A report for the government of Dubai, released today, shows the city attracted $6.9bn in foreign direct investment (FDI) in 2016, making it the world’s seventh biggest recipient city for FDI.
The number of registered firms in Dubai increased to 148,842 in 2017, with 19,877 new trade licences issued in 2017, according to Dubai Economy, the trade licencing body of Dubai government.
Dawood Al Shezawi, chief executive officer of AIM Organising Committee said: “Dubai remains a shining example of what a city could achieve through economic vision and by attracting foreign investment. Guided by a strong leadership, the public and private sectors worked hand in hand to deliver the best return on investment in key sectors – trade, tourism, real estate and retail sectors – that continues to draw a large pool of foreign capital that is helping creating employment and business opportunities for all stakeholders.
“As we inch closer to the forthcoming AIM hosted by Dubai, more and more public policymakers and international investors will take notice of Dubai’s business model and its success stories to help build other economies.
“In this way, Dubai inspires the rest of the world’s cities and metropolises to attract greater foreign investment.”
Dubai Government expects its $102.67bn economy to grow at 3.5% in 2018. The total value of Dubai’s trade in non-oil goods in 2016 was $348.77bn, according to the report. Dubai’s imports are much more than its total exports as most imports are transported to other emirates and to neighbouring countries without them being registered as re-exports.