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Dubai Named 2008's Top Foreign Investment Jurisdiction,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, May 12, 2009
In a special report published by the Financial Times on Foreign Direct Investment (FDI), Dubai has for the first time been classified as the top destination city in the world, surpassing the likes of London and Shanghai. The United Arab Emirates (UAE) continues to lead the way in the Middle East and Africa, accounting for 50% of total projects in the region. Dubai is one of the seven emirates of the UAE.
In its position as the top destination city for FDI for 2008, Dubai attracted a total of 342 projects, had USD21bn of capital investment and created over 58,000 new jobs. The UAE was once again the leading destination for FDI in the region with 480 projects, capital expenditure of $35bn and the creation of over 87,000 new jobs in 2008. For the Middle East as a whole, sources show that the total number of FDI projects amounted to 969, with capital expenditure of USD154bn, creating over 237,000 jobs.
Commenting on the report, Omar Bin Sulaiman, Governor of the Dubai International Financial Centre and Vice Chairman of the Central Bank of the UAE, said:
“This report is a testament to the strategy of both the UAE and Dubai under the directives of Khlaifa bin Zayed Al Nahyan, President of the UAE and Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; a strategy of openness and diversification. The number of projects initiated, the capital investment and jobs created in the UAE are proof of the economic strength of the country. It is a remarkable achievement by Dubai to become the leading city in the world for foreign direct investment and we are committed to continuing to demonstrate the benefit of investing in Dubai and the UAE."
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