Dubai is expected to continue attracting foreign direct investment, despite global economic challenges, as it benefits from its position as a trade centre and its business-friendly policies, a report has said.
“Amidst the global headwinds of uncertainty, high inflation and diminishing liquidity, the task of luring FDI is a huge challenge,” Mayed Alrashdi, an Emirates NBD economist, said in the report.
“However, Dubai is well positioned to remain an attractive proposition for FDI inflows, thanks to its strategic location as a crossroad for major trade routes, favourable tax rates, strong policies and institutions, and recent robust economic growth.”
Dubai is well positioned to remain an attractive proposition for FDI inflows, thanks to its strategic location as a crossroad for major trade routes, favourable tax rates, strong policies and institutions, and recent robust economic growth
Mayed Alrashdi,
Emirates NBD economist
This comes after Dubai's FDI inflows rose by 80 per cent annually to Dh47 billion ($12.8 billion) in 2022, according to recent data by DubaiFDI, a division of the emirate's Department of Economy and Tourism.
While the value of FDI inflows last year is 47 per cent higher than the annual average inflow over the past decade, it remains 28 per cent below the pre-coronavirus peak of Dh65.8 billion in 2019, Emirates NBD said.
The number of announced FDI projects hit a record in 2022, rising by 89 per cent annually to 619, according to the bank's report.
The US was the largest source of FDI projects in 2022, with 235 projects, followed by the UK (152), India (141), France (49) and Switzerland (47).
The top source country for FDI capital to Dubai was Canada, which accounted for 41 per cent of the total value of investment flows.
Canada's debut appearance in the top five sources of FDI capital was driven by merger and acquisition activity as pension fund Caisse de Depot et Placement du Quebec (CDPQ) acquired a 22 per cent stake worth Dh18.4 billion in three Dubai-based assets through a joint venture with DP World.
The UK accounted for 12 per cent of FDI capital, followed by the US (11 per cent), India (4 per cent) and Switzerland (4 per cent).
Under the Dubai Economic Agenda D33 strategy, the emirate aims to double its gross domestic product to Dh800 billion by 2033.
FDI is a key driver of the goal, with inflows expected to rise to Dh60 billion a year between 2023 and 2033, from the annual average of Dh32 billion recorded in the previous 10 years.
FDI is key to the emirate’s ambitions because it drives economic growth through capital accumulation, job creation, the adoption of new technology and increased productivity, Emirates NBD said.
Last year, Dubai was ranked seventh globally in terms of greenfield FDI value and No 1 worldwide in terms of the number of projects, with 837 greenfield initiatives, according to the 2022 Financial Times fDi Markets report.
It came ahead of financial centres such as Singapore and London, which had 481 and 411 greenfield FDI projects, respectively.
Dubai’s economy expanded by 4.6 per cent on an annual basis in the first nine months of 2022, with retail trade accounting for 24.1 per cent of its GDP, according to data from the emirate's statistics centre.
Emirates NBD estimates Dubai's full-year growth for 2022 at 5 per cent and expects its GDP to expand by 3.5 per cent this year.
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Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
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The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
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Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
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- Priority access to new homes from participating developers
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- Flexible payment plans from developers
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What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
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Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
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Squid Game season two
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Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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- Artists and researchers fall under a programme called Pause that began in 2017
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- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Key facilities
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Sector: Technology, Security
# of staff: 13
Investment: $745,000
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Mohammed bin Zayed Majlis
