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Sheikh Hamdan: Dubai a global destination for technology investments

Dubai Crown Prince and Chairman of the Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum recently highlighted that the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has made emirate an attractive destination for investments in technologies like artificