Dubai has once again secured its position as the world's leading hub for foreign direct investment (FDI), ranking No.1 globally for attracting Greenfield FDI projects for the third consecutive year in 2023. According to the Financial Times Ltd's ‘fDi Markets’ data, Dubai not only led in overall Greenfield FDI projects but also dominated key sectors such as consumer goods, energy, e-commerce, and tourism. This remarkable achievement is closely aligned with the ambitious Dubai Economic Agenda D33, launched in 2023 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, which aims to double Dubai's economy by 2033.
In 2023, Dubai attracted 1,070 global Greenfield FDI projects, a staggering 142% more than second-placed Singapore and 148% more than third-placed London. Over the past five years, Dubai’s global share in attracting these projects has tripled, growing from 1.7% in 2019 to 6% in 2023. The city also ranked No.1 globally for HQ FDI projects for the second consecutive year, attracting 60 such projects, reinforcing its appeal as a prime destination for multinational corporations.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, highlighted that this achievement underscores Dubai's ability to generate new opportunities for global businesses and supports the D33 Agenda’s goal to accelerate economic growth. The city's stability, infrastructure, and dynamic business environment continue to make it a focal point for global investment.
Dubai's strong FDI performance in 2023 included a total of 1,650 announced FDI projects, marking a 39% growth from 2022. These projects spanned Greenfield FDI, mergers and acquisitions, venture capital-backed FDI, and more. The technology sector, particularly high and medium-tech projects like AI, FinTech, and cybersecurity, accounted for 58% of Dubai's FDI share.
The top source countries for FDI into Dubai included Canada, the United States, Saudi Arabia, the United Kingdom, and India, while financial services, business services, and consumer products were the top sectors by FDI capital. The data revealed a growing preference for service-oriented industries and highlighted significant opportunities for further investment, particularly in the software and IT services sector.
As Dubai continues to attract and retain skilled professionals and global corporations, the city is poised to maintain its leadership in the global economic landscape, providing unparalleled opportunities for emerging businesses and investors.