Dubai remains the world’s top destination for attracting foreign direct investment (FDI) into tourism in 2021 in the Financial time’s fDi Markets data.
Dubai ranked number one in FDI capitals, projects, and job creation in the tourism sector in 2021, with over 30 projects and attracting an FDI worth $1.7 billion (AED 6.4 billion), according to the report, a leading data source on cross-border greenfield FDI investments.
“Dubai’s rank as the top FDI destination for tourism is a testament to the sector’s resilience and stability. It reaffirms the sector’s role as a key economic driver that offers international investors confidence and an exceptional opportunity for stable and sustainable returns,” Dubai Crown Prince Sheikh Hamdan bin Mohammed tweeted.
“We will further enhance our efforts to ensure that its enabling infrastructure, business-friendly policies, and flexible regulatory environment will keep Dubai at the forefront of the world’s FDI destinations,” Sheikh Hamdan added.
The new investments and projects created over 5,000 new jobs in the tourism sector throughout 2021, according to the Dubai FDI Monitor report which was published by the Dubai Investment Development Agency.
After the onset of the COVID-19 pandemic which wreaked havoc on the global economy and severely impacted the tourism sector, Dubai recorded a success full year in 2021\ as it reopened its borders whilst maintaining the spread of the virus and opened the six-month mega event Expo 2020 which attracted millions of visitors.
“Dubai has created a unique tourism proposition in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to promote Dubai as the most sought-after global city and the most attractive location to live, work, visit and invest,” said Helal Saeed al-Marri, Director-General of Dubai’s Department of Economy and Tourism.
“While consolidating its advantages as a well-connected hub with world-class infrastructure, attractions and lifestyle, Dubai also launched concerted efforts in key source markets to showcase its capabilities in enabling business growth and as a leading global tourism center. Dubai’s top rank reflects the effectiveness of the multi-geographic campaigns and its diversified offering across sectors.”
Dubai’s FDI performance in the tourism sector throughout 2021 marked a successful five-year streak during which the emirate retained its position, ahead of several leading destinations such as Paris, London, and Shanghai.
The value of total FDI capital flows into all sectors in Dubai exceeded $7 billion (AED 26 billion) from 618 announced FDI projects in 2021, recording a growth rate of 5.5 percent compared to 2020.
