Dubai has retained its top spot amongst global destinations for attracting greenfield FDI, with 511 greenfield projects announced in first six months of the current year.

The emirate of Dubai has retained its position as the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate attracting 511 Greenfield projects in H1 2023, as per Financial Times ‘fDi Markets’ data, a comprehensive online database on cross-border greenfield investments.

According to a press statement, Dubai continues to set new benchmarks in global performance as an investment destination, surpassing second-placed Singapore by 325 projects. During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 pc, up from 3.83 pc over the same six-month period last year, adds the statement.

The results, which underscore the emirate’s status as a key investment hub, aligns directly with the city’s 10-year Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade, according to the statement.

“Dubai’s ability to maintain its top ranking in attracting Greenfield FDI projects reflects the city’s ability to create unparalleled growth opportunities and value for global investors. Guided by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate has intensified its drive to accelerate economic diversification and innovation. This commitment, coupled with the adoption of advanced technologies, is shaping a future filled with endless opportunities for progress and prosperity. With the clear growth roadmap set out by the Dubai Economic Agenda D33, we continue to work to create an investment environment that not only wins the trust of investors from all over the world but also encourages them to contribute to Dubai’s transformation,’’ says Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.  

In parallel, new data released by Dubai FDI Monitor at Dubai’s Department of Economy and Tourism (DET), shows the city logged a total of 880 announced FDI projects between January and June of this year, a year-on-year growth of 70 pc. The Dubai FDI Monitor tracks, substantiates and analyses all types of FDI projects announced within the emirate.

The statement adds that Dubai FDI Monitor data also indicates that Dubai’s Greenfield FDI projects account for 65 pc of total announced FDI projects. The report also states year-on-year Reinvestment FDIs increased from 3 pc to 4.4 pc when comparing H1 2023 with the same period in 2022.

Meanwhile, Dubai also saw a year-on-year rise in global Greenfield FDI capital attraction, reaching AED 20.87 billion or USD 5.68 billion. According to Financial Times “fDi Markets” data, Dubai climbed from eighth in H1 2022 to sixth globally in H1 2023. 

Additionally, Dubai ranks first globally in the attraction of HQ FDI projects, according to Financial Times. “fDi Markets” data, by attracting 33 HQ projects in the first half of this year, ahead of London and Singapore. The achievement further highlights the emirate’s rising profile as a global hub for the headquarters of leading companies.

“We are continuing to accelerate efforts to deliver the Dubai Economic Agenda D33. As we work to enhance the city’s competitiveness and business environment internationally, these strong increases in announced FDI projects for H1 2023 drive home how our progressive policy enablers and diverse attraction programmes are resonating with global investors and decision makers alike,” says Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism.

The Financial Times “fDi Markets” data also shows Dubai rose from ninth in H1 2022 to fourth place globally in H1 2023 in employment creation from FDI projects. The climb follows a 43.3 pc surge in job creation in H1 2023 compared to H1 2022, equating to a total of 24,236 jobs created through FDI.