Dubai remained the world's top destination for greenfield foreign direct investment projects in the first half of 2024, despite challenging global economic conditions, a study has shown.
The emirate topped major financial centres such as London, Singapore and New York across a range of sectors, including tourism, real estate, artificial intelligence, headquarters, logistics and FinTech.
The emirate attracted 508 greenfield FDI projects during the January-June period, representing a 6.2 per cent global share, growing from 5.7 per cent in the same period last year, Dubai Media Office said on Thursday, quoting data from the Financial Times fDi Markets report.
A greenfield investment is a type of FDI in which a parent company creates a subsidiary in a different country, building its operations from the ground up.
“Since 2021, Dubai has consistently maintained its top position in attracting foreign investment for six consecutive half-year periods … this achievement showcases the investors' trust in Dubai's capacity to foster an environment conducive to innovation and sustainable growth,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai., Deputy Prime Minister, Minister of Defence and chairman of the Executive Council.
Sheikh Hamdan emphasised the importance of attracting more investments to fuel the growth of a sustainable, diversified economy, in line with the Dubai Economic Agenda D33.
Dubai's D33 strategy aims to double the size of its economy to Dh32 trillion ($8.71 trillion) over the next decade and establish the emirate among the top three global cities.
The plan aims to support 30 private companies to achieve unicorn status, or to be worth more than $1 billion.
It also aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented Emiratis.
Dubai jumped three spots globally from sixth to third place for attracting greenfield FDI capital in the first half, and from third to first in the Middle East and North Africa (Mena) region, compared to the same period last year.
A total of 801 FDI projects valued at Dh21.85 billion were announced in Dubai, compared to Dh20.30 billion across 803 projects in the first half of 2023, according to Dubai FDI Monitor data. This includes greenfield FDI, new forms of investments, mergers and acquisitions, reinvestments, venture capital-backed FDI and greenfield joint ventures.
Top five sectors accounted for 57.4 per cent of total estimated FDI capital flows into Dubai and 68.6 per cent of total announced FDI projects, according to FDI Monitor data. In terms of FDI capital, the leading sectors were building and materials (17.3 per cent), software and IT services (14.3 per cent), hotels and tourism (10.2 per cent), real estate (9.5 per cent) and automotive original equipment manufacturers (6.1 per cent).
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
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