By Staff writer
Crown Prince Sheikh Hamdan says city maintained its position among top 10 global cities in attracting foreign investment
Dubai attracted AED25.5 billion ($9.94 billion) in foreign direct investment (FDI) inflows in 2016, according to Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
He said the city succeeded in maintaining its position among the top 10 global cities in attracting foreign investment, ranking seventh in the world.
Sheikh Hamdan, also chairman of the Dubai Executive Council, added that Dubai succeeded in attracting 247 new investment projects, putting it third behind London and Singapore in new investment initiatives in 2016.
The sustained FDI inflow into Dubai underlines the strength of the local economy and its ability to create new opportunities for investors, he said.
Latest figures revealed that strategic projects accounted for 60 percent of new investment initiatives and 92 percent of FDI inflows in 2016.
Advanced technology projects in varied sectors, which constituted 73 percent of total FDI projects in 2016, confirmed the emirate’s leadership as a hub for finance, business, trade and tourism, he added.
The findings in the Dubai FDI Monitor report, showed that Canada, UK, France, Spain and the US were among the leading sources of capital while the US, UK, India, Germany and Italy accounted for 152 FDI projects.
Sheikh Hamdan said another notable aspect of FDI inflows into Dubai in 2016 was the emirate’s success in attracting new investment into start-ups, particularly tech start-ups.
There were more than 100 start-ups and small enterprises with an annual turnover of less than $20 million, he added.