middle East, North Africa and South Asia," added Fahad Al Gergawi, CEO of Dubai FDI.
Projects aimed at the regional market captured 84 percent of the investments in 2014.
Out of a total of 41 source countries, the top ones - US, UK, India, Netherlands, Germany and Italy - generated a total of AED23.9 billion throughout the year across 141 projects.
In terms of investment, these countries represented almost 84 percent of the total FDI for the whole year and 59 percent of the total in terms of the number of projects.