Dubai, UAE – Dubai has once again cemented its status as the world’s premier destination for Greenfield Foreign Direct Investment (FDI) projects, securing the top spot for the fourth consecutive year.
This remarkable achievement, as reported by fDi Markets, a service of the Financial Times Ltd., shows how lucrative Dubai is and has been over the years to global investors.
According to Investopedia, Greenfield Foreign Direct Investments (FDI) are investments where a parent company starts a new business operation in a foreign country from the ground up. They do not partner with local firms but instead set up operations by themselves, giving them ‘full control’.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, posted on his X account announcing the impressive figures, revealing that in 2024, Dubai attracted a staggering 1,117 Greenfield FDI projects, with a total value exceeding Dh 52 billion.
We congratulate our brothers in the Kingdom of Saudi Arabia on the successful completion of the Hajj season. May Allah accept their good deeds and grant them a blessed Hajj.
— Hamdan bin Mohammed (@HamdanMohammed) June 19, 2024
“For the fourth year in a row, Dubai has been ranked as the world’s top destination for Greenfield Foreign Direct Investment (FDI) projects, according to Financial Times Ltd.’s ‘fDi Markets’ data. In 2024, the emirate attracted 1,117 Greenfield FDI projects worth over AED52 billion, a 33% increase from 2023. Additionally, 1,826 FDI projects were announced, up 11% from the previous year. Dubai’s exceptional FDI performance reflects the visionary leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, whose strategic guidance has driven economic growth, fostered innovation, and reinforced the city’s global leadership, aligned with the goals of the Dubai Economic Agenda D33.” Sheikh Hamdan stated.
Benefits for Expats: A Surge in Employment Opportunities
This sustained influx of FDI directly translates into a wealth of opportunities for expats who are seeking to build their careers in Dubai.
The establishment of new Greenfield projects across various sectors, including technology, renewable energy, and logistics, creates a significant demand for skilled professionals.
- Increased Job Availability: The creation of hubs by foreign companies creates opportunities for expats to move to Dubai to fill in the employment opportunities created.
- Diversified Skill Requirements: The diversity of FDI projects means a demand for a broad range of skills, attracting expats from diverse backgrounds, from tech to hospitality, green energy, marketing, and more.
- Economic Stability: This provides expats with a sense of security enabling them to feel settled and commit to longer contracts.
- Innovation and Growth: Being part of such companies allows expats to be at the forefront of innovation, positively contributing to the growth of Dubai, which provides a sense of ownership and fulfillment.
Opportunities for Mainland Foreign Businesses
More investment coming into Dubai means that there is an expanded market access for mainland businesses. Unlike freezone companies, mainland businesses are allowed to trade directly with people and entities across the entire UAE.
Related: Setting up a Business in Dubai
Sustained economic growth is a catalyst for more foreign businesses to set up shop, further creating employment opportunities not only for expats but also for locals.
The recent minor fluctuation in expat supply and demand suggests a potential moderation in salary increases. However, the anticipated growth in job opportunities may soon restore equilibrium, benefiting expats.
Related: Dubai’s Crowded Market: Expat Salaries Stagnate as Competition Heats Up
Over the years, Dubai has been a powerhouse in global economics. This has been fueled by, of course, oil, but a shift is moving from that to other sectors such as tourism and foreign direct investments. Other nations are on a journey to emulate what the UAE has done, and we will soon see a shift, especially in the Middle East, with countries such as Qatar, Oman, and Saudi Arabia promoting tourism as well as foreign investments.
