Dubai maintains its top position globally for attracting foreign direct investment in the tourist sector.
According to The Financial Times’ FDI Markets data, a leading global data source on crossborder greenfield FDI investments, the emirate attracted Dh6.4 billion ($1.7 billion) in FDI across 30 different projects in 2021, ranking the emirate first in FDI capital, projects, and job creation in the tourism sector.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said on Twitter that the emirate continues to improve the business and investment environment.
He stated that Dubai’s emergence as the #1 destination for foreign direct investment in the tourism industry indicates investors’ rising trust in the emirate and reinforces its position as a worldwide trade and investment center.
“We will continue our efforts to solidify Dubai’s status as a crucial worldwide center for attracting investments and a significant engine of the global economy,” Sheikh Hamdan added.
According to the Crown Prince, Dubai’s robust infrastructure, business-friendly policies, and flexible regulatory environment will keep the city at the forefront of FDI destinations worldwide.
Sheikh Hamdan bin Mohammed stated that Dubai’s world-class infrastructure and excellent investor services underline the city’s aim to become the finest city in the world to live, work, and visit.
In 2021, the UAE had the most significant legislative reforms, including multi-entry visas for multinational corporations, positioning the country among the most competitive economies and easy-to-do businesses.
Job Creation of Over 30,000
Dubai received 7.28 million foreign visitors in 2021, a 32% rise year on year, highlighting the city’s ambitions to become the world’s most visited destination.
According to the Dubai Investment Development Agency’s (Dubai FDI) Dubai FDI Monitor report, 30 foreign direct investment projects produced 5,545 new employment in Dubai last year.
In the last five years, the emirate has attracted Dh83.5 billion in foreign investments through 205 FDI projects, creating over 30,000 employment and putting Dubai ahead of London, Paris, and Shanghai.
Overall, the value of overall FDI capital flows into all industries in Dubai hit Dh26 billion in 2021, representing a 5.5% increase over the previous year.
“Dubai’s top ranking for employment generated by FDI into tourism demonstrates that the city’s excellent investment climate will continue to attract, retain, and expand both financial and human capital,” said Fahad Al Gergawi, CEO of Dubai FDI.
Dubai’s Department of Economy and Tourist (DET) Director-General Helal Saeed Almarri stated that the emirate built a unique tourism proposal to market the emirate as the most sought-after global city and the most appealing destination to live, work, visit, and invest.
“Dubai has also coordinated efforts in major source markets to demonstrate its capabilities in facilitating corporate growth and as a premier global tourism destination.”
“Dubai’s top ranking shows the efficiency of multi-geographic marketing as well as its diverse offering across industries,” he added.
“The new policies and regulations designed to align the UAE economy with global changes, as well as the long-term residency granted to investors and entrepreneurs, will see Dubai and its tourist industry retain the FDI momentum until 2022 and beyond,” Almarri noted.
Source: Khaleej Times
