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| 08 August, 2018

Dubai attracts $21.66bln FDI into technology sector

The funds have come mainly from the European Union and the US

Cityscape view of business park and office towers and apartments in the background. Traditionally dressed young adult Arab.Dubai Internet City. Dubai, UAE, Middle East.

Cityscape view of business park and office towers and apartments in the background. Traditionally dressed young adult Arab.Dubai Internet City. Dubai, UAE, Middle East.

Getty Images/Pamela Joe McFarlane

Dubai has attracted $21.66 billion (Dh80 billion) worth of foreign direct investment in high-end technology transfers in three years, mainly from the European Union and the US.

According to Dubai's Department of Economic Development (DED), 860 projects created more than 54,000 jobs in the technology sector during January 2015 to March 2018 period as the emirate remained focused on attracting FDI to transform itself into a knowledge-based economy.

The last three years have witnessed investors from the European Union and the United States outstripping all others in both the number of projects they have initiated - 355 and 213 projects, respectively, and in their capital investments - $5.7 billion and $3.9 billion, respectively.

During 2015 to Q1 2018, investors from the EU and the US launched 66 per cent of the total number of projects in Dubai, contributing 45 per cent to the total FDI flows into Dubai, and created 28,241 new jobs.

Dubai was also ranked first globally in the share of FDI in technology transfer, it said.

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"These investments have ushered in a new era of sustainable economic growth in Dubai, driven by higher productivity growth. Close to 60 per cent of the total capex FDI into Dubai during the last three years have been realised in medium to high-tech sectors. These have earned the emirate the top rank globally in 2018 in the share of FDI in technology transfer such as AI and robotics. This transformation has created new opportunities for business and boosted Dubai's competitiveness across all sectors," the DED said in a statement on Wednesday.

These achievements are in line with the Dubai 2021 Plan that embodies His Highness Sheikh Mohammed bin Rashid Al Maktoum's, Vice-President and Prime Minister of the UAE and Ruler of Dubai, vision to transform Dubai into a smart city where innovation and digitisation play a critical role in driving economic growth.

Today, Smart Dubai boasts AI-enabled services, most notably 'Rashid' that responds to investors and entrepreneurs' questions in audio format or in writing and gives the most relevant and up-to-date information on business licence procedures and fees as well as step-by-step instructions on setting up a business.

 

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