Dubai ‘top city for foreign direct investment’
Dubai, May 6, 2009
Dubai has been classified for the first time as the top destination city in the world for foreign direct investment (FDI), in a special report published by the Financial Times
The UAE continues to lead the way in the Middle East and Africa accounting for half of total projects in the region. Dubai is one of the seven emirates of the UAE.
In its position as the top destination city for FDI for 2008, Dubai attracted a total of 342 projects, had $21 billion of capital investment and created over 58,000 new jobs.
The UAE was once again the leading destination for FDI in the region with 480 projects, capital expenditure of $35 billion and the creation of over 87,000 new jobs in 2008. For the Middle East as a whole, sources show that the total number of FDI projects amounted to 969, with capital expenditure of $154 billion, creating over 237,000 jobs.
Commenting on the report, Dr Omar Bin Sulaiman, governor of the Dubai International Financial Centre and vice chairman of the Central Bank of the UAE, said: “This report is a testament to the strategy of both the UAE and Dubai under the directives of Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; a strategy of openness and diversification.”
“The number of projects initiated, the capital investment and jobs created in the UAE are proof of the economic strength of the country,” he added.
“It is a remarkable achievement by Dubai to become the leading city in the world for foreign direct investment and we are committed to continuing to demonstrate the benefit of investing in Dubai and the UAE.” - TradeArabia News Service