Dubai has been ranked as the top global destination for greenfield foreign direct investment (FDI) projects in 2023, marking its third consecutive year at the top. This ranking solidifies Dubai’s position as a key hub for emerging businesses, investment opportunities, and attracting talent from around the world. The city has also excelled in attracting FDI projects in key sectors such as consumer goods, energy, e-commerce, and tourism, further establishing its reputation as a vibrant business hub in the Middle East.
The Financial Times “fDi Markets” data revealed that Dubai was not only the top destination for greenfield FDI projects but also excelled in attracting FDI capital and creating jobs through FDI attraction within various industries. This success aligns with the ambitious goals set forth by the Dubai Economic Agenda D33 to double the size of the emirate’s economy by 2033, showcasing Dubai’s strong economic growth and appeal to international investors.
In 2023, Dubai welcomed an impressive 1,070 global Greenfield FDI projects, surpassing other global cities like Singapore and London by a significant margin. Over the past five years, Dubai has tripled its global share in attracting such projects, demonstrating its increasing appeal as a business headquarters destination. The city’s efforts have been recognized with a No.1 ranking for HQ FDI projects for the second consecutive year, further solidifying its position on the global stage.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, emphasized Dubai’s stability, cutting-edge infrastructure, and dynamic business environment as key factors that have made it a focal point for investment, enterprise, and talent. The city’s ability to continually generate new opportunities for global businesses has been a driving force behind its success in attracting FDI projects and fostering a conducive environment for sustainable growth.
Dubai’s sustained leadership in global FDI is a testament to its successful collaborations with stakeholders and international partners, as highlighted by Helal Saeed Almarri, director-general of the Dubai Department of Economy and Tourism (DET). The ranking affirms Dubai’s status as a premier global hub for high-quality foreign direct investment, reinforcing investor confidence in the city’s robust investment and business climate.
The surge of talent coming to Dubai, in addition to the strong upswings across greenfield projects, has positioned the city as a magnet for global talent looking for new opportunities and a thriving business environment. With a strong growth of 39 percent in announced FDI projects in 2023 compared to the previous year, Dubai’s attractiveness as a top city destination across key technologies such as AI, FinTech, cloud computing, and cybersecurity remains unparalleled.
In line with global FDI flows, Dubai attracted an estimated Dh39.26 billion ($10.69 billion) in total FDI capital during 2023, showcasing its resilience and ability to attract significant investments. The top five source countries by FDI capital into Dubai included Canada, the United States, Saudi Arabia, the United Kingdom, and India, underlining the city’s global appeal and diverse investor base. With its strategic initiatives and strong economic growth trajectory, Dubai continues to position itself as a premier destination for foreign direct investment and a key player in the global business landscape.
