Dubai thrives as the top global hub for greenfield FDI projects

Dubai thrives as the top global hub for greenfield FDI projects

A view of the Dubai skyline. — AFP file

Published: Sun 19 May 2024, 6:31 PM Last updated: Sun 19 May 2024, 6:32 PM

Dubai was ranked the No.1 global destination for greenfield foreign direct investment (FDI) projects in 2023 for the third successive year as it reinforces itself as a “must destination” for emerging businesses, investment, and talent, in addition to its rank as a key expansion hub for global corporations.

According to the Financial Times “fDi Markets” data, the most vibrant business hub of the Middle East was also the world’s No.1 within key clusters including consumer goods, energy, e-commerce, and tourism for greenfield FDI projects attraction, Greenfield FDI capital attraction, and jobs created through FDI attraction.

The FDI performance of Dubai aligns with the ambitious goals of the Dubai Economic Agenda D33 to double the size of the emirate’s economy by 2033 while underscoring the city’s robust economic growth and attractiveness to international investors.

In 2023, Dubai welcomed 1,070 global Greenfield FDI projects – 142 per cent more than second-placed Singapore (442) and 148 per cent more than third-placed London (431). In the past five years, Dubai’s global share in attracting such projects has more than tripled, increasing from 1.7 per cent