UAE: Greenfield FDI exceeded USD 15bn in 2023

The UAE ranked second globally in the number of greenfield FDI projects in 2023, with 1280 projects, trailing only behind the United States, which led with 1966 projects. The number of greenfield FDI projects in the UAE surged by 36% y/y, taking the UAE up three places in the global ranking from fifth in 2022. Dubai retained its position as the leading city in the number of greenfield FDI projects, surpassing Singapore and London, with 1036 projects, marking a 32% increase y/y. Abu Dhabi ranked 6th globally with 172 projects, showing a substantial 74% increase y/y. Notably, Dubai accounted for approximately 81% of the total number of projects in the UAE.

Total FDI capital inflows into the UAE increased by 33% y/y to USD 15.08bn. Among the emirates, Dubai attracted the largest share of FDI capital inflows, amounting to USD 6.81bn. Despite only having 13% of the total number of projects in UAE, Abu Dhabi accounted for a significant share of the total FDI capital inflows with USD 4.48bn. Abu Dhabi had the biggest number of projects that exceeded the USD 200mn mark with eight projects while Dubai had five. Sharjah followed in third place with USD 2.75bn, with the bulk of the inflows coming from the India-based Infinite Mining & Energy investment in a new petroleum refinery in Hamriya Free Zone.