Dubai has been particularly successful at attracting FDI into projects with strong technology components
Foreign direct investment (FDI) into Dubai rose to AED46.6 billion ($12.69bn) in the first half of 2019, 135 percent more than in the same time period in 2018, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced on Sunday.
The enormous growth in FDI, Sheikh Hamdan said, is a “testament to global confidence in Dubai’s economy”.
Dubai now ranks third globally when it comes to attracting FDI, in terms of both capital flows and the number of greenfield projects.
“Dubai is among the top three global FDI locations thanks to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who created a global investment environment in Dubai that keeps pace with the aspirations of investors, entrepreneurs and technology shifts in the region and the world,” Sheikh Hamdan said.
The FDI flows and rankings were revealed by the Dubai Investment Development Agency – Dubai FDI – based on the Financial Times’ fDi markets, a global online platform that monitors data on capital flows and greenfield FDI projects around the world and the ‘Dubai FDI Monitor’ data.
Sheikh Hamdan added that Dubai was particularly successful in H1 when it came to attracting technology and specialised talent.
“This is a proud achievement for Dubai,” he said. “With the growth of talent and technology, Dubai will accelerate its drive to become the smartest and most sustainable city of the future.”
According to Dubai FDI Monitor, FDI projects with high and medium-technology totalled 47 percent of the total FDI projects in H1 2019, based on OECD classification criteria.
A total of 24,294 jobs were created by FDI projects, 48 percent had a high and medium technology component.