Dubai outranked some of the world's major financial hubs in promoting foreign direct investments (FDI) last year and attracted 5.2 billion dirhams ($1.4 billion) in projects between 2017 and 2021.
The Dubai International Financial Centre (DIFC) also ranked first as a free zone globally in attracting FDI in the financial services sector last year and during the period of 2017-2021, according to a report by the Dubai Investment Development Agency (Dubai FDI).
According to the report, which is based on Financial Times 'data, Dubai surpassed major financial cities, such as London, Singapore, New York and Paris in attracting FDI projects. The city's financial services sector alone attracted 58 FDI projects worth 926.2 million dirhams and generated around 1,432 jobs in 2021.
"By the end of 2021, Dubai ranked first globally in the financial services sector in attracting FDI projects, third in job creation and fifth in FDI capital generated," the report said.
Among the major sources of FDI projects in Dubai's financial services sector in 2021, the United Kingdom led the table, followed by the United States, Switzerland, India and Cyprus.
In terms of FDI capital, the UK also maintained its position as the leading source country, followed by the US, India, Switzerland and Lebanon.
Between 2017 and 2021, the top five source countries for FDI projects were the UK, US, Switzerland, India and China. In terms of FDI capital, the UK ranked first, followed by the US, Cayman Islands, Bahrain and India.
(Writing by Cleofe Maceda; editing by Seban Scaria)