Dubai, and the Dubai International Financial Center, the leading financial center in the Middle East, Africa and South Asia, topped the world rankings in attracting foreign direct investment projects in the financial services sector for the year 2021, according to a report released is affiliated with the Dubai Investment Development Corporation, affiliated with the Department of Economics and Tourism in Dubai.
The rankings are based on the Financial Times’ fDi Markets database, the most comprehensive database of new international investments, covering all countries and sectors around the world.
The Dubai International Financial Center also ranked first during the five years between (2017-2021), based on its reputation as an international financial center, and its ongoing focus on shaping the future of the financial sector through leading companies and attract innovative start-ups. to establish, operate and expand their business in Dubai. .
This classification confirms the objectives of the DIFC 2030 strategy, to support sustainable economic growth and to consolidate Dubai’s position as a global hub for financial institutions, financial technology companies and innovation companies. This ambitious strategy aims to double the size of the DIFC and its economic contribution to Dubai’s GDP.
According to the report of the “Dubai Monitor for Foreign Direct Investment”, published by the Dubai Investment Development Corporation, the emirate attracted 58 foreign direct investment projects in the financial services sector with a total value of 926.2 million dirhams, and these projects provided . 1,432 new jobs in 2021.
The report also indicated that Dubai has overtaken major financial cities such as London, Singapore, New York and Paris, confirming the status of the Dubai International Financial Center as a global financial center.
Some of the FDI projects include SRI International Group, an international financial and business advisory group, Team Up Ventures, an incubator and accelerator platform for young entrepreneurs and beginners, and FFA Private Bank. It is one of the leading Lebanese investment firms in the fields of capital markets and wealth management, and Britium, a specialized alternative investment firm in addition to Union Capital, a brokerage and investment advisory firm, and a member of the US Financial Conduct Regulatory Commission. The merger and acquisition projects included the Swiss private bank “One Swiss” and the private holding company “Bracket Invest”.
Dubai attracted 184 foreign direct investment projects with a total value of 5.2 billion dirhams between (2017-2021), and these projects created 5,727 new jobs. By the end of 2021, Dubai was the first in the world to attract foreign direct investment projects in the financial services sector, third in job creation and fifth in generating capital from foreign direct investment.
Arif Amiri, CEO of the DIFC Authority, said: “The great confidence shown by the global financial services sector and the wider business community in the DIFC enables us to facilitate foreign direct investment in Dubai. This, of course, has led Dubai to the top of the rankings to attract foreign direct investment projects in the financial services sector for the year 2021, and the Dubai International Financial Center has also ranked first as the best performing free zone for the past five years. The Center’s commitment to continue to establish itself as a leading global financial center in the region, along with other global cities such as London, New York, Paris and Singapore, reflects our commitment to continue our global business. activated ecosystem, and our constant pursuit to upgrade our legal and regulatory framework and support innovation to attract companies from around the world. ».
In turn, Fahad Al Gergawi, Executive Director of the Dubai Investment Development Corporation, said: “We are proud that the Dubai International Financial Center has taken the first place in the world in attracting foreign direct investment projects in the financial services sector. position as a leading global financial center in the region. The center relies on this success for its world-class infrastructure, stable and innovative environment. Dubai’s top position in the world rankings in the field of foreign direct investment is tangible proof of its solid foundations and the confidence of investors and multinational companies in this region. Despite the challenges of the pandemic and the economic changes the world has seen over the past few years, Dubai has provided a strong and sustainable investment environment. At Dubai Corporation for Investment Development, we will continue to work to enhance Dubai’s attractiveness for foreign direct investment by providing specialized and reliable services to the investor community. ”
The report by the Dubai Monitor for Foreign Direct Investment also revealed that the UK was at the top of the list of countries from which foreign direct investment projects in the financial services sector flowed during 2021, followed by the United States, Switzerland, India and Cyprus. The United Kingdom also maintained its lead as a source of foreign direct investment capital, followed by the United States, India, Switzerland and Lebanon in the same year.
During the five years between (2017-2021), the list of the top five countries from which FDI projects flowed was: the United Kingdom, the United States, Switzerland, India and China. In terms of the list of countries issuing direct foreign investment capital, the United Kingdom was at the top of the list, followed by the United States, the Cayman Islands, Bahrain and India in order.
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