Dubai took the top spot globally for attracting foreign direct investment projects in the financial services sector in 2021, according to a new report.
Led by the Dubai International Financial Centre, the emirate attracted 58 FDI projects in the sector, totalling Dh926.20 million ($252.19m) last year, beating major financial hubs such as London, Singapore, New York and Paris, a report published by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism, showed on Tuesday.
DIFC ranked as the best performing free zone globally in attracting FDI in the financial services sector last year. It has achieved this ranking since 2017.
“The global financial services industry and wider business community’s confidence in DIFC consistently enable us to facilitate substantial foreign direct investment into Dubai,” Arif Amiri, chief executive of DIFC Authority, said.
“The centre’s commitment to further differentiate itself as the region’s leading global financial centre, positioned alongside other global cities … reflects our commitment to continuously evolve our existing world-class business-enabling ecosystem, legal and regulatory framework and innovation proposition to attract companies from around the world.”
Established in 2004, DIFC is the largest financial centre in the Middle East and Africa and the 19th biggest worldwide, according to the Global Financial Centres Index ranking published last year.
The financial centre generates more than 12 per cent of Dubai’s gross domestic product, its governor, Essa Kazim, said in June.
The financial centre attracted nearly 1,000 financial companies in 2021, growing the total number of companies operating in the free zone to 3,650.
In line with its DIFC Strategy 2030, the financial centre is seeking to further position Dubai as a global hub for financial institutions, FinTech businesses and innovation companies. Under the plan, the centre plans to double in size and boost its economic contribution to Dubai’s GDP.
Between 2017 and 2021, Dubai attracted 184 FDI projects worth Dh5.2bn and created approximately 5,727 jobs in the financial services sector, according to the Dubai FDI report, which is based on data from the Financial Times’ fDi Markets database on greenfield (wholly-owned investments) FDI projects.
By the end of 2021, Dubai ranked first globally in the financial services sector in attracting FDI projects, third in job creation — generating about 1,432 jobs — and fifth in FDI capital generated, the report said.
Greenfield projects accounted for 84 per cent of the total FDI projects in Dubai’s financial services sector last year, up from 81 per cent between 2017 and 2021.
Reinvestment projects accounted for 9 per cent, up from 8 per cent, and greenfield (joint venture) projects accounted for 2 per cent, up from 1 per cent, during the same period.
Meanwhile, the UK continued to lead as the top source country based on FDI projects in the financial services sector in 2021, followed by the US, Switzerland, India and Cyprus, the data showed.
“Despite the challenges the world has faced in the past few years — the pandemic and economic changes — Dubai has provided a strong and sustainable investment environment,” said Fahad Al Gergawi, chief executive of Dubai FDI.
“Dubai’s top ranking in FDI is a testament to its strong fundamentals and the confidence that investors and multinationals have in this region.”
The DIFC’s advanced infrastructure and “stable environment” have played a vital role in its success, Mr Al Gergawi added.
Dubai was also ranked first globally for attracting FDI across all sectors last year, as the emirate’s economy rebounded from the coronavirus pandemic, according to the annual Dubai FDI Results & Rankings Highlights Report 2021 published by Dubai FDI in May.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
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Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Killing of Qassem Suleimani
The five pillars of Islam
Zayed Sustainability Prize
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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