Dubai retained its position as the world's top destination for foreign direct investment into the tourism sector in 2021, a report has found.
The emirate attracted Dh6.4 billion ($1.7bn) in FDI across 30 projects last year, claiming the top rank in FDI capital, projects and job creation in the tourism sector, according to The Financial Times’ fDi Markets data.
The new investments and projects generated 5,545 new jobs during the year, according to the Dubai FDI Monitor report, published by the Dubai Investment Development Agency (Dubai FDI).
“Dubai’s rank as the top FDI destination for tourism is a testament to the sector’s resilience and stability. It reaffirms the sector’s role as a key economic driver that offers international investors confidence and an exceptional opportunity for stable and sustainable returns,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said on Twitter.
Dubai hosted 7.28 million international overnight visitors in 2021, a 32 per cent increase on the previous year as the city pursues its goal to become the world’s most visited destination.
Business activity in Dubai's non-oil private sector economy maintained a robust speed of expansion in June, improving at the quickest pace in three years, as new orders rose sharply despite inflationary pressures.
The headline seasonally adjusted S&P Global Dubai Purchasing Managers' Index rose to 56.1 in June from 55.7 in May to its highest reading since June 2019.
The travel and tourism sector remained the key driver of growth in the emirate. Businesses reported a marked rise in tourism-related business activity in Dubai, the Middle East's commercial and tourism hub, as travel restrictions continued to ease around the world.
Dubai has also stayed ahead of “leading international cities, including London, Paris and Shanghai” in attracting FDI into tourism during the last five years, the report said.
The emirate's tourism sector registered Dh83.5bn in FDI capital across 205 FDI projects between 2017-2021, generating 30,082 new jobs.
“While consolidating its advantages as a well-connected hub with world-class infrastructure, attractions and lifestyle, Dubai also launched concerted efforts in key source markets to showcase its capabilities in enabling business growth and as a leading global tourism centre,” Helal Almarri, director general of Dubai’s Department of Economy and Tourism (DET), said.
“Dubai’s top rank reflects the effectiveness of the multi-geographic campaigns and its diversified offering across sectors.”
The value of total FDI capital flows into all sectors in Dubai exceeded Dh26bn from 618 announced FDI projects in 2021, growing by 5.5 per cent from 2020, the report said.
“The new policies and legislation being adopted to align the UAE economy with global developments and the long-term residency being offered to investors and entrepreneurs will see Dubai and its tourism sector sustaining the FDI momentum through to 2022 and beyond,” Mr Almarri said.
Dubai introduced a five-year multi-entry visa for multinational companies' employees in 2021, adding to previously launched initiatives such as Golden Visa initiative targeting investors, entrepreneurs and specialised talents. It also introduced the Virtual Working and Retire in Dubai programmes.
“Dubai’s top ranking in terms of jobs created by FDI into tourism proves that the exemplary investment environment developed by the city will continue to attract, retain, and grow financial as well as human capital,” Fahad Al Gergawi, chief executive of Dubai FDI, said.
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Killing of Qassem Suleimani
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Company profile
Name: Thndr
Started: October 2020
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Based: Cairo, Egypt
Sector: FinTech
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THE SPECS
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England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Australia squads
ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.
T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.
Killing of Qassem Suleimani
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