For the third consecutive year, Dubai has retained its position as the world’s leading city for attracting Greenfield Foreign Direct Investment (FDI) projects, according to Financial Times Ltd’s ‘fDi Markets’ data. In the first half of 2024, Dubai attracted 508 Greenfield FDI projects, capturing a 6.2% global share, up from 5.7% in the same period of 2023. This achievement underlines Dubai’s continued appeal and competitiveness in the global investment landscape.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, attributed this success to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. “Dubai has significantly strengthened its position as a major player in the global economic landscape,” Sheikh Hamdan said, emphasizing that the city has become a global hub for FDI through its advanced economic infrastructure and forward-thinking policies.
Dubai’s ability to attract foreign investments has been further bolstered by evolving economic policies and continuous infrastructure development. Sheikh Hamdan noted that Dubai has maintained its top spot in FDI attraction for six consecutive half-year periods since 2021, driven by an exceptional economic system, world-class infrastructure, and progressive investment regulations. “This achievement showcases the investors’ trust in Dubai’s capacity to foster an environment conducive to innovation and sustainable growth,” he added.
The city’s performance in H1 2024 was highlighted during a meeting led by Helal Saeed Almarri, Director-General of Dubai’s Department of Economy and Tourism. The briefing noted that Dubai has seen consistent FDI growth across key sectors such as real estate, artificial intelligence, logistics, fintech, tourism, and headquarters. Dubai rose from sixth to third place globally in Greenfield FDI capital for H1 2024, and from third to first in the Middle East and North Africa (MENA) region, further enhancing its reputation as a top investment destination.
The Dubai Economic Agenda (D33), which aims to double the city’s economy by 2033, places increased FDI at the heart of its growth strategy. Sheikh Hamdan highlighted that Dubai is committed to remaining a global leader in economic development and tourism, with a focus on creating an environment where innovation and sustainable growth thrive.
During H1 2024, a total of 801 FDI projects were announced in Dubai, valued at AED 21.85 billion.
This is an 8% increase in estimated FDI capital compared to the AED 20.3 billion across 803 projects in H1 2023, according to Dubai FDI Monitor data. The report also detailed a surge in talent attraction, with jobs created through inward FDI ranking Dubai fifth globally and first in the MENA region. Sectors like food and beverages, business services, software and IT, textiles, consumer products, and financial services saw the largest gains in employment.
Helal Saeed Almarri remarked, “Dubai’s sustained leadership in attracting Greenfield FDI projects speaks to the city’s strategic foresight and its unique appeal to international investors. Attracting over 500 projects in the first half of 2024 alone is a testament to the city’s vision and enabling policies.” He highlighted that initiatives like the D33 Agenda are paving the way for long-term economic expansion, fostering innovation in AI, fintech, logistics, and tourism.
Meanwhile, Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing, emphasized that Dubai’s strong performance in tourism and FDI underscores its ability to attract international visitors and investment. Dubai welcomed 10.62 million international overnight visitors between January and July 2024, an 8% year-on-year increase.
The Dubai FDI Monitor data showed that the top five source countries by FDI capital accounted for 67.1% of the total inflows. India led the way, contributing 19.9% of the total estimated FDI capital, followed by Switzerland (19.6%), the United States (12%), the United Kingdom (8.3%), and France (7.4%). In terms of FDI projects, the UK led with 15.4%, followed by India (13.7%) and the United States (12.7%).
Dubai’s top sectors for FDI projects include business services (19.4%), software and IT (15.2%), food and beverages (14.1%), textiles (11.8%), and consumer products (8.1%). Meanwhile, in terms of FDI capital, the leading sectors were building materials (17.3%), software and IT services (14.3%), hotels and tourism (10.2%), real estate (9.5%), and automotive original equipment manufacturers (6.1%).
