NEW DELHI: India’s foreign direct investment into Dubai surged to over $3 billion in 2024, making the South Asian nation its top investor, the latest data shows.
Dubai’s Department of Economy and Tourism announced earlier this week that the most populous of the UAE’s seven emirates attracted 52.3 billion dirhams ($14.20 billion) in estimated FDI capital in 2024.
India was “the top source country with the highest total estimated FDI capital into Dubai, accounting for 21.5 percent,” the main authority for the planning, supervision and development of Dubai’s business and tourism sectors said in a statement.
The value amounts to about $3.05 billion and was five times higher than in 2023, when India was Dubai’s fifth largest FDI capital contributor.
In 2024, India was followed by the US at 13.7 percent, France with 11 percent, the UK at 10 percent, and Switzerland with 6.9 percent.
India was also the second-largest player in FDI projects to Dubai, accounting for 15 percent of them, preceded only by the UK at 17 percent.
Business leaders saw the surge of Indian investment not only in Dubai but also in the whole UAE as facilitated by a series of bilateral agreements, especially the 2022 UAE-India Comprehensive Economic Partnership Agreement, which has eliminated trade barriers, lowered tariffs, and eased business operations, making it easier for companies in both countries to access each other’s markets.
Adeeb Ahamed, managing director of LuLu Financial Holdings and chair at the Middle East Council of the Federation of Indian Chambers of Commerce and Industry, said it has enabled “remarkable economic collaboration” and allowed Indians “to take full advantage of this favorable (investment) atmosphere.”
In Dubai, business services, software and IT services, consumer products, food and Beverages, and real estate are currently the top sectors representing Indian FDI, according to the FICCI’s data.
“This diversification reflects Indian businesses’ strategic approach to global expansion. The regulatory environment — the 2022 Comprehensive Economic Partnership Agreement and 2024 Bilateral Investment Treaty have significantly reduced barriers, while world-class infrastructure and bilateral agreements have created an ecosystem where Indian enterprises can truly flourish,” FICCI director general Jyoti Vij told Arab News on Wednesday.
“This meteoric rise from the fifth to first position as Dubai’s top FDI source demonstrates our growing global ambitions and capabilities.”
India becomes top source of FDI in Dubai with $3 billion investment
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India becomes top source of FDI in Dubai with $3 billion investment
- India was top source country with highest FDI capital into Dubai, accounting for 21.5 percent in 2024
- Business services, software, IT, and real estate were among top sectors of Indian investment
Nine Nigerian troops killed, several missing in jihadist ambush
- “We lost nine soldiers in an ambush by Daesh-WAP terrorists and many others are still missing,” a military officer said
- The soldiers dispersed in all directions following sustained gunfire from the militants
KANO, Nigeria: At least nine Nigerian soldiers were killed and over a dozen are missing after Daesh-aligned militants ambushed a military patrol in northeast Borno state, military and militia sources told AFP Tuesday.
Fighters from Daesh West Africa Province (Daesh-WAP) on Friday used explosives and guns to attack a column of more than 30 troops on foot patrol outside the town of Damask near the border with Niger, the sources said.
“We lost nine soldiers in an ambush by Daesh-WAP terrorists and many others are still missing,” a military officer said.
The soldiers, who were 25 kilometers (15 miles) from their base, dispersed in all directions following sustained gunfire from the militants, said the officer who asked not to be identified.
“The terrorists detonated an explosive device they had planted on the road in advance, increasing the casualties and confusion among the soldiers,” he said.
Eight soldiers managed to return to base while the rest remain missing, including their commander with the rank of a major, the officer said.
“A man who identified himself as an Daesh-WAP terrorist keeps answering the call to the commander’s mobile phone, suggesting he is in the hands of the terrorists,” he added.
Ya-Mulam Kadai, a spokesman for government-funded anti-militant militia assisting the military in Damask, gave the same casualty toll.
The nine bodies of the slain soldiers were recovered by a military search team deployed at the scene of the attack, he said.
The military did not respond to AFP’s request for comment.
The Nigerian military has in recent weeks intensified ground operations against Daesh-WAP, particularly in its Sambisa forest stronghold, with the military making regular claims of killing huge numbers of militant fighters.
Daesh-WAP and rival Boko Haram factions have been attacking military targets, raiding bases, laying ambush and planting explosives against patrols on highways.
Nigeria’s insurgency has killed more than 40,000 people and displaced around two million in the northeast since it erupted in 2009, according to the United Nations.
The conflict has spilled into neighboring Niger, Cameroon and Chad, leading the region to launch a military coalition to fight the militant groups.
