Dubai tops global cities in attracting FDI projects

Dubai tops global cities in attracting FDI projects

Emirate surpassed major financial centres, including London, Singapore, New York and Paris

Published: Wed 13 Jul 2022, 12:01 AM Last updated: Wed 13 Jul 2022, 12:04 AM

Dubai and Dubai International Financial Centre (DIFC) have topped the global ranking in attracting foreign direct investment (FDI) projects in the financial services sector in 2021, according to a report.

Dubai has surpassed major financial cities, including London, Singapore, New York and Paris, in attracting FDI, according to the report released by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET).

The ranking is based on the ‘fDi Markets’ data, the most comprehensive database of cross-border greenfield investments available, covering all countries and sectors worldwide.

Globally, DIFC ranked first as a free zone in attracting FDI in the financial services sector in 2021 and during the period of 2017-2021, supporting Dubai to attract 58 FDI projects in the sector, totalling Dh926.2 million and generating 1,432 jobs, it said.

Between 2017 and 2021, the financial services sector in Dubai attracted 184 FDI projects worth Dh5.2 billion and created 5,727 jobs.

In Global Venture Capital FDI Projects, Dubai ranked first in Mena and tenth globally, according to the ‘Global Venture Capital FDI Ranking 2022’