Dubai attracted a total of Dh15.9 billion ($4.3 billion) in foreign direct investment (FDI) between January and September 2021, from 378 projects, as the economic recovery from the pandemic continued.

“Dubai has continued to introduce and implement initiatives that improve business confidence,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate's Executive Council.

“Global investors have placed their faith in Dubai’s business ecosystem, making it among the most attractive FDI locations in the world. Initiatives such as full foreign ownership, an evolving visa administration and the alignment of the work week with global markets demonstrate Dubai and the UAE’s responsiveness to business needs,” he added.

FDI reinvestment plans made up 11% of the total FDI projects in Dubai, reports The National. In addition, FDI-related employment surged 36% during the first nine months of last year, to 16,430 new jobs, as per “Dubai FDI Monitor” data published by Dubai Investment Development Agency.

The main FDI source nations include the UK, France and U.S., as well as Saudi Arabia and India, the data shows.

“Dubai’s strategic sectors are well positioned to receive global investor participation and provide the foundation of economic recovery and growth,” according to Helal Al Marri, director general of the Department of Economy and Tourism in Dubai.

“We are committed to pursuing policies that effectively sustain a growth-oriented business environment.”

In addition, business conditions in the emirate’s non-oil private sector economy were at their most robust in two and a half years last month, fuelled by a steep rise in new orders during Expo 2020 Dubai and a boost to tourism.

Moreover, Dubai’s seasonally adjusted IHS Markit Purchasing Managers' Index rose to 55.3 in December, from November’s reading of 54.5, indicating a considerable improvement in operating conditions as the non-oil economy continued to rally.