Dubai attracts $6.7 billion dirhams in FDI in 2020

Dubai attracted 24.7 billion dirhams ($6.7 billion) in foreign direct investment last year, generating an estimated 18,325 new jobs, the emirate’s state media office said on Monday.

DUBAI (Reuters) - Dubai attracted 24.7 billion dirhams ($6.7 billion) in foreign direct investment last year, generating an estimated 18,325 new jobs, the emirate’s state media office said on Monday.

The amount was 36% lower than the 38.5 billion dirhams attracted in 2018, and 47% down on the 46.6 billion dirhams in the first half of 2019.

In 2020, there were 455 FDI projects, above the 441 annual average over the past five years, the media office said.

“Dubai’s sustained FDI flows and its leading position in regional and global rankings as a major FDI destination in 2020, reflect the continued attractiveness of Dubai’s investment environment and the confidence of the investor community in Dubai’s future economic potential,” said Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum.

FDI fell 74% in the first half of 2020 to 12 billion dirhams.

Source: Reuters