Dubai attracted Dh28.6 billion in greenfield foreign investments in 2015, according to the emirate's newly launched FDI Monitor.
The Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development - Dubai, revealed new achievements for Dubai's global FDI rankings in its first 'Dubai FDI Monitor' reports series.
According to Financial Times Markets data quoted in the report, Dubai attracted Dh28.6 billion in greenfield FDI in 2015. The emirate witnessed 16 per cent growth in the number of greenfield FDI projects to 279, compared with 240 in 2014, and nearly Dh20 billion ($5.3 billion) of FDI inflows.
"Dubai continued to enhance its position as a preferred global FDI destination in 2015 by climbing global FDI rankings to fourth position in number of greenfield projects and sixth in foreign capital attracted, according to FT Markets," said Sami Al Qamzi, director-general of the DED.
The Dubai FDI Monitor report shows that Saudi Arabia, US, UK, India and Kuwait were the top five source countries for FDI to Dubai in 2015, generating Dh14.9 billion or ($4 billion) and representing 76 per cent of total FDI for the whole year.
As for the largest number of projects in 2015, the top five source countries were US, UK, India, Germany and Switzerland, generating a total of 168, or 60 per cent, of total FDI projects.
Pointing to a strong technology component in capital inflows to the emirate, the Dubai FDI Monitor reveals that 71 per cent of FDI projects in 2015 qualified as high and medium tech, generating 59 per cent of total FDI.
Fahad Al Gergawi, CEO of Dubai FDI, said: "Dubai has been successful in attracting investments in smart city technologies, renewable energy and green buildings among other high-tech sectors that improve productivity and efficiency while accelerating the transition to a green and sustainable economy."
The Dubai FDI Monitor also reaffirms Dubai's ability to facilitate business and serve an expanding consumer market across the Middle East, Africa and South Asia through business services, trade and tourism.
Top industries by number of projects in 2015 were professional services, IT services, transportation and warehousing, finance and retail. The top five industries generated 164 projects, representing 59 per cent of total projects in 2015.
The Dubai FDI initiative to establish an FDI Monitor at a city level sets a precedent among investment promotion agencies globally. The FDI monitor was developed in partnership with Wavteq, an FDI technology and consulting company, and aims to map out the investment landscape in Dubai through analysing FDI flows.
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