Dubai’s FDI flow surges to Dh27.3 billion in 2017
dubai — Dubai ranks among the top 10 international cities in attracting foreign investment estimated at Dh27.3 billion in 2017, an increase of 7.1 per cent compared to 2016.
The emirate could also host 367 new investment projects in 2017, a 50 per cent increase over 2016, to further strengthen its position as a preferred global investment destination, Sami Al Qamzi, director-general of the Department of Economic Development, said on Monday.
Addressing the Annual Investment Meeting’s inaugural session, Al Qamzi said amid mounting concerns about the increasing uncertainty in the global economic landscape, Dubai is experiencing rapid economic growth supported by its policies of a free and open economy and its ability to attract domestic and foreign investments.
He said liberal and pro-investment policy decisions had gone a long way in setting Dubai on a path towards achieving comprehensive and sustainable development based on innovation and high productivity. Foreign direct investment has played an instrumental role in realising these achievements through its contribution to job creation and technology diffusion.
“We will continue our drive towards diversification and the production of high value-added products by building on our past experiences and achievements and taking into account the requirements of doing business in the future. This strategy has served well in the past and has contributed to increasing the ability of the local and national economy to grow and confront any internal or external shocks,” the head of DED said.
Quoting the latest economic studies, he said Dubai’s economy is expected to grow by 3.5 per cent in 2018 and 3.7 per cent in 2019 in the light of external factors and the positive impact on the economy of the important strategic initiatives launched by the government under the Dubai 2021 Plan.
The year 2017 has seen a number of multinational firms choosing Dubai to be their global hub Sami Al Qamzi, director-general of the Department of Economic Development
“Chief among these initiatives is the plans to host Expo 2020 where Dubai has moved ahead with launching a number of mega infrastructure projects.”
The drive towards economic diversification represents one of the most important pillars of Dubai’s economic boom and its transformation into a regional and global financial and business hub, Al Qamzi pointed out.
“Today, 5 non-oil sectors make up for 90 per cent of Dubai’s economy. These are: manufacturing, transport, storage, communications, real estate and business services, wholesale and retail trade, and construction.”
Investor confidence
“The year 2017 has seen a number of multinational firms choosing Dubai to be their global hub in sectors such as energy, logistics and innovation. The fact that Dubai has been ranked as the fifth destination globally for reinvestment is a clear sign of the global investment community’s confidence in the business environment in Dubai and the UAE,” said Al Qamzi.
He said Dubai remains committed to the policy of openness that it has pursued for decades. “We will continue our drive to further our integration into the global economy through the free cross-border flows of trade, investment, people and ideas. We will also continue to work closely with the private sector to promote productivity growth, improve the quality of public services and support a dynamic business environment that is according to the World Bank’s Ease of Doing Business report and the World Economic Forum’s Competitiveness Report second to none.”
He said Expo 2020, an event that will be held for the first time in the Middle East, Africa and South Asia region, provides a real opportunity to explore new investments between emerging and advanced economies and to promote the global investment climate with new and innovative initiatives and ideas.
“We are pleased to offer all the support in helping your realise your investment opportunities. Last October, Dubai Economy launched a specialised forum for sustainable investment and announced the establishment of Hamdan Centre for the Future of Investment.” The centre represents a new and unique model for exploring the future of investment and development of sustainable investment projects. It seeks to provide assessments of the economic, social and environmental impacts of new projects, the DED chief said.
“We look forward to exploring opportunities for enhanced cooperation with the relevant international institutions and investors, and working together to promote the role of ‘Impact investment in development’ globally.”
— issacjohn@khaleejtimes.com