The Burj Khalifa in Dubai, UAE
The Burj Khalifa in Dubai, UAE Nick Fewings/Unsplash

Dubai has become the top global destination for Foreign Direct Investment (FDI), ranking number one across the globe in attracting Greenfield FDI projects in 2023 for the third consecutive year.

The city also ranked number one globally in several key sectors, including consumer goods, energy, e-commerce, and tourism for Greenfield FDI projects attraction, Greenfield FDI capital attraction, and creating jobs through FDI.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, said that Dubai's performance demonstrates the city's ability to generate new opportunities for global businesses.

The increase in FDI inflows supports the goals of the Dubai Economic Agenda D33, which was launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double the city's economy by 2033.

The Crown Prince of Dubai explained that the city's stability, cutting-edge infrastructure, and dynamic business environment have made the emirate a focal point for many investors, talents, and enterprises.

"The city's stature as a leading global investment destination also reflects its robust economic fundamentals, a strong ethos of partnerships and innovative initiatives to sustain growth and innovation across various sectors," he was quoted as saying by WAM.

"In 2024, as we work to accelerate the D33 Agenda, we will continue to intensify our initiatives to nurture a competitive economic ecosystem that fosters value creation. We are committed to making Dubai a place where the world's leading companies, entrepreneurs and innovators come to build the future," he added.

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism (DET), attributed Dubai's sustained leadership in global FDI for the third consecutive year to the visionary guidance of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

He said that this achievement shows Dubai's successful collaborations with stakeholders and international partners, leading to high-quality foreign direct investment.

Almarri added that the emirate is "dedicated to bolstering Dubai's global competitiveness and business ecosystem," and creating "a fertile environment for sustainable growth, supported by advanced policy frameworks and dynamic attraction initiatives."

Dubai witnessed a total of 1,650 announced FDI projects last year, which is 39% more than 1,188 projects in 2022, as per Dubai FDI Monitor data.