Dubai has received Dh10 billion ($2.72bln) foreign investment in the first five months of 2020, emerging as a bright spot for FDI despite coronavirus impacting the region and the global economy.
Fahad Al Gergawi, CEO of Dubai FDI, said the emirate received 135 foreign investment projects during the January-May period.
The numbers are much smaller when the compared with the first-half figures of last year when the emirate received Dh46.6 billion but still highly encouraging considering global trade and economies are shrinking due to coronavirus.
"Dubai got Dh10 billion foreign investment during the first five months even in these challenging times with 135 new FDI projects. This shows that Dubai is an interesting place and we have taken the right measures for businesses," Al Gergawi told CNBC in an interview on Wednesday.
He said Dubai has been successfully maintaining its leading position among global FDI destinations.
"Dubai was ranked 2nd globally in greenfield capital flows and third globally in number of FDI projects during January-May period," Al Gergawi said quoting, Financial Times' fDi Market Data.
He added that foreign investment flow to all destinations and businesses have suffered due to Covid-19.
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