Dubai looks to build on reputation as world’s top destination for investment
Dubai’s leaders have launched an ambitious investment programme to capitalise on the emirate’s ranking as the world’s top destination for greenfield FDI projects
As one of the world’s fastest-growing cities, Dubai has a long-held reputation as a preferred destination for foreign investors. For the past three years, the city has ranked first in a global survey of the world’s top destinations for greenfield foreign direct investment (FDI) projects, published by Financial Times’ fDi Markets.
Despite global economic challenges, the emirate secured 1,070 greenfield FDI projects last year, up 142% compared to second-placed Singapore (442) and 148% compared to third-placed London (431).
Greenfield investments, where a parent company builds its operations from the ground up in a foreign country, are a key focus of Dubai's economic growth strategy.
In 2023, Dubai announced a total of 1,650 FDI projects, marking a 39% increase from 2022, with these projects creating approximately 44,771 jobs, up 15.5% year on year.
The emirate attracted nearly AED39.3 billion in total FDI capital according to data published by Dubai FDI Monitor, securing its top global ranking for greenfield FDI in various sectors, including consumer goods, energy, e-commerce, and tourism.
Over the past five years, Dubai’s share of global greenfield FDI projects has more than tripled, growing from 1.7% in 2019 to 6% in 2023.
"Dubai’s stability, cutting-edge infrastructure, and dynamic business environment have made it a focal point for investment, enterprise, and talent," HH Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council posted on X (formerly Twitter).
Dubai launches FDI Development Programme
To build on this success, the Dubai Executive Council has launched the Foreign Direct Investment Development Programme, which aims to attract AED650 billion (US$177 billion) in investments by 2033.
The programme will support the objectives of the D33 Economic Agenda, which aims to double the size of Dubai’s economy over the next decade to AED32 trillion ($8.71 trillion) and establish the emirate as one of the world’s top three cities.
Launched in January last year, the wide-ranging economic development programme includes a commitment to nurturing 30 private companies operating in Dubai and providing them with the necessary support for them to achieve unicorn status, or a valuation of more than $1 billion. It will also foster the growth of 400 promising companies based in the emirate.