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Dubai bags more FDI projects than global financial hubs New York, Singapore, and London

The UAE recently announced NextGen FDI policies to attract digital-focused businesses to the country.

[Source photo: Anvita Gupta/Fast Company Middle East]

The UAE has been rated the most attractive country for foreign direct investment in the Middle East by Oxford Economics. Following the pandemic in 2021, the country managed to bag more than $20 billion in FDIs, which was 4% higher than the previous year. Recently, the UAE also announced a NextGen FDI policy, which offers accelerated banking services, bulk visas, and easy incorporation procedures for foreign investors.

Thanks to these policies, Dubai has attracted more FDI than some of the world’s leading financial hubs, with foreign investment projects worth $1.4 billion between 2017 and 2021. The Dubai International Financial Center topped the list of global free zones in attracting FDI in the financial services sector. Dubai left New York, London, Paris, and Singapore behind in terms of FDI projects during the four-year period.

Dubai’s financial sector alone secured more than 50 FDI projects and this generated 1,432 jobs in the city. Most of these investments came from the US, UK, India, Switzerland, and Cyprus. FDI norms in the UAE have also been changed, to allow 100% foreign ownership of firms in the country, as opposed to previous regulations that required investors to have a local partner.

When it comes to FDI capital, the UK was the leading country, followed by the US, India, Switzerland, and Lebanon, according to data from Financial Times.

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