His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense, and Chairman of the Executive Council of the Emirate of Dubai, affirmed that Dubai continues to steadily strengthen its position as a leading global investment environment, by developing its diversified economy and building on its strengths. The strategy, thanks to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, may God protect him, which made the emirate a global center for attracting foreign direct investments.
His Highness pointed out that flexible and modernized economic policies, along with continuous innovation in infrastructure development, have contributed to consolidating Dubai’s position as a preferred global destination for many investors, international companies and visitors, which enhances its role as an essential link in the global economy.
This came during His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum’s briefing on the latest indicators and figures of foreign direct investment in the first half of 2024 and the performance of the tourism sector in the emirate by His Excellency Hilal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, in the presence of a number of senior figures. Officials and managers.
His Highness said: “Dubai’s continued global leadership, and its topping the list of the best destinations for attracting foreign direct investment projects for the third year in a row, is the result of a long-term strategic vision and tireless efforts that consolidate its position as a leading economic power and strengthen its position among the three best cities in the world for visiting, investing, living and working.”
His Highness added that Dubai has been able, through its advanced economic system, world-class infrastructure, and innovative investment policies, to maintain its leadership position in attracting foreign investments since 2021, which reflects investors’ confidence in the emirate’s ability to provide an environment conducive to innovation and sustainable growth.
His Highness stressed the need to continue working to strengthen this position, attract more investments, and continue the positive growth path in the tourism sector and attract larger numbers of visitors, in a way that contributes to creating a qualitative shift in the national economy in order to achieve the goals of the Dubai Economic Agenda D33, which seeks to double the size of the emirate’s economy by the year 2033.
Dubai continues to consolidate its competitiveness and attractiveness to international investors after it attracted 508 new foreign direct investment projects between January and June 2024, bringing its share of attracting these new projects to 6.2% of the global market compared to 5.7% for the same period last year, according to data from « Financial Times – FDI Markets, on foreign direct investment markets.
Dubai has surpassed a group of major financial centers such as London, Singapore and New York, strengthening its presence at the forefront of global cities attracting new foreign direct investment projects over six consecutive periods since the second half of 2021.
During the first half of 2024, the emirate succeeded in confirming its leading position, becoming the preferred investment center globally in a wide range of sectors that included tourism, real estate, artificial intelligence, headquarters, logistics services, and financial technology.
Compared to the first half of 2023, Dubai advanced three places during the first half of this year on the classification scale for attracting capital to new foreign direct investment projects, from sixth to third place globally, and from third to first place in the Middle East and North Africa region. This reflects the emirate’s tireless efforts to enhance an attractive investment environment, which includes regulatory facilities, advanced infrastructure, and strategic initiatives aimed at enhancing economic growth.
Dubai also ranked first in the Middle East and North Africa region in attracting capital from new foreign direct investment projects, which demonstrates its strong presence as the most prominent investment center in the region, as well as its leadership role in supporting regional economic development efforts.
These distinguished achievements confirm the strategic importance of Dubai and its well-established economic environment, and are in line with the ambitious targets of Dubai’s D33 Economic Agenda, which aims to double the size of the emirate’s economy by 2033, one of whose main priorities is to achieve a steady increase in foreign direct investment flows.
Data from the Dubai Foreign Investment Monitor revealed that the total number of foreign direct investment projects announced in Dubai during the first half of this year reached 801 projects, with a total value of 21.85 billion dirhams, compared to 803 projects worth 20.30 billion dirhams in the same period of the year. The past, which included new foreign direct investment projects, new models of investment, mergers and acquisitions, and reinvestment projects in addition to foreign direct investment by venture capital, and joint projects.
Total foreign direct capital increased by 8 percent in the first half of 2024 compared to the first half of 2023, which confirms that Dubai maintains its presence as a preferred destination for high-value investments. Dubai ranked fifth globally in providing job opportunities resulting from inward foreign direct investment projects during the first half of 2024, and also maintained its lead in the Middle East and North Africa region on this measure.
Data from the Dubai Foreign Investment Monitor indicated that the emirate has recorded remarkable growth in attracting distinguished talent in key sectors such as financial services, business services, software services and information technology, consumer products, textiles, and food and beverages.
His Excellency Hilal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, said that Dubai’s success in maintaining its leading presence in attracting new foreign direct investment projects is clear evidence of the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al. Maktoum, and the strategic aspirations of the emirate and its distinguished ability to attract international investors. Within the framework of the various empowerment policies provided by the emirate, Dubai was able to attract more than 500 new projects during the first half of the year 2024 alone, and the Dubai Economic Agenda D33 continues to play a pivotal role in paving the way towards achieving economic growth in the long term, and enabling Dubai to double the size of… GDP, as well as promoting innovation in important sectors such as artificial intelligence, financial technology, logistics, and tourism.
