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Mon 3 Apr 2017 12:06 PM

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Dubai attracts hundreds of new investment projects

Nearly 70% came from Canada, the United States, Britain, and France, says official

Dubai attracts hundreds of new investment projects
(KARIM SAHIB/AFP/Getty Images)

Dubai attracted 247 new foreign investment projects, standing third behind London and Singapore in new investment initiatives in 2016, said Fahad Al Gergawi, CEO of Dubai Investment Development Agency, an agency of Dubai Economy.

Dubai attracted AED25.5 billion in foreign direct investment, FDI, in 2016. The city also maintained its position among the top 10 global cities in attracting foreign investment, ranking seventh worldwide, he said in an interview, on the sidelines of the seventh Annual Investment Meeting, which began on Sunday in Dubai.

Last year, 59 percent of FDI projects were funded by inflows from the United States, Britain, India, Germany, and Italy, he said.

Sixty-nine percent of the total foreign capital investment came from Canada, the United States, Britain, and France, he noted.

"The UAE can attract more foreign investment to various sectors if it organises more promotional campaigns worldwide," Al Gergawi said.

Al Gergawi also expects an increase in UAE foreign investment and capital outflow, which would attract more foreign investors to acquire successful UAE projects.