<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has emerged as a key source country for Foreign Direct Investment (<keyword id="44528" type="General" weightage="100" keywordseo="fdi" source="Orion">FDI</keyword>) in <keyword id="6354539" type="General" weightage="80" keywordseo="dubai" source="Orion">Dubai</keyword>, one of the wealthiest of the seven emirates in the United Arab Emirates, according to a report released on Monday. It ranked among the top five source countries for announced FDI projects and estimated FDI capital, according to a report released by "fDi Markets'', a service from UK's Financial Times Ltd. With 77.5 per cent of greenfield projects, the top sectors by FDI projects from India into Dubai in 2022 were software &amp; IT services (32 per cent), business services (19 per cent), consumer products (9 per cent), real estate (6 per cent), and financial services (5 per cent). Meanwhile, the top sectors by FDI capital from India into Dubai in 2022 were consumer products (28 per cent), software &amp; IT services (20 per cent), communications (19 per cent), pharmaceuticals (8 per cent), and business services (8 per cent). Apart from maintaining its first rank as a destination city for FDI from India, Dubai retained its number 1 spot globally for attracting greenfield FDI projects in 2022, further reinforcing its position as the world's top foreign direct investment hub, the report said. Retaining its top spot for a second successive year, Dubai achieved 89.5 per cent YoY (year-over-year) growth in total announced FDI projects in 2022, while total FDI capital surged 80.3 per cent over the same period, further consolidating the emirate's status as one of the top three global cities. The data for 2022 showed that Dubai continued to maintain and improve its leadership position across key FDI attraction metrics. The emirate ranked first in attracting FDI projects into tourism, business services, financial services, transport and warehousing, consumer products, and software &amp; IT services sectors. <keyword id="17555237" type="General" weightage="50" keywordseo="helal-saeed-almarri" source="Orion">Helal Saeed Almarri</keyword>, Director General of Dubai's Department of Economy and Tourism, said, "Dubai's leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city's business and investment environment. "Our strategy to further consolidate the city's position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups, and global talent have in Dubai," he added. Dubai emerged as the 2022 world leader in attracting FDI projects in the creative industries cluster, in research and development projects, and in attracting FDI project headquarters by hosting international companies' global and regional headquarters. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-now-at-reasonable-valuations-but-midcaps-small-caps-and-financials-still-have-some-juice-left/articleshow/100611412.cms">Nifty, Sensex now at 'reasonable valuations' but midcaps, small caps and financials still have some juice left</a> <a href="https://www.businessinsider.in/business/auto/news/mm-q4-standalone-net-profit-rises-22-yoy-to-1549-crore-misses-estimates/articleshow/100528645.cms">M&amp;M Q4 standalone net profit rises 22% YoY to ₹1,549 crore, misses estimates</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-not-jio-to-gain-the-most-from-vodafone-ideas-troubles/articleshow/100524707.cms">Airtel, not Jio, to gain the most from Vodafone Idea's troubles</a>

India emerges as key source country for FDI into Dubai: Report

Dubai this year is preparing to ride high on the arrival of international tourists. Initial set back aside, tourism sector started opening by the last quarter of the previous year with proactive measures and protocols in place to tackle the Covid-19 pandemic and ensure business continuity. Dubai had attracted a record 16.7 million tourists in 2019 - an increase of 5.1 per cent compared to the previous year - and tourism sector's contribution to the emirate's GDP was 11.5 per cent, and it accounted for a direct international tourism spending worth $27.9 billion. With Expo 2020 coming up in October of this year and running till March 2022, the event would be a catalyst for tourism growth. <div type="image" title="pexels-aleksandar-pasaric-2115367" msid="80768111" hostid="261"></div> Director General, <keyword id="2518336" type="COMPANY" weightage="20" keywordseo="Dubai-tourism">Dubai Tourism</keyword>, Helal Saeed Almarri says the emirate's multi-geographic strategy allows Dubai to react quickly to market changes across source markets combined with strong economic relief programme. <div type="ExtQuote" text="Dubai as a global tourism destination remains highly competitive in spite of global challenges because of our approach and exceptional cross functional management of the situation." auname="Helal Saeed Almarri - Director General, Dubai Tourism"></div> Almarri, of course, is referring to the emirate's Covid management strategy which is already showing results. This is evidenced by a 2021 Global Investment Outlook Report published by First Abu Dhabi Bank (FAB), the UAE's largest bank predicting a V-shaped recovery for the UAE. According to the report, the UAE economy should grow by around 2.5 per cent overall and 3.6 per cent for non-oil sectors. The report notes that Expo 2020 will add further strength to the national economy and the imminent boost to tourism will have a positive impact on other sectors as well including retail and real estate activity as the Covid-19 immunisation programme moves forward. Further, Dubai Tourism officials are enthused by the hospitality sector's rebound since November last year. Citing preliminary data, research firm STR says hotels in Dubai were 71 per cent full in December. <div type="image" title="pexels-denys-gromov-4612433" msid="80768148" hostid="261"></div> With an aggressive inoculation program, of the 10 million population, it has already administered 3.7 million vaccine doses - one of the highest rates of inoculation per 100 people globally. Almarri says that Dubai has a very clear plan on how to deal with Covid-19 and it will be ready to receive visitors for the Expo 2020. "We are going to be ready to make sure that the growth starts this summer and by Expo in the fourth quarter, we look to welcome the world," he asserts. DISCLAIMER: This article is a part of featured content series on Business in Dubai.

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India emerges as key source country for FDI into Dubai: Report

PTI

Dubai’s tourism to grow with major events lined up for 2021

BI India Partner