India has emerged as a key source country for foreign direct investment (FDI) in Dubai, one of the wealthiest of the seven emirates in the United Arab Emirates, according to a report released on Monday.
It ranked among the top five source countries for announced FDI projects and estimated FDI capital, according to a report released by "FDI Markets', a service from the UK's Financial Times Ltd.
With 77.5% of greenfield projects, the top sectors by FDI projects from India into Dubai in 2022 were software and IT services (32%), business services (19%), consumer products (9%), real estate (6%), and financial services (5%).
Meanwhile, the top sectors by FDI capital from India into Dubai in 2022 were consumer products (28%), software and IT services (20%), communications (19%), pharmaceuticals (8%), and business services (8%).
Apart from maintaining its first rank as a destination city for FDI from India, Dubai retained its number 1 spot globally for attracting greenfield FDI projects in 2022, further reinforcing its position as the world's top foreign direct investment hub, the report said.
Retaining its top spot for a second successive year, Dubai achieved 89.5% YoY (year-over-year) growth in total announced FDI projects in 2022, while total FDI capital surged 80.3% over the same period, further consolidating the emirate's status as one of the top three global cities.
The data for 2022 showed that Dubai continued to maintain and improve its leadership position across key FDI attraction metrics.
The emirate ranked first in attracting FDI projects into the tourism, business services, financial services, transport and warehousing, consumer products, and software and IT services sectors.
Helal Saeed Almarri, Director General of Dubai's Department of Economy and Tourism, said, "Dubai's leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city's business and investment environment".
"Our strategy to further consolidate the city's position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups, and global talent have in Dubai", he added.
Dubai emerged as the 2022 world leader in attracting FDI projects in the creative industries cluster, in research and development projects, and in attracting FDI project headquarters by hosting international companies' global and regional headquarters.
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