Dubai has recorded strong growth in foreign direct investment (FDI) in H1 2019, according to the Dubai Investment Development Agency (Dubai FDI).
It has attracted FDI projects worth Dh46.6 billion ($12.6 billion), a growth of 135 percent compared to the same period last year.
Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, chairman of the Executive Council of Dubai, said the continued development within various economic sectors, including the investment sector, is proceeding in accordance with Vice President and Ruler of Dubai Premier Sheikh Mohammed bin Rashid Al Maktoum’s future vision.
The UAE’s economic policies are successful and designed to serve its strategic objectives, taking into account the interests of partners and ensures their success, he explained.
Sheikh Hamdan pointed out that the strong ties that have always brought together Dubai and the investor community - both inside UAE and abroad- are among the pillars of its investment structure.
He said it paves the way for further success in laying the foundations, adding that the government and private sectors have reaped its benefits.
“Our distinguished relations with the local and global investor community are a guarantee that supports our ambitions for further joint successes.”
Dubai has continued to progress in global rankings of the most attractive cities for FDI, ranking third in the world in attracting FDI, in terms of both capital flows and the number of greenfield projects.
According to ‘Dubai FDI Monitor’ data, FDI projects with High and Medium Technology component reached 47 percent of total FDI projects in the first half of 2019, based on the Organization for Economic Cooperation and Development (OECD) classification criteria.
FDI projects with High and Medium Technology components were at the forefront of creating new jobs with a 48 percent share of the 24,294 new jobs created by FDI projects in H1 2019.
“The FDI results of the first half of 2019 is a testament to Dubai economy’s competitiveness and resilience in the face of global shifts and challenges that have adversely affected the flows of FDI globally in recent years,” said Director General of Dubai Economy Samial-Qamzi.