Yet another achievement for Dubai! The emirate remains the global leader in attracting foreign direct investment (FDI) in the tourism sector. Yes, you read correctly. The tourist industry in Dubai ranks top in FDI.
According to The Financial Times FDI Markets, the emirate attracted Dh6.4 billion in FDI across 30 projects last year, ranking first in terms of FDI capital, tourism-related initiatives, and job creation. According to the Dubai Investment Development Agency’s Dubai FDI Monitor report, 5,545 new employment were generated as a consequence of new investments and projects throughout the course of the year.
In 2021, the United Arab Emirates underwent the most extensive legislative reforms in its history, affecting more than 40 distinct areas, including the multi-entry visa for multinational corporations, which helped the country rank among the most competitive economies and most accessible places to conduct business. According to Khaleej Times, the emirate has received Dh83.5 billion in foreign investment through 205 FDI projects over the past five years, generating more than 30,000 jobs and placing Dubai ahead of Shanghai, London, and Paris.
In all, 618 declared FDI projects produced over Dh26 billion in capital flows across all industries in Dubai in 2021, a 5.5% increase over the previous year. The amount of total FDI capital flows into all industries in Dubai will surpass Dh26 billion in 2021, based on 618 reported FDI projects, an increase of 5.5% from 2020.
In 2021, Dubai introduced a five-year multiple-entry visa programme for workers of multinational firms to the Golden Visa programme for investors, entrepreneurs, and those with specific talents. In addition, Virtual Working and Retire in Dubai programmes were provided. According to Gulf Today, Sheikh Hamdan expressed thanks for His Highness Sheikh Mohammed Bin Rashid’s ambition for creating a robust financial, economic, and social environment that has served as an example for others.
He stated that Dubai’s world-class infrastructure and great investment services underline the city’s aim to become the finest place to live, work, and visit in the world. He noted that Dubai’s business-friendly policies, flexible regulatory environment, and supportive infrastructure will maintain it at the forefront of FDI destinations throughout the world. This remarkable FDI performance concluded a crucial year for Dubai. In 2021, the city witnessed a comeback in international travel and tourist firms in Dubai following COVID-19, celebrated the UAE’s Golden Jubilee, and welcomed Expo 2020 Dubai visitors while proving itself as one of the safest cities in the world.
The FDI report is the driving force behind Dubai’s economic growth and will assist the UAE’s tourism industry in developing a strong presence on the international scene. This will ultimately lead to the growth of great business, returns, and profitability across all industry verticals.
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