Dubai is the first in the world to attract foreign direct investment and projects in the field of tourism

His Highness Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and Chairman of the Executive Council, affirmed that Dubai's successful march in all fields and sectors reflects the sound vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, to strengthen Dubai's position as a center A global hub 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, thus contributing directly to the continuous flow of foreign investments and enhancing Dubai’s advantages as an ultra-modern investment destination, and consolidating its position as the best city in the world for life. work and visit.

His Highness added that 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 position as the first globally in attracting foreign direct investment and projects in the field of tourism, comes to crown Dubai's continuous commitment to improving the environment conducive to business and investments in all sectors, as this comes It serves 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.      

Dubai ranks first in the world in attracting foreign direct investment in the tourism sector, Dubai’s continuous commitment to improving the conducive environment for business and investments in all sectors thanks to the wise vision of @HHShkMohd

— Hamdan bin Mohammed (@HamdanMohammed) July 17, 2022

The classification of Dubai as the best global destination for foreign direct investment in the tourism sector reflects its future outlook and the growing confidence of investors in it, and consolidating its position as the capital of global trade and investments.

— Hamdan bin Mohammed (@HamdanMohammed) July 17, 2022

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 highly competitive investment business environment.

— Hamdan bin Mohammed (@HamdanMohammed) July 17, 2022

His Highness said that the flows of foreign direct investment within the tourism sector in Dubai reflects its future outlook and the growing confidence of investors in it, and the consolidation of its position as the capital of global trade and investments and a strategic center for attracting multinational companies from all over the world.

The tourism sector in Dubai has reaffirmed 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 the year 2021. According to the classification of foreign direct investment markets (FDiMarkets) of the "Financial Times Limited" company. Which depends on the classification of investment destinations that attract 10 or more foreign investment projects in one year. Dubai ranked first in the world 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 Monitor for Foreign Direct Investment published by the Dubai Investment Development Corporation, one of the institutions. Department of Economy and Tourism in Dubai.

This distinguished performance of foreign direct investment in the tourism sector during 2021 concludes 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 among the safest travel destinations in the world.

Five 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 lead 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 US dollars) through 205 projects. Over the five years.

Dubai received 7.28 million international visitors during the year 2021, a growth rate of 32 percent compared to the results of the year 2020. It contributed to enhancing the reputation of Dubai World by hosting "Expo 2020 Dubai", which attracted wide international participation that included more than 190 countries and recorded more than 24 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.

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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 preferred destination for international visitors and 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, attractions and lifestyles, Dubai is also making great efforts in promoting its potential in the field of business growth and as a distinguished global tourism destination."

Al Marri added: "The rapid and effective measures taken to confront the pandemic have greatly contributed to consolidating Dubai's position as a preferred destination for global investors. The influx of foreign investment into the tourism and hospitality sectors in Dubai and encouraging 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 continues broadcast among its residents, visitors and the global investor community. It is certain that the new policies and legislation 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.”

Growing attractions

The year 2021 witnessed the launch of the largest legislative amendments in the history of the UAE, where more than 40 laws in various fields were updated and developed, with the aim of enhancing ease of business and ensuring the entry of investors without any complications or challenges.

A 5-year multi-entry tourist visa for employees of multinational companies was introduced in 2021, in addition to previous initiatives such as the Golden Visa initiative targeting investors, entrepreneurs and specialized talent, and the Dubai virtual work and retirement programs.

Also, the strong investor interest in Dubai’s tourism sector contributed to the gains made by Dubai as an investment destination in 2021. The value of total foreign direct capital flows to all sectors of Dubai exceeded 26 billion dirhams, through 618 projects announced during the year 2021, an average of A growth of 5.5% compared to the year 2020.

For his part, Fahd Al Gergawi, CEO of the Dubai Investment Development Corporation, said: "The continuous flow of foreign investments into the tourism sector reinforces confidence in Dubai's position as an attractive destination for talent and a preferred business destination that ensures its growth in a diverse and renewable environment amid modern lifestyles and advanced services that stimulate innovation and development. It also proves Dubai's distinguished rating in terms of the impact of foreign direct investment in the tourism sector on employment opportunities, that the ideal investment environment created by the city will continue to attract and maintain human and physical capital."

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 emirate’s advantages 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 the emirate’s strategic economic priorities and future needs with The process of sustainable development, as it will contribute to the consolidation of Dubai's position as the best city in the world to live, work and visit."

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