Dubai has once again solidified its position as the world’s leading hub for foreign direct investment (FDI), ranking No.1 globally for attracting Greenfield FDI projects for the third consecutive year. According to data from Financial Times Ltd’s “fDi Markets,” Dubai topped the charts in 2023 for attracting Greenfield FDI projects, showcasing its continued appeal to international investors.
In key clusters such as consumer goods, energy, e-commerce, and tourism, Dubai also claimed the top spot globally for Greenfield FDI projects attraction, capital attraction, and jobs created through FDI attraction. This remarkable achievement aligns with the ambitious goals set forth in the Dubai Economic Agenda D33, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to double the size of Dubai’s economy by 2033.
The city welcomed a total of 1,070 global Greenfield FDI projects in 2023, surpassing second-placed Singapore by 142% and third-placed London by 148%. Over the past five years, Dubai’s share in attracting such projects has more than tripled, showcasing its exponential growth in the global FDI landscape.
Dubai’s appeal as a headquarters destination was also highlighted, with the city ranking No.1 globally for HQ FDI projects for the second consecutive year. This achievement, coupled with its rise in job creation through Inward FDI and Greenfield FDI capital attraction, underscores Dubai’s robust economic growth and attractiveness to multinational corporations.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, emphasized Dubai’s ability to continually generate new opportunities for global businesses, attributing the city’s success to its stability, cutting-edge infrastructure, and dynamic business environment. He reiterated Dubai’s commitment to fostering a competitive economic ecosystem that attracts leading companies, entrepreneurs, and innovators.
Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism (DET), credited Dubai’s sustained leadership in global FDI to the visionary guidance of Sheikh Mohammed bin Rashid Al Maktoum. He highlighted the city’s strategic initiatives and robust investment climate, which have garnered the confidence of investors, multinational corporations, startups, and global talent.
Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), emphasized Dubai’s stable and sustainable environment for international investment, noting the surge of talent across key sectors and the city’s appeal for headquarter FDI projects. He underscored Dubai’s commitment to attracting and retaining skilled professionals and supporting global companies in expanding their business models within the city.
The data from “Dubai FDI Monitor” revealed a significant upswing in job creation through FDI in Dubai, driven by sectors such as retail, business services, headquarters, sales, marketing support, and manufacturing. The technology sector also saw a notable increase in high and medium-tech projects, with Dubai maintaining its position as a top city destination for key technologies.
Overall, Dubai’s success in attracting FDI projects and capital underscores its position as a premier global investment destination, offering unparalleled opportunities for businesses, investment, and talent. As the city continues to accelerate its economic agenda, Dubai remains poised to shape the future of the global economic landscape.