India Emerges as Leading FDI Contributor to Dubai with $3 Billion Investment

New Delhi, March 11 (NationPress) India’s foreign direct investment (FDI) in Dubai reached an impressive $3.018 billion in 2024, reflecting a remarkable increase from $589 million in 2023, thereby establishing India as the foremost investor in Dubai, according to a report released on Tuesday.

Alongside India, the United States, France, and the United Kingdom emerged as key source nations for FDI into the emirate.

Leading the charge, India accounted for a substantial 21.5 percent of the total FDI capital in Dubai, followed by the US with 13.7 percent, France at 11 percent, the UK at 10 percent, and Switzerland at 6.9 percent, as highlighted in the Dubai Department of Economy and Tourism’s FDI Monitor.

In 2024, the rate of Greenfield FDI projects remained consistent with 2023, holding at 73.5 percent, while reinvestment FDI initiatives grew to 3.3 percent, an increase from 1.2 percent in 2023.

The number of Indian FDI projects announced surged to 275, up from 249 in 2023, elevating India from third to second in project count rankings.

The report revealed that Indian investments were concentrated in key sectors, with Business Services comprising 26.9 percent of projects, followed by Software & IT Services at 23.6 percent, Consumer Products at 9.8 percent, Food & Beverages at 8.4 percent, and Real Estate at 6.9 percent.

Real estate dominated the investment landscape, accounting for 51.4 percent of the total, trailed by Hotels and Tourism with 9.5 percent, Transportation and Warehousing at 8.4 percent, Business Services at 6.4 percent, and Consumer Products at 6.2 percent.

For the fourth consecutive year, Dubai has been recognized as the world’s leading destination for attracting Greenfield FDI. The total estimated FDI capital surged by 33.2 percent, marking the highest single-year value since 2020.

In 2024, Dubai drew in AED 52.3 billion ($14.24 billion) in estimated FDI capital, a 33.2 percent rise from AED 39.26 billion ($10.69 billion) in 2023, representing the highest FDI value recorded in a single year since 2020.

Dubai welcomed a record-breaking 1,117 Greenfield FDI projects in 2024, the highest in its history. The emirate achieved a historic milestone with 1,826 announced FDI projects, which is an 11 percent increase from 1,650 projects in 2023, according to the report.

“The city’s position as the world’s No.1 destination for attracting Greenfield FDI for the fourth consecutive year highlights its capability to not only set new global benchmarks for sustained, rapid growth but also to continually refine its investment appeal in response to evolving international market dynamics,” stated Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.