Dubai is the 7th largest foreign investment destination city globally


February 7, 2018 | By RetailME Bureau

Dubai attracted AED25.5 billion ($6.94 billion) foreign direct investment (FDI) in 2016, making it the seventh highest recipient city of FDI in the world, according to a latest report by the Dubai Government. Total FDI into Dubai stood at AED270.8 billion ($73.73 billion) between 2011 and 2015.

As an open economy, Dubai is affected by global trends, but FDI receipts are expected to recover in 2017-18, indicates a report by Dubai Economy.

The number of active businesses in Dubai increased to 148,842 in 2017, including 19,877 new trade licenses issued in 2017, according to Dubai Economy. Renewal of licenses accounted for 128,965 transactions in 2017, while there were also 26,029 initial approval transactions and 38,223 trade name reservations. Auto renewals constituted 47,125 transactions, instant licenses 684 and e-trader licenses 616.

“Dubai remains a shining example of what a city could achieve through economic vision and by attracting foreign investment. Guided by a strong leadership, the public and private sectors worked hand in hand to deliver the best return on investment in key sectors – trade, tourism, real estate and retail sectors – that continues to draw a large pool of foreign capital that is helping creating employment and business opportunities for all stakeholders,” says Dawood Al Shezawi, CEO, Annual Investment Meeting (AIM) organising committee. AIM will be held at the Dubai World Trade Centre from April 9-11.

“As we inch closer to the forthcoming AIM hosted by Dubai, more and more public policymakers and international investors will take notice of Dubai’s business model and its success stories to help build other economies. In this way, Dubai inspires the rest of the world’s cities and metropolises to attract greater foreign investment,” he adds.

In terms of openness, Dubai ranks third in the world after Luxembourg and Hong Kong, with a high degree of dependence on foreign trade for income. Dubai’s openness ratio was 321% in 2016, meaning that trade flows were more than three times higher than the net value added in the economy.

Diversification and a relatively high degree of openness in Dubai along with the positive impact of global trends will boost economic growth in the emirate in 2018 and beyond, according to the Dubai Economic Outlook report. The Dubai Government expects its AED376.8 billion ($102.67 billion) economy to grow at 3.5% in 2018.

Among the new licenses issued in 2017, women owned 12% of the new businesses. The top nationalities among the new license holders were Indians, Pakistanis and Egyptians, followed by Saudis, Britons and GCC nationals. Saudis ranked second in terms of market share, followed by Omanis, Kuwaitis and Bahrainis.

“This reflects the wider mix of global investor base investing in Dubai, which is a great example how the emirate appeals to wider nationality. Dubai’s attractiveness in drawing foreign investment will remain a key subject of discussions at various levels amongst more than 19,000 delegates and visitors,” adds Al Shezawi.

Among the new licenses issued in 2017, more than 64.3% were commercial, 33.8% professional, 1.1% industrial and 0.9% belong to the tourism sector. The outsourced service centres of Dubai Economy played a major role in service delivery accounting for almost 80% of all the business registration or 231,902 of the total transactions in 2017.

The total value of Dubai’s trade in non-oil goods was AED1.28 trillion ($348.77 billion) in 2016. Dubai’s imports are much more than its total exports as most imports are transported to other emirates and to neighbouring countries without them being registered as re-exports.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau
Lulu Hypermarket to open in The Dubai Mall in 2023

Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in 

Continue Reading

November 10, 2022 | By Rupkatha B
Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 

Continue Reading

November 10, 2022 | By RetailME Bureau
Barakat unveils new biodegradable packaging

UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire 

Continue Reading

October 27, 2022 | By RetailME Bureau
Pure Harvest CEO Sky Kurtz

UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of 

Continue Reading

October 27, 2022 | By RetailME Bureau
Carrefour signed up as anchor tenant for Midtown Project

Carrefour, owned and operated by Majid Al Futtaim – Retail in the 

Continue Reading

October 27, 2022 | By RetailME Bureau
Grandiose Supermarket announces country-wide expansion plans

Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in 

Continue Reading

October 26, 2022 | By Rupkatha B
100 years of Valrhona

The Valrhona journey began 100 years ago with a cocoa bean. Since 

Continue Reading

October 24, 2022 | By Justina Eitzinger
On-demand grocery delivery in 15 mins

Deliveroo UAE has announced the expansion of its rapid grocery delivery service 

Continue Reading

October 24, 2022 | By RetailME Bureau
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment

The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE 

Continue Reading

October 17, 2022 | By RetailME Bureau

Abu Dhabi-based leading supermarket chain Lulu Group has appointed investment bankers Moelis 

Continue Reading

October 13, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine