Dubai attracted 247 new foreign investment projects during 2016, said a senior official from Dubai Investment Development Agency, an agency of Dubai Economy.

Dubai attracted Dh25.5 billion ($6.9 billion) in foreign direct investment (FDI), in 2016.

The city also maintained its position among the top 10 global cities in attracting foreign investment, ranking seventh worldwide, Fahad Al Gergawi, CEO of Dubai Investment Development Agency, was quoted as saying in a Wam news agency report.

Al Gergawi made the comments in an interview on the sidelines of the ongoing 7th Annual Investment Meeting, which began on Sunday in Dubai.

Last year, 59 per cent of FDI projects were funded by inflows from the US, Britain, India, Germany, and Italy, he added.

Al Gergawi further noted that about 69 per cent of the total foreign capital investment came from Canada, the US, Britain, and France, he noted.

He explained that the UAE can attract more foreign investment to various sectors if it organises more promotional campaigns worldwide.