UAE – Mubasher: Dubai has ranked first in the Financial Times’ list of top global greenfield foreign direct investments (FDI) destinations in 2023, for the third year in a row.

The emirate attracted 1,070 global greenfield projects in 2023, according to the Emirates News Agency (WAM).

A greenfield investment is a type of FDI in which a parent company establishes a subsidiary in a different country, building its operations from the ground up.

Dubai achieved remarkable success compared to the second and third places in the top global greenfield project destination list: Singapore and London, which only welcomed 442 and 431 projects, respectively.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “Dubai’s ability to secure the No. 1 ranking in global greenfield FDI projects in 2023 for the third consecutive year demonstrates the city’s ability to continually generate new opportunities for global businesses.”

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism (DET), stated: “This achievement highlights the successful collaborations with our stakeholders and international partners, affirming Dubai's status as a premier global hub for high-quality foreign direct investment.”

Moreover, Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), noted: “In addition to strong upswings across greenfield projects, there has been a surge of talent coming into Dubai across various key sectors, and the achievement in creating jobs through FDI has solidified Dubai’s status for attracting and retaining skilled professionals.”