Dubai recorded almost Dhs28.6 billion ($7.8 billion) in foreign direct investment to Dubai in 2014, according to figures released by investment agency Dubai FDI.
Real estate, financial services, hotels and tourism, renewable energy, business services, software and IT services accounted for 78 per cent of the total FDIs to the emirate last year. These sectors saw investment worth Dhs22 billion last year while accounting for around 133 projects.
Dubai’s top source countries for investment were the US, the UK, India, Netherlands, Germany and Italy, which generated a total of Dhs23.9 billion in 2014.
In terms of investment, these countries represented almost 84 per cent of the total FDI for the last year and 59 per cent of the total in terms of the number of projects.
“The latest FDI figures once again prove that Dubai remains the preferred and ideal destination for investors and businessmen, who have confidence in the national economy, which is witnessing steady growth in various sectors,” said Sami Al Qamzi, director general of DED.
“Dubai hosting the Expo 2020 has stimulated a major influx of investors and growth opportunities.”
Owing to its business friendly climate and ease of doing business, the emirate is seen as an ideal location by many international firms to set up their regional headquarters.
Last year, Switzerland-based chocolate maker Lindt & Sprungli announced the opening of an office in Dubai to serve its distributors across the Middle East.
In an effort to attract more foreign investment to the UAE, Dubai FDI also inked a partnership recently with the Sharjah Investment and Development Authority (Shurooq).
Although official figures are yet to be released, the UAE has seen foreign direct investments worth $14.4 billion last year, officials said.
The country was also ranked 14th on the latest A. T Kearney Global Foreign Direct Investment Confidence Index (FDICI), which measures present and future prospects for FDI flows.