Dubai tops the region in attracting Foreign Direct Investments

Dubai is still the topmost in the region to draw maximum foreign direct investments, despite the impact of global economic crisis, as per the survey by Foreign Investment Office (FIO) of Dubai Department of Economic Development (DED).

An FIO survey report, which included more than 1000 global and regional investors, said that 54 percent of the respondents have already made a presence in the city and an additional 16 percent of investors plan to enter Dubai during next three years.

The preliminary report by FIO said, global companies consider Dubai as an essential part of their total value chain, so as to access the attractive Middle East and North Africa (MENA) region, and therefore, plan to maintain their most vital activities here.

The Minister of Economy in the UAE, Sultan Bin Saeed Al Mansouri, last week, mentioned that the UAE is now in the final stage of implementing new laws and is updating its current regulations, so as to boost investor confidence.

The Minister continued that UAE is the second leading destination for foreign capital, and the total FDIs stood at $69bn in June this year. Therefore, a Foreign Investment Law aimed to further boost foreign investments is underway now. The law will bring together regulations for foreign investments and will clarify exemptions and guarantees on investment projects, the Minister said.

The 2010 A.T. Kearney FDI Confidence Index report ranks the UAE as the first country, while Dubai stands out as the preferred FDI (Foreign Direct Investment) destination in the Middle East for ease of doing business, access to best infrastructure, advanced logistics facilities and safe environment.

According to the FIO CEO, Fahd Al Gergawi, this indicates the ability of the emirate to rebound, and grow to be the world’s leading FDI destination for global investors.

The latest statistics from the United Nations Conference on Trade and Development (UNCTAD), Saudi Arabia and the UAE received nearly 80 percent of the total $278 foreign direct investments, attracted by the GCC during past two decades.

Posted on 8/9/2010

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