How Dubai leads in Greenfield FDI Projects, surpassing other global cities

Op-ed by Hisham Al Gurg, CEO of Seed Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum

I am very proud to witness and contribute to Dubai’s relentless ascent as a global powerhouse for foreign direct investment (FDI). For the third consecutive year, our inspiring city has secured its position as the world’s top destination for greenfield FDI projects, surpassing major global cities like Singapore, New York, and London.

A greenfield investment is a form of FDI where a parent company establishes a new subsidiary in a foreign country, constructing its facilities and operations from scratch.

Without any double-thinking, this achievement is a testament to Dubai’s strategic vision, dynamic business environment, and relentless commitment to fostering innovation. This is a high-level demonstration of our leadership’s unwavering commitment to the city and their relentless support and efforts to make Dubai a magnet for global businesses, entrepreneurs, and investments.

Dubai has been ranked the world’s top hub for greenfield FDI for the third consecutive year, accounting for 6% of the global total in 2023, according to the Financial Times Ltd’s ‘fDi Markets’ data. Dubai attracted 1,650 FDI projects worth more than AED39.2 billion in the past… pic.twitter.com/g93n2XJqwf

— Hamdan bin Mohammed (@HamdanMohammed) May 14, 2024

In 2023, Dubai attracted 1,070 global greenfield FDI projects, a staggering 142% more than second-placed Singapore. The Emirate’s share in attracting global projects has more than tripled in the past five years, underscoring its growing appeal as a global investment hub.

Dubai has also secured top rankings in various sectors, including consumer goods, energy, e-commerce, and tourism. These achievements highlight the Emirate’s diversified economy and its ability to attract investments across different industries.

In parallel, we can’t ignore the fact that Dubai’s noteworthy success in attracting increased FDI is no accident or a feat achieved overnight. It is the result of visionary leadership and a robust strategic framework designed to position the Emirate as a top global city. For example, under the D33 economic agenda, Dubai aims to double the size of its economy to Dh32 trillion ($8.71 trillion) over the next decade. This ambitious plan is not just about growth in numbers; it is about creating a sustainable, diversified economy that thrives on innovation and talent.

The D33 strategy outlines a comprehensive roadmap to support private companies, nurture unicorns, and foster an environment where entrepreneurship and innovation can flourish. By identifying and supporting 400 of the most promising private companies, Dubai is setting the stage for a new era of economic dynamism and technological advancement.

As we look to the future, Dubai’s vision remains clear: to be the fastest-growing and most attractive global business centre. We are confident that the city’s commitment to sustainability, economic diversification, and digital transformation will drive its growth in the coming years.

Dubai’s rise as a global FDI leader is a promise of its future potential. The Emirate is well on its way to becoming a global innovation hub, where leading companies, entrepreneurs, and innovators come to build the future.

Overall, our city proudly stands on many formidable pillars of success. Its political and economic stability, coupled with state-of-the-art infrastructure, has made it an attractive destination for investors and entrepreneurs. The city’s world-class logistics, transport, and digital infrastructure ensure seamless business operations, making it a preferred hub for global enterprises.

Additionally, the Emirate’s proactive policies, ease of doing business, and investor-friendly regulations have created a dynamic business environment. Dubai continuously innovates its regulatory framework to stay ahead of global trends and meet the evolving needs of businesses.

Amidst all this, Dubai’s commitment to becoming a global digital economy leader is evident in its countless initiatives to attract and retain top talent. As a result, the city offers a conducive environment for innovators and entrepreneurs, supported by business incubators, accelerators and strategic partners like Seed Group that drive growth and innovation.

I clearly see Dubai’s success story as a powerful narrative of visionary leadership, premeditated foresight, and persistent pursuit of excellence. As we continue to accelerate our strategic initiatives and growth plans, we invite the world’s leading companies with open arms to join us in this journey of growth, innovation, and value creation.