Dubai’s new FDI milestones underscore Dubai’s position as one of the world’s safest and most stable investment destinations. Reuters
Dubai’s new FDI milestones underscore Dubai’s position as one of the world’s safest and most stable investment destinations. Reuters
Dubai’s new FDI milestones underscore Dubai’s position as one of the world’s safest and most stable investment destinations. Reuters
Dubai’s new FDI milestones underscore Dubai’s position as one of the world’s safest and most stable investment destinations. Reuters

Dubai attracts $4.3bn in foreign direct investment in first nine months of 2021


Fareed Rahman
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Dubai attracted Dh15.9 billion ($4.3bn) in foreign direct investment from 378 projects in the first nine months of 2021 as the emirate’s economy continued to recover from the coronavirus pandemic.

“Dubai has continued to introduce and implement initiatives that improve business confidence,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate's Executive Council said.

“Global investors have placed their faith in Dubai’s business ecosystem, making it among the most attractive FDI locations in the world. Initiatives such as full foreign ownership, an evolving visa administration and the alignment of the work week with global markets demonstrate Dubai and the UAE’s responsiveness to business needs.”

FDI reinvestment projects accounted for 11 per cent of the total FDI projects in the emirate, while job creation due to FDI surged 36 per cent during the first nine months of 2021 to 16,430 new jobs, according to data from the “Dubai FDI Monitor” released by Dubai Investment Development Agency (Dubai FDI), which is part of the emirate’s Department of Economy and Tourism.

The total number of FDI projects increased by 16 per cent to 378 during the period. As much as 58 per cent of the inbound FDI is in strategic sectors and 52 per cent is in greenfield projects. High and medium technology investments comprised 64 per cent of inbound FDI capital, an increase of 2 per cent over the same period in the previous year, according to the data.

The UK, France and the US are among the top FDI source countries followed by Saudi Arabia and India, the data shows.

The five countries together accounted for 72 per cent of the total capital inflow into Dubai. In terms of the number of FDI projects, the UK ranked first with 20 per cent, followed by the US with 19 per cent.

“Dubai’s strategic sectors are well positioned to receive global investor participation and provide the foundation of economic recovery and growth,” said Helal Al Marri, director general of the Department of Economy and Tourism in Dubai.

“We are committed to pursuing policies that effectively sustain a growth-oriented business environment.”

The ‘FDI Global Cities of the Future 2021/2022’ report published by fDi Intelligence, a division of the Financial Times, ranked Dubai third among the top global FDI locations of the future in 2021. Dubai was also ranked second globally in the Major Cities for FDI subcategory as well as in Economic Potential and Business-friendly Environment, with third position in the Connectivity subcategory.

“At Dubai FDI, we have continued to support existing and potential investors in their journey throughout the pandemic period,” Fahad Al Gergawi, chief executive of Dubai FDI said. “The Expo 2020 Dubai has proven to be an excellent platform for attracting global business, ensuring that economic growth gathers momentum.”

Business conditions in Dubai's non-oil private sector economy were at their strongest level in two-and-a-half years in December, driven by a sharp increase in new orders amid an Expo 2020 Dubai demand boost and an improvement in the tourism sector.

The emirate's seasonally adjusted IHS Markit Purchasing Managers' Index reading climbed to 55.3 in December, from 54.5 in November, signalling a sharp improvement in operating conditions as the non-oil economy continued to recover.

Property deals also surged in the emirate amid economic recovery. Dubai registered 84,196 property transactions worth Dh300bn last year, which is the highest annual value recorded in the emirate’s history, the Dubai Land Department said.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

While you're here
A cryptocurrency primer for beginners

Cryptocurrency Investing  for Dummies – by Kiana Danial 

There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine. 

Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.

Although cryptocurrencies are a fast evolving world, this  book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.

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The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

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5.10pm: Continous
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7pm: Flood Zone
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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Director: Hasan Hadi

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Rating: 4/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

UAE-based players

Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim

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Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

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Funding/investors:  $400,000 (2018) 

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Updated: January 31, 2022, 6:55 AM