RIYADH: Dubai has topped a global ranking for attracting greenfield foreign direct investment, securing a total of 511 projects in the first half of 2023. 

The emirate’s global share stood at 6.58 percent during the first six months of 2023, up from the 3.83 percent recorded in the corresponding period last year, according to an online database based on Financial Times “fDi” Markets’ data. 

This establishes the city as a new global benchmark for investment destinations, surpassing Singapore, which holds the second position by a margin of 325 projects, Emirates News Agency, or WAM, reported. 

Moreover, the listing aligns with Dubai’s goal of internationally raising its competitiveness and business environment. 

“Dubai’s ability to maintain its top ranking in attracting greenfield FDI projects reflects the city’s ability to create unparalleled growth opportunities and value for global investors,” said Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, who is also chairman of the Dubai Executive Council.

He added: “This commitment, coupled with the adoption of advanced technologies, is shaping a future filled with endless opportunities for progress and prosperity.”  

The crown prince underscored the city’s commitment to the growth roadmap outlined in the Dubai Economic Agenda D33, which will continue to create an investment environment that attracts global investors and encourages their participation in the emirate’s transformation.  

Additionally, between January and June, the emirate managed to unveil 880 investment projects, marking a 70 percent year-on-year surge, according to new data released by the Dubai FDI Monitor at the Department of Economy and Tourism.  

The recently released report also revealed that greenfield FDI projects account for a significant 65 percent of the total announced investment projects. 

Furthermore, reinvestment FDIs saw a year-on-year increase, rising from 3 percent in the first half of 2022 to reach 4.4 percent in the same period of 2023.   

“As we work to enhance the city’s competitiveness and business environment internationally, these strong increases in announced FDI projects for H1 2023 drive home how our progressive policy enablers and diverse attraction programs are resonating with global investors and decision makers alike,” Director General of Dubai’s Department of Economy and Tourism Helal Saeed Al-Marri explained.