For the second year in a row, Dubai retained the world’s top position in attracting new FDI projects in 2022, demonstrating its position as the world’s top FDI destination.
According to the latest data from the Financial Times (FDI Markets) for 2022 – the most comprehensive database on new foreign investment around the world – Dubai achieved 89.5 percent year-on-year growth in the total number of FDI projects announced in 2022. Total FDI capital increased by 80.3 percent over the same period.
The new data will support efforts to implement Dubai’s Economic Agenda D33, launched at the beginning of January 2023 by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, which aims to make the emirate one of the top three economic cities around the world.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, said that the continuation of the various economic sectors in Dubai to achieve qualitative achievements of international standards is proof that development action plans are on the right track towards achieving the goals of the Dubai Economic Agenda, which constitutes a strong partnership that brings Dubai together with investors and the global business community, while attracting talent, entrepreneurs and innovative ideas, as key ingredients in implementing its ambitious goals.
He stressed that Dubai continues to enhance its attractiveness to the global business community and investors by providing real added value at a time of uncertainty in the global economy.
Helal Saeed Almarri, Director General of the Department of Economy and Tourism in Dubai, said that Dubai’s global ranking in the field of foreign direct investment is in line with the general and comprehensive framework of the initiatives launched to enhance the business and investment environment in the city.
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Dubai ranked seventh globally in terms of attracting new capital for FDI, and fifth globally in FDI jobs. In the MENA region, Dubai ranked second in terms of FDI capital and first in FDI jobs.
New (wholly-owned) FDI projects and new forms of foreign investment saw a 6 percent increase in 2022 compared to 2021.
The emirate accounted for 4 percent of the world’s total new FDI projects, an increase of 1.9 percent compared to 2021, after registering 837 projects, making Dubai the highest growth in this context in the past seven years. Dubai attracted a total of 1,173 FDI projects in 2022.
Data from the Dubai Investment Monitor revealed that total capital flows of foreign direct investment projects in Dubai in 2022 amounted to AED 47 billion ($ 12.8 billion) compared to AED 26.07 billion in 2021, and an estimated 38,447 jobs were created in Dubai in 2022 compared to 24,932 jobs in 2021.
In terms of source countries, the top five countries in terms of FDI projects accounted for 54 percent of total projects in 2022, as follows: the United States (20 percent), the United Kingdom (13 percent), India (12 percent), France (5 percent), and Switzerland (4 percent).
The top five countries in terms of FDI accounted for 72 percent of total inflows to the emirate in 2022, with Canada leading the way with 41 percent, followed by the United Kingdom (12 percent), the United States (11 percent), India (4 percent) and Switzerland (4 percent).
