Dubai remained the world's top destination for greenfield foreign direct investment projects in the first half of 2024, despite challenging global economic conditions, a study has shown.
The emirate topped major financial centres such as London, Singapore and New York across a range of sectors, including tourism, real estate, artificial intelligence, headquarters, logistics and FinTech.
The emirate attracted 508 greenfield FDI projects during the January-June period, representing a 6.2 per cent global share, growing from 5.7 per cent in the same period last year, Dubai Media Office said on Thursday, quoting data from the Financial Times fDi Markets report.
A greenfield investment is a type of FDI in which a parent company creates a subsidiary in a different country, building its operations from the ground up.
“Since 2021, Dubai has consistently maintained its top position in attracting foreign investment for six consecutive half-year periods … this achievement showcases the investors' trust in Dubai's capacity to foster an environment conducive to innovation and sustainable growth,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai., Deputy Prime Minister, Minister of Defence and chairman of the Executive Council.
Sheikh Hamdan emphasised the importance of attracting more investments to fuel the growth of a sustainable, diversified economy, in line with the Dubai Economic Agenda D33.
Dubai's D33 strategy aims to double the size of its economy to Dh32 trillion ($8.71 trillion) over the next decade and establish the emirate among the top three global cities.
The plan aims to support 30 private companies to achieve unicorn status, or to be worth more than $1 billion.
It also aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented Emiratis.
Dubai jumped three spots globally from sixth to third place for attracting greenfield FDI capital in the first half, and from third to first in the Middle East and North Africa (Mena) region, compared to the same period last year.
A total of 801 FDI projects valued at Dh21.85 billion were announced in Dubai, compared to Dh20.30 billion across 803 projects in the first half of 2023, according to Dubai FDI Monitor data. This includes greenfield FDI, new forms of investments, mergers and acquisitions, reinvestments, venture capital-backed FDI and greenfield joint ventures.
Top five sectors accounted for 57.4 per cent of total estimated FDI capital flows into Dubai and 68.6 per cent of total announced FDI projects, according to FDI Monitor data. In terms of FDI capital, the leading sectors were building and materials (17.3 per cent), software and IT services (14.3 per cent), hotels and tourism (10.2 per cent), real estate (9.5 per cent) and automotive original equipment manufacturers (6.1 per cent).
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
