Dubai named world's top city for foreign investments, creating more jobs
Dubai has once again been named the world's No.1 destination for Greenfield Foreign Direct Investment (FDI) projects for the fourth consecutive year.
Greenfield FDI means when companies from other countries invest in Dubai by starting new businesses from scratch, such as building offices or factories, instead of buying existing ones.
According to the data from the Financial Times Ltd.'s 'fDi Markets,' Dubai attracted a record-breaking AED52.3 billion ($14.24 billion) in FDI capital in 2024, a 33.2% jump from AED39.26 billion ($10.69 billion) in 2023.
The city also welcomed 1,117 new Greenfield FDI projects, marking the highest number in its history. These investments generated 58,680 new jobs, a significant increase from the 44,745 jobs created in 2023.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, stated that this success is part of Dubai's long-term vision to strengthen its economy. 'Dubai's ability to steadily consolidate its status as a leading global destination for foreign direct investment reflects its commitment to delivering exceptional value to investors worldwide,' he said. The achievement aligns with the Dubai Economic Agenda D33, which aims to double the emirate's economy by 2033.
Dubai's strategic location, business-friendly policies, and strong infrastructure continue to attract global investors. The city moved up to fourth place globally for attracting Greenfield FDI capital and now ranks third worldwide in job creation through foreign investments. Many industries benefited from this growth, including business services, IT, real estate, transportation, and financial services.
For OFWs in Dubai, this continued investment boom could mean more job opportunities and a stronger economy. With companies setting up new businesses and expanding their operations, employment prospects for skilled and unskilled workers are expected to rise, reinforcing Dubai's reputation as a land of opportunities for Filipinos and other expatriates.
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