The sector accounted for 6.4 billion dirhams with 30 projects during 2021
Hamdan bin Mohammed: Dubai is the first in the world in attracting foreign direct investment and projects in the field of tourism
Dubai is an attractive destination for talent and a favorite for business.
AFP
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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, affirmed that "Dubai's successful march in all fields and sectors, reflects the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote Dubai’s position as a pivotal global center for attracting investments, and a major driver of the global economy, by providing the best attractive and highly competitive investment business environment, and facilitating the conduct of economic activities in Dubai, which directly contributes to the continuous flow of foreign investments, and enhances Dubai’s advantages as an ultra-modern investment destination. And consolidate its position as the best city in the world to live, work and visit.”
His Highness added, "Dubai's preservation of its highest ranking in the field of attracting foreign direct investment in the tourism sector for the year 2021, and its ranking as the first in the world in attracting foreign direct investment and projects in the field of tourism, comes to crown Dubai's continued commitment to improving the environment conducive to business and investments in all sectors, This also comes as an international testimony to the success of Dubai’s strategy, which is to continue working to enhance the efficiency of the legislative and regulatory system in Dubai, in line with the requirements of the investment sectors, and to consolidate its position at the forefront of global cities attracting investments, in order to ensure the sustainability of excellence and ensure the provision of the best services to investors.” .
His Highness said, "The flow of foreign direct investment within the tourism sector in Dubai reflects its future outlook and the growing confidence of investors in it, and consolidates its position as the capital of global trade and investments, and a strategic center for attracting multinational companies from all over the world."
His Highness continued, in a tweet on Twitter, yesterday: "Dubai ranks first in the world in attracting foreign direct investment in the tourism sector, Dubai's continued commitment to improving the environment conducive to business and investments in all sectors, thanks to the good vision of His Highness Sheikh Mohammed bin Rashid Al muffled.”
His Highness added: "We will continue our efforts to consolidate Dubai's position as a pivotal global center for attracting investments, and a major driver of the global economy, by providing the best attractive and competitive investment business environment."
economical engine
The tourism sector in Dubai reiterated its contribution as a major economic driver and an ideal opportunity for international investors, with Dubai maintaining its highest rating in the field of attracting foreign direct investment in the tourism sector during 2021. According to the classification of foreign direct investment markets (FDiMarkets), affiliated to the Financial Times company Ltd.”, which is based on the classification of investment destinations that attract 10 or more foreign investment projects in one year. Dubai ranked first globally last year in attracting foreign investment within the tourism sector.
The tourism sector in Dubai accounted for about 6.4 billion dirhams (1.7 billion US dollars) of foreign direct investment, with 30 foreign direct investment projects, during 2021, according to data from the Dubai Observatory for Foreign Direct Investment, published by the Dubai Investment Development Corporation. One of the institutions of the Department of Economy and Tourism in Dubai.
This distinguished performance of foreign direct investment in the tourism sector during 2021, to crown a very important year for Dubai, during which it led the wave of recovery in the global tourism and travel sectors after the global pandemic, and celebrated the golden jubilee of the United Arab Emirates, and welcomed the world at Expo 2020 Dubai. It has also established itself as one of the safest travel destinations in the world.
5 years in the lead
The year 2021 culminated in a successful march that spanned over five consecutive years since 2017, during which Dubai maintained its progress over global cities such as London, Paris and Shanghai, in terms of attracting foreign direct investment to the tourism sector, with a total of 83.5 billion dirhams (22.8 billion dollars). Over 205 projects over the five years.
Dubai received 7.28 million international visitors during 2021, with a growth rate of 32% compared to the results of 2020. It contributed to enhancing the reputation of Dubai World, hosting the "Expo 2020 Dubai", which attracted wide international participation, which included more than 190 countries, and recorded more than 24 One million visits from citizens, residents and visitors from all over the world, in addition to Dubai's first place on the list of the world's best destinations for travelers for the year 2022, according to the "Trip Avizer" website.
favorite destination
Commenting on this, Hilal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, said: “Dubai has established a unique tourism scene, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to consolidate Dubai’s position as a destination. A favorite for international visitors, it is the ideal city to live, work and visit in the world.
In addition to enhancing its advantages as an ultra-modern destination with world-class infrastructure, tourist attractions and lifestyles, Dubai is also making great efforts in promoting its potential in the field of business growth and a distinctive global tourism destination.”
Al-Marri added: “The rapid and effective measures taken to confront the pandemic have greatly contributed to the consolidation of Dubai’s position as a preferred destination for global investors.
The influx of foreign investment into the tourism and hospitality sectors in Dubai, and the encouragement of the development of new tourist places and destinations, is the best evidence of the sustainability and attractiveness of Dubai's economy and the confidence that it continues to instill among its residents, visitors and the global investor community.
It is certain that the new policies and legislation that are currently being adopted to align the UAE economy with the latest global developments, and the long-term residency opportunities that are provided to investors and entrepreneurs, will contribute to maintaining the momentum of foreign direct investment.”
attractions
The year 2021 witnessed the launch of the largest legislative amendments in the history of the UAE, where more than 40 laws were updated and developed in various fields, with the aim of enhancing business ease and ensuring the entry of investors without any complications or challenges.
A five-year, multi-entry tourist visa was launched for employees of multinational companies, in addition to previous initiatives such as the Golden Visa initiative targeting investors, entrepreneurs and specialized talent, and the virtual work and retirement programs in Dubai.
Also, the strong investor interest in the tourism sector in Dubai contributed to consolidating the gains made by Dubai as an investment destination in 2021. The value of total foreign direct capital inflows to all sectors of Dubai exceeded 26 billion dirhams, through 618 projects announced during 2021, with an average rate of 5.5% growth compared to 2020.
Dubai Crown Prince:
"We will continue our efforts to consolidate Dubai's position as a pivotal global center for attracting investments, and a major driver of the global economy."
"The flows of foreign direct investment within the tourism sector in Dubai, reflecting its future outlook and the growing confidence of investors in it."
An attractive destination for talent
Fahd Al Gergawi, Executive Director of the Dubai Investment Development Corporation, said: “The continuous flow of foreign investments into the tourism sector enhances confidence in Dubai’s position as an attractive destination for talent and a favorite for business, ensuring its growth in a diverse and renewable environment amid modern lifestyles and advanced services, stimulating innovation and development.
Dubai’s distinguished ranking in terms of the impact of foreign direct investment in the tourism sector on employment opportunities also proves that the ideal investment environment created by the city will continue to attract and maintain human and physical capital.”
He added: "The Dubai Urban Plan 2040 will contribute to consolidating Dubai's position as a global destination for business, investment and tourism, as the plan aims to enhance the advantages that characterize the emirate and improve the quality of life in it, whether for citizens or residents, as well as visitors, while the plan provides a comprehensive roadmap to align priorities. The emirate’s strategic economic and future needs along with its sustainable development process, as it will contribute to consolidating Dubai’s position as the best city in the world for life, work and visit.”
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