Dubai bucks pandemic effect, lures foreign direct investment

INFLOWS REFLECT ATTRACTIVENESS OF EMIRATE’S INVESTMENT ENVIRONMENT

Dubai attracted foreign direct investments of Dh12 billion in the first six months of 2020, split across 190 projects.

These were in key sectors such as technology, e-commerce, and pharmaceutical, according to the Dubai FDI Monitor data released by Dubai Investment Development Agency.

“The sustained FDI flows in first-half 2020 reflect the continued attractiveness of Dubai’s investment environment, and its success in combating the Covid-19 pandemic and starting the recovery phase in record time,” said Shaikh Hamdan Bin Mohammad Bin Rashid Al

Maktoum, Dubai Crown Prince and Chairman of the Executive Council of Dubai.

Same period last year, the emirate attracted FDI projects worth Dh46.6 billion.

FDI flows into Dubai-based start-ups exceeded Dh739 million in the first six months of this year. The emirate was also placed seventh among Top 10 cities of the “FDI Aerospace Cities of the

Future 2020/2021” report, and ranked second globally in FDI performance in the sector.

Data also show a 53 per cent jump in mid- and high-tech investments, compared to the same period last year, as per the Organisation for Economic Cooperation and Development’s (OECD) methodology.

“The trend confirms the attractiveness and stability of Dubai’s investment environment as well as the emirate’s leadership in digital transformation and the adoption of fourth Industrial Revolution technologies,” Dubai FDI CEO Fahad Al Gergawi said in a statement.

Dubai has announced stimulus packages of Dh6.3 billion so far, aimed at easing the burden faced by consumers and private businesses.