Dubai is among the top cities attracting foreign investments. It has attracted AED25.5 billion in Foreign Direct Investments (FDI) in 2016, making it the seventh highest city as per FDI receipts in the world, according to a report by the government of Dubai. These results are expected to inspire other cities seeking greater FDI at the forthcoming Annual Investment Meeting (AIM) to be held at the Dubai World Trade Center from 9th-11th April 2018.
Total FDI into Dubai stood at AED270.8 billion between 2011 and 2015 and in 2016, the emirate ranked 7th among the leading cities of the world attracting AED25.5 billion in FDI. As an open economy, Dubai is affected by global trends but FDI receipts are expected to recover in 2017-2018, a report by Dubai Economy, said recently. The number of active business in Dubai has drastically increased as well as the new trade license too, according to the Dubai economy and licensing body of Dubai government.
Dawood Al Shezawi, chief executive officer of AIM organizing committee, said, “Dubai remains a shining example of what a city would achieve through economic vision and attracting foreign investment. “
Guided by a strong leadership, the public and private sectors in Dubai work hand in hand to deliver the best return on investment especially in the key sectors of trade, real estate and retail sectors-that continuous to attract a large pool of foreign capital in the emirate.
In terms of openness, Dubai ranks third in the world after Luxembourg and Hong Kong, with a high degree of independence on foreign trade for income. Due to how trade flows in Dubai, the openness ratio will be three times higher than it was in 2016. The high degree of openness in Dubai along with the positive impact of global trends will boost economic growth in the emirate by 2018 and beyond, according to the Dubai economic outlook report.
Among the new licenses issued in 2017, business women owned 12 percent of the new businesses. The top people among the new license holders were Indians, Pakistanis, and Egyptians followed by the Saudis and the British.
Among the new license issued in 2017, more than 64.3 percent were commercial, 33.8 percent professional, 1.1 percent industrial and 0.9 percent belong to the tourism sector. The outsourced service centers of Dubai economy played a major role in service delivery accounting for almost 80 percent of all the business registration or 231,902 of the total transactions in 2017.
The total value of Dubai’s trade in non-oil goods was AED1.28 trillion, US$348.77 billion, in 2016. Dubai’s imports are much more than its total exports as most imports are transported to other emirates and to neighboring countries without them being registered as re-exports.