Tourism FDI winner! Dubai gains maximum tourism FDI for 2021 with $1.7 billion investments

UAE tourism sector growth this quarter tops pre-Covid rates

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Dubai has retained its top rank worldwide for attracting foreign direct investment (FDI) in tourism in 2021, said a report. With USD 1.7 billion FDI across 30 projects, it has emerged number one in investments and job creation in tourism. This was revealed by The Financial Times’ fDi Markets data, a leading global data source on crossborder greenfield FDI investments.

The city rankings of ‘fDi Markets’ are based on investment destinations that attract 10 or more greenfield FDI projects in a year. The new investments and projects generated 5,545 new jobs during the year, according to the Dubai FDI Monitor report, published by the Dubai Investment Development Agency (Dubai FDI), an agency of the Dubai’s Department of Economy and Tourism (DET).

The top FDI performance capped a momentous year for Dubai. In 2021, the city led a resurgence in global travel and tourism after Covid-19, celebrated the Golden Jubilee of the UAE, and welcomed the world to Expo 2020 Dubai while emerging as one of the safest destinations in the world, it stated.

The year also marked a successful five-year period during which Dubai stayed ahead of leading international cities, including London, Paris and Shanghai, in attracting FDI into tourism. Dubai’s tourism sector drew AED83.5 billion ($22.8 billion) in FDI capital across 205 FDI projects during 2017-21, generating 30,082 new jobs.

Dubai has welcomed a total of 7.28 million international overnight visitors in 2021, posting a 32% year-over-year growth, and underscoring the city’s efforts to become the world’s most visited destination.

On the top recognition, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: “It was all because of the exceptional leadership and visionary policies of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai even during a challenging year for the sector globally.” Sheikh Hamdan said that Dubai’s ranking as the top FDI destination for tourism reaffirms the sector’s role as a key economic driver that offers international investors confidence and an exceptional opportunity for stable and sustainable returns.

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