Dubai attracted nearly 15.9 billion ($4.3 billion) in foreign direct investment (FDI) from 378 projects in the first nine months of 2021, official data showed.

“Dubai has continued to introduce and implement initiatives that improve business confidence,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate's Executive Council said, in a statement released by the Dubai Media Office on Saturday.

“Global investors have placed their faith in Dubai’s business ecosystem, making it among the most attractive FDI locations in the world. Initiatives such as full foreign ownership, an evolving visa administration and the alignment of the work week with global markets demonstrate Dubai and the UAE’s responsiveness to business needs.”

FDI reinvestment projects accounted for 11 percent of the total FDI projects in the emirate, while job creation due to FDI rose 36 percent during the first nine months of 2021 to 16,430 new jobs, compared to 12,090 in 2020, according to data from the “Dubai FDI Monitor” released by Dubai Investment Development Agency (Dubai FDI), which is part of the emirate’s Department of Economy and Tourism.

The total number of FDI projects increased by 16 percent to 378 during the period. Of the inbound FDI, as much as 58 percent is in strategic sectors and 52 percent is in greenfield projects. High and medium technology investments comprised 64 percent of inbound FDI capital, an increase of 2 percent over the same period in the previous year, according to the data.

The UK, France and the US are among the top FDI source countries followed by Saudi Arabia and India, the data shows.

The five countries together accounted for 72 percent of the total capital inflow into Dubai. In terms of the number of FDI projects, the UK ranked first with 20 percent, followed by the US with 19 percent.

(Writing by Brinda Darasha; editing by Seban Scaria)

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