43 percent of FDI projects in Dubai are using high and medium technology
Foreign direct investment (FDI) into Dubai rose 26 percent - $4.84 billion - in H1 2018 compared to the same time period last year, according to new data from the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED).
The statistics show that the number of FDI projects in Dubai rose to 248, a 40 percent increase over the same time period last year.
“The rise in FDI capital and projects reinforces Dubai’s leading position as the preferred global location for global businesses and start-ups pursuing growth and expansion and clearly reflects investor confidence in Dubai’s economy,” said Sheikh Hamdan, Crown Prince of Dubai and chairman of the Dubai Executive Council.
According to the Financial Times – fDi Markets, Dubai ranks third globally in the number of greenfield FDI projects, which accounted for 64 percent of total FDI projects in H1 2018.
Of the total FDI projects during the course of the half year, 43 percent are using high and medium technology, according to the classification universally adopted by the Organisation for Economic Co-operation and Development (OECD). ‘Strategic projects’ accounted for 56 percent of total investment projects that Dubai attracted.
The United States, India, Thailand, Spain and the UK topped the list of source countries for FDI capital, while the US topped the list of investment projects, followed by France, the UK, India and Switzerland.
“FDI flows in the first half of 2018 reaffirm the sustained growth of Dubai economy, and the diversity, competitiveness and attractiveness of the emirate,” said Sami Al Qamzi, the DED’s director general.
Additionally, FDI growth in ‘advanced technology’ led to Dubai being ranked third globally in FDI technology transfer, and third after Singapore and Shanghai among the top 25 destinations in the world when it comes to attracting FDI in AI and robotics, according to the Financial Times – FDI Benchmark.
“We are confident about the future prospects for enhancing FDI flows, especially following the issuance of new laws that enhance Dubai’s competitiveness as a preferred global destination for investment and an incubator for innovation and creativity,” said Fahad Al Gergawi, CEO of Dubai FDI.