Dubai consolidates its position as ‘FDI Global City of the Future'
Publish- February 12, 2021, 10:03 AM
WAM/UNB - WAM/UNB
Update- February 12, 2021, 10:12 AM
FDI Global Cities of the Future 2021/2022’ report validates the emirate’s status as a magnet for foreign direct investment (FDI)
The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, helped the emirate lay solid foundations for its emergence as a preferred regional and global investment destination, said H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai.
H.H. Sheikh Hamdan bin Mohammed said Dubai’s high ranking in the new ‘FDI Global Cities of the Future 2021/2022’ report validates the emirate’s status as a magnet for foreign direct investment (FDI). Dubai was placed third overall globally and second in the ‘Major Cities’ category according to the report published today by fDi Intelligence, part of the Financial Times.
"Dubai’s integrated investment environment and readiness make it one of the most sought-after global hubs for investment opportunities. The emirate’s world-beating hard and soft infrastructure place it among international FDI destinations with the highest growth potential," said Sheikh Hamdan bin Mohammed.
Strengthening the strategic drivers of Dubai’s investment environment and transforming challenges arising in the current environment into fresh opportunities in the areas of Impact FDI and sustainable development are top priorities for the leadership. The findings of the report encourage Dubai to help more global businesses and startups maximise their growth and expansion in regional and global markets by effectively leveraging the emirate’s investment advantages, H.H. said.
"Dubai’s rankings in the ‘FDI Global Cities of the Future2021/2022’ report reflect the proactive vision of its leadership and its ability to ride the wave of global transformations and navigate challenges effectively," said Sami Al Qamzi, Director General, Dubai Economy. Backed by its world class infrastructure, legislative framework and ease of doing business, Dubai's economy has become a global model for resilience, diversity, crisis preparedness and readiness for change. "Dubai’s high FDI rankings and its proven future readiness will enhance its attractiveness for investors seeking sustainable opportunities, especially in the food, agriculture health, advanced technology, trade and logistics sectors, added Al Qamzi.
Fahad Al Gergawi, Chief Executive Officer of the Dubai Investment Development Agency (Dubai FDI), stated that Dubai has maintained its position as one of the world’s top ten FDI destinations across all general and sector indicators over the past five years, thanks to the guidance of Dubai’s leadership. Al Gergawi said the latest rankings highlight the confidence Dubai enjoys in the investor community.
The emirate’s leadership in the global investment landscape was validated by a comprehensive analysis of the investment environment in the emirate using data collected from the fDi Intelligence division of the Financial Times and with specialist online tools fDi Markets and fDi Benchmark, and the evaluation of Dubai FDI’s application by a distinguished judging panel.
"Dubai today is a leading global FDI hub by virtue of its proven resilience and future readiness, reinforced by continuous improvement of its investment environment. The capabilities it has demonstrated in defusing the impact of the pandemic both on the healthcare and economic fronts have further deepened international investment confidence. Its exemplary management of the crisis has prepared the ground for robust economic recovery and growth," said Al Gergawi. Dubai’s rise in the overall rankings of the "FDI Global Cities of the Future2021/2022" from sixth to third, next only to Singapore and London, is a powerful validation of its growing global status, he noted.
Al Gergawi explained that the report classified Dubai outside the framework of large, medium and small cities in the category of ‘Major Cities’, which are distinguished by their advanced and stable investment environment and sustained ability to attract foreign investment capital and projects over the long term. Dubai ranked second among ‘Major Cities’ and second overall in the sub-indicators of economic potential and business-friendly environment after Singapore. The city also ranked third in the connectivity sub-indicator after Singapore and Hong Kong.
Dubai was also placed third in the FDI strategy sub-indicator among ‘Major Cities’ after Berlin and Hong Kong, and eighth in the overall global rankings. The emirate’s exceptional achievements in the areas of infrastructure and urban development caught the attention of the ‘FDI Global Cities of the Future2021/2022’ evaluation panel, which specially commended the emirate for its investment in green development.