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Dubai is always open for business

FDI is known as one of the fundamental drivers of economic growth.

Dubai's ability to attract foreign direct investment and sustain its ranking among the top 10 in the world is no mean feat. Especially so when global growth remains weak and volume of foreign direct investment continues to fall worldwide. Last year, the global FDI volumes fell by nearly 13 per cent at an estimated $1.52 trillion as per the latest UNCTAD Global Investment Trends Monitor report. Yet, Dubai managed to attract Dh25.5 billion to its shores for various projects. This is an increase of more than 27 per cent from last year. What it clearly reflects is the continued interest of foreign investors in the emirate. It corroborates the fact that the international community trusts the economic policies of the leadership, and values the opportunities offered by the emirate.
Actually, it works both ways. FDI is known as one of the fundamental drivers of economic growth. It promotes transfer of knowledge and technology, increases trade flow, provides opportunities for businesses, and creates employment. Which is why policy makers in Dubai have long emphasised and built foundations and infrastructure that promote an environment conducive to business and growth. Dubai airport is a perfect example. What was once a humbling refuelling station, Dubai International Airport is now one of the busiest in the world. Allowing 100 per cent ownership of businesses through freezones, too, has worked in its favour. Dubai is now seen as one of the preferred office addresses of global and small and medium firms. No wonder why, Amazon and Tesla are opening their regional headquarters here. The emirate has also capitalised well on the strategic geographical location and emerged as a gateway to the Middle East, North Africa and South Asia. In a short span, Dubai has gained prominence as the third re-export centre globally after Hong Kong and Singapore. The emirate has made strides on various indexes, too, which validate Dubai's claims as being a top-notch destination for businesses and investments. As Dubai and the UAE set its eyes on Dubai Plan 2021 and UAE National Agenda, the opportunities for foreign investments will only increase - and with that emirate's prominence in the world.