Another accomplishment for Dubai! The emirate continues to lead the world in luring foreign direct investment (FDI) into the tourist industry.
Yes, you read it right. Dubai tourism grabs the first position in FDI.
According to The Financial Times FDI Markets statistics, the emirate drew Dh6.4 billion ($1.7bn) in FDI across 30 projects last year, taking the top spot in FDI capital, projects, and job creation in the tourist industry.
5,545 new jobs were created throughout the year as a result of the new investments and projects, according to the Dubai FDI Monitor report released by the Dubai Investment Development Agency (Dubai FDI).
The UAE underwent the broadest legislative reforms in its history in 2021, affecting more than 40 different areas, including the multi-entry visa for multinational corporations, which helped the nation rank among the most competitive economies and most accessible places to conduct business.
As stated in Khaleej Times, in the last five years, the emirate has attracted Dh83.5 billion in foreign investment through 205 FDI projects, creating more than 30,000 employments and putting Dubai ahead of Shanghai, London, and Paris.
In all, 618 announced FDI projects generated more than Dh26 billion in capital flows into all industries in Dubai in 2021, an increase of 5.5% over the year before.
The value of overall FDI capital flows into all industries in Dubai topped Dh26 billion in 2021 from 618 declared FDI projects, up 5.5% from 2020, according to the study.
In 2021, Dubai added a five-year multiple-entry visa programme for employees of multinational corporations to already existing programmes, including the Golden Visa programme for investors, entrepreneurs, and specialized skills. In addition, the Virtual Working and Retire in Dubai programmes were also offered.
Sheikh Hamdan expressed his gratitude to His Highness Sheikh Mohammed Bin Rashid's vision for developing a resilient financial, economic, and social ecosystem that has served as a model for others to imitate, as mentioned in Gulf Today.
He said that Dubai's world-class infrastructure and exceptional services to investors reinforce its strategy to become the best city in the world to live in, work in, and visit. He added that Dubai's business-friendly policies, flexible regulatory environment, and enabling infrastructure would keep it at the forefront of the world's FDI destinations.
This outstanding FDI result put an essential year for Dubai to rest. In 2021, the city oversaw a rebound in international travel and tourism companies in Dubai following COVID-19, commemorated the UAE's Golden Jubilee, and welcomed visitors to Expo 2020 Dubai while establishing itself as one of the safest locations on earth.
The FDI report is the driving force behind Dubai's economic growth and will aid the UAE's tourist industry in establishing a solid foothold on the global stage. In the end, this will result in the development of exceptional business, returns, and profits across all industry verticals.
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1. How did the tourism industry recover after the pandemic in Dubai?
Dubai witnessed 6.17 million international visitors in 2022.
2. Which country is the primary source of visitors to Dubai?
707k visitors from India.
3. What is the number of hotel accommodations in Dubai?