In a striking contrast to the global downturn in Foreign Direct Investment (FDI), the United Arab Emirates (UAE) has reported a significant surge in new foreign investment projects, according to the latest United Nations Conference on Trade and Development report. Despite an 18% global decrease in FDI inflows in 2023, the UAE has achieved an impressive 28% increase, positioning itself as the second highest in foreign investment projects globally, following the United States.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, took to Twitter to express his pride and optimism in this significant economic milestone. “In the latest UNCTAD report on global economies, FDI inflows dipped by 18 per cent in 2023. Yet, the UAE stood out, securing the second-highest surge in foreign investment projects at 28 per cent, following the US. This underscores our enduring appeal for investments, competitive edge, and talent attraction,” he stated. Sheikh Mohammed’s message conveyed gratitude to investors and confidence in the UAE’s economic future, foreseeing an even brighter horizon, Insha’Allah (God willing).
Further cementing the UAE’s economic triumph, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, highlighted Dubai’s consistent economic expansion. The city’s GDP growth of 3.3% in the first nine months of 2023 reflects steady progress towards achieving the ambitious goals of the Dubai Economy Agenda D33. Launched by Sheikh Mohammed bin Rashid, this agenda aims to position Dubai among the top three urban economies globally over the next decade.
Sheikh Hamdan’s tweet encapsulated Dubai’s commitment to economic resilience and innovation, acknowledging the collective efforts of government teams and international business partners. “Driven by the strategic vision of its leadership, Dubai has set an example for economic strength, resilience, and innovation. With the dedicated efforts of our government teams and international business partners, we look forward to achieving many more milestones in 2024,” he remarked.
This remarkable growth in foreign investment underscores the UAE’s unique appeal as a global investment destination, bolstered by its competitive business environment and talent attraction strategies. As the UAE continues to defy global economic trends, it sets a benchmark for other economies seeking to attract foreign investment and foster economic growth. With strong leadership and strategic initiatives like the Dubai Economy Agenda D33, the UAE is well on its way to achieving its vision of becoming a leading global economy.
