According to the latest data released from the 2022 Financial Times’ Foreign Direct Investments (FDI) Markets Report, Dubai has successfully maintained its leading position for the second consecutive year in attracting greenfield FDI projects. The report has revealed impressive growth for Dubai, with a remarkable 89.5 percent increase in total announced FDI projects in 2022, and an 80.3 percent surge in total FDI capital during the same period.

In 2022, Dubai witnessed a significant increase in its total estimated FDI capital, surging to AED 47 billion from AED 26.07 billion in 2021. The city also experienced a significant rise in job creation, with approximately 38,447 new jobs compared to 24,932 in the previous year. These positive developments were accompanied by the attraction of a total of 1,173 FDI projects throughout the year. This continued success further solidifies the Emirate’s position as one of the top three global cities for FDI, aligning with the objectives established in the Dubai Economic Agenda D33, a strategic initiative launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with the aim of elevating Dubai’s position on the global stage.

According to the report, Dubai secured the top position in attracting FDI projects across a variety of sectors including tourism, business services, financial services, transport and warehousing, consumer products, and software and IT services. The Emirate also emerged as a leader in attracting FDI projects in the creative industries clusters and research and development projects. Dubai’s success in attracting FDI project headquarters has resulted in international companies establishing their global and regional headquarters in the Emirate.

The top five source counties for FDI projects include the United States, the United Kingdom, India, France, and Switzerland. Canada, the United Kingdom, the United States, India, and Switzerland were identified as the leading source countries for FDI capital.

For more information on Foreign Direct Investments in the UAE, please contact Mojahed Al Sebae. Mojahed is a Partner in the Commercial and Corporate Practice.

Mojahed Al Sebae Partner mojahed@galadarilaw.com