His Excellency added that companies today face many challenges, including economic fluctuations, regulatory burdens, and the lack of available talent, and this is what drives them to turn to Dubai as the ideal choice for investment, as it provides a supportive regulatory environment for business, advanced infrastructure, in addition to the ability to reach and connect global destinations. The emirate also includes a unique business system that allows companies to achieve growth, innovation and prosperity through their efforts to develop talent and support the digital transformation process. Thanks to the ambitious targets of its initiatives, such as the Dubai Economic Agenda D33, Dubai continues to strengthen its presence as a prominent economic center and a leading global destination in the areas of quality of life, education and sustainability. It also constitutes the ideal destination for international companies and investors, as it provides them with new opportunities to achieve growth and overcome any challenges it brings. The future of business.
In turn, Hadi Badri, Executive Director of the Dubai Economic Development Corporation, the economic development arm of the Department of Economy and Tourism in Dubai, said that Dubai is achieving exceptional performance in attracting high-value foreign direct investment projects, thanks to the ambitious vision of our wise leadership, which aims to build a sustainable economy in cooperation with an elite group of… Concerned authorities and our prominent partners. Dubai’s continued success in recording significant increases in the volume of projects and capital it attracts confirms our strong commitment to creating an environment supportive of investment, as we are constantly keen to launch innovative initiatives and solid economic policies, which ensures the advancement of the emirate’s competitive advantages on a global level, and supports the preservation of… Its position as a leading global center for business and investment. We also continue to cooperate with relevant authorities in the public and private sectors to enhance the attractiveness of the business sector in Dubai, in addition to communicating with investors from all over the world to attract them and provide economic development efforts with new and promising opportunities.
During the meeting, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was briefed on the strong and continuous performance of the tourism sector in Dubai, as the emirate ranked first in the world in attracting new foreign investment projects, capital and resulting business opportunities in the field of tourism during the first half of the year 2024. .
Between January and July of this year, Dubai received 10.62 million international visitors, which represents an annual increase of 8 percent, after setting a record during the year 2023 in terms of receiving international visitors.
Dubai hotels continue to record outstanding performance in hospitality standards in terms of occupancy rate, daily rate and revenue per available room, reflecting the great investment opportunities in the tourism sector.
Issam Kazim, Executive Director of the Dubai Corporation for Tourism and Commerce Marketing, said: “Dubai continues to consolidate its distinguished position not only as one of the most preferred destinations in the world to visit, but also to live, work and invest, under the wise leadership of the Dubai government and with the support of our partners in the public and private sectors. Dubai World’s superiority in attracting foreign direct investment through new projects, capital and job opportunities reflects its attractive environment and unique potential to achieve significant returns in the tourism sector. We affirm our intention to continue this positive momentum, guided by the ambitious targets of Dubai’s D33 Economic Agenda, by adopting a new and innovative approach to attract visitors, enhance accessibility to the emirate, and consolidate its leadership in the long term, as well as attract more investments.
In terms of the types of investments provided by foreign direct investment projects in Dubai, the emirate recorded a growth in new models of investment by 5.5 percent, in foreign direct investment projects for venture capital by 3.6 percent, and in reinvestment projects by 0.7 percent. The new models of investment show Also referred to as non-equity investment models, Dubai’s local market has matured and highlights the opportunities for diverse, non-equity partnerships brought about by joint ventures, strategic alliances, subcontracts, licensing activities, production sharing, franchising and turnkey projects in… Market.
Dubai Foreign Investment Monitor data also showed that there were five countries that constituted a source of foreign direct investment flows and accounted for 67.1 percent of the total investments coming to Dubai during the first half of the year 2024, while five countries also contributed 50.2 percent to foreign direct investment projects during the same period. .
India topped the list of the top five source countries in foreign direct investment flows to the Emirate of Dubai at a rate of 19.9 percent, followed by Switzerland at 19.6 percent, the United States of America at 12 percent, the United Kingdom at 8.3 percent, and France at 7.4 percent.
In terms of the number of foreign direct investment projects, the United Kingdom topped the countries that own foreign direct investment projects with 15.4 percent of the total projects, followed by India with 13.7 percent, the United States of America 12.7 percent, Italy 4.2 percent, and France 4.2 percent of the total projects. The five most prominent sectors represented 57.4 percent of the total foreign direct investment capital flows in Dubai during the first half of this year, and 68.6 percent of the total announced foreign direct investment projects, according to data from the Dubai Foreign Investment Monitor.
The construction and building materials sector topped the total foreign direct investment capital flows with a rate of 17.3 percent, followed by the software and information technology services sector with a rate of 14.3 percent, hotels and tourism with a rate of 10.2 percent, real estate with a rate of 9.5 percent, and automobile original equipment manufacturers with a rate of 6.1 percent.
In terms of the number of foreign direct investment projects, the business services sector came in the lead with 19.4 percent, followed by the software and information technology services sector with 15.2 percent, food and beverages with 14.1 percent, textiles with 11.8 percent, and consumer products with 8.1 percent.
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