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Dubai tops global FDI hub rankings, leading in key sectors and job creation, aligning with the ambitious Dubai Economic Agenda D33 to double its economy by 2033.
Dubai has solidified its status as the premier global hub for foreign direct investment (FDI). The Financial Times Ltd’s ‘fDi Markets’ data reveals that in 2023, Dubai was ranked No.1 worldwide for attracting Greenfield FDI projects, marking the third consecutive year it has achieved this top position. The city also led in key sectors such as consumer goods, energy, e-commerce, and tourism, excelling in both FDI capital attraction and job creation through FDI.
This success aligns with the ambitious objectives of the Dubai Economic Agenda D33, launched in early 2023 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The agenda aims to double Dubai’s economy by 2033, and the city’s robust FDI performance underscores its economic vitality and appeal to global investors.
In 2023, Dubai attracted 1,070 global Greenfield FDI projects, a 142% increase over Singapore (442) and 148% more than London (431). Over the past five years, Dubai’s share of global FDI projects has tripled, rising from 1.7% in 2019 to 6% in 2023.
Dubai also ranked No.1 globally for headquarters FDI projects for the second consecutive year, with 60 projects in 2023. Singapore and London followed with 40 and 31 projects, respectively. Additionally, Dubai ranked fourth globally for jobs created through inward FDI, improving from fifth in 2022, and climbed to fifth place for Greenfield FDI capital attraction.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “Dubai’s ability to secure the No. 1 ranking in global greenfield FDI projects in 2023 for the third consecutive year demonstrates the city’s ability to continually generate new opportunities for global businesses. The growing FDI inflows support the objective of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double the size of the emirate’s economy by 2033.”
“Dubai’s stability, cutting-edge infrastructure, and dynamic business environment have made it a focal point for investment, enterprise and talent. The city’s stature as a leading global investment destination also reflects its robust economic fundamentals, strong ethos of partnerships and innovative initiatives to sustain growth and innovation across various sectors. In 2024, as we work to accelerate the D33 Agenda, we will continue to intensify our initiatives to nurture a competitive economic ecosystem that fosters value creation. We are committed to making Dubai a place where the world’s leading companies, entrepreneurs and innovators come to build the future.”
His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), attributed Dubai’s sustained FDI leadership to the visionary guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum. He emphasized that this achievement reflects successful collaborations with stakeholders and international partners, reinforcing Dubai’s status as a premier global hub for high-quality foreign direct investment. The confidence of investors, multinational corporations, startups, and global talent in Dubai’s business climate is a testament to its strategic initiatives.
“Looking ahead, we are dedicated to bolstering Dubai’s global competitiveness and business ecosystem. Our commitment is to create a fertile environment for sustainable growth, supported by advanced policy frameworks and dynamic attraction initiatives, fully aligned with the objectives of the D33 Agenda. By capitalising on our unique strategic advantages, Dubai is poised to provide unparalleled opportunities in the global economic landscape, establishing itself as an essential destination for emerging businesses, investment, and talent, and as a vital expansion hub for global corporations.”
Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), said: “Dubai has created a stable and sustainable environment for international investment and the results from 2023 are in line with the objectives set out by our visionary leadership in the D33 Agenda. In addition to strong upswings across greenfield projects, there has been a surge of talent coming into Dubai across various key sectors, and the achievement in creating jobs through FDI has solidified Dubai’s status for attracting and retaining skilled professionals. The No.1 ranking in the attraction of headquarter FDI projects has also strengthened Dubai’s enduring appeal for multinational corporations, and we continue to work with our partners and stakeholders across the public and private sectors to not only attract new global companies but also support them in widening their geographical footprint and innovating and diversifying their business models within our jurisdiction”
Dubai FDI Monitor data shows the emirate recorded 1,650 announced FDI projects in 2023, a 39% increase from 1,188 projects in 2022. These projects included Greenfield FDI, new forms of investments (NFIs), mergers and acquisitions (M&A), reinvestments, venture capital (VC)-backed FDI, and Greenfield joint ventures. Job creation through FDI in Dubai also saw a 15.5% year-on-year increase, with an estimated 44,771 jobs, driven primarily by retail, business services, headquarters, sales, marketing support, and manufacturing sectors.
Greenfield FDI wholly-owned projects rose by 260 in 2023 compared to 2022, while new forms of investments grew from 25.2% in 2022 to 31.4% in 2023. The technology sector saw high and medium-tech projects constitute 58% of total FDI in Dubai, with AI, FinTech, cloud computing, and cybersecurity being key areas. The city also led globally in job creation through e-commerce investments.
UN Trade & Development data indicates that global FDI flows in 2023 increased by 3% to an estimated $1.37 trillion, despite a broader 18% decline when excluding large European deals. In line with global trends, Dubai attracted an estimated AED39.26 billion (USD10.69 billion) in FDI capital in 2023.
The top five source countries for FDI into Dubai accounted for 66.6% of total estimated flows in 2023. Canada led due to a significant M&A deal, followed by the United States, Saudi Arabia, the United Kingdom, and India. For FDI projects, the United States, United Kingdom, India, France, and Italy were the top sources.
The top five sectors for FDI into Dubai, accounting for 67.6% of total FDI capital flows, were financial services, business services, consumer products, software and IT services, and textiles. Business services and financial services saw significant growth in both FDI capital and project numbers, highlighting a preference for service-oriented industries.
In terms of business functions, business services, retail, recycling, construction, and headquarters accounted for 73.7% of total FDI capital in 2023. Business services retained a leading position, while retail saw significant year-on-year growth in both FDI capital and project attraction, indicating opportunities for further investment and expansion.
Dubai International Airport (DXB) has maintained its status as the world’s busiest international passenger hub for the tenth consecutive year, driven by surging demand for long-haul travel, according to preliminary data from the Airports Council International (ACI).
In a significant development, Dubai International Airport, renowned for its international travel volume, is set to relocate its operations to the city’s expansive second airfield located in the southern desert. This ambitious project, valued at nearly $35 billion, is expected to be completed within the next decade, announced the city’s ruler on Sunday.
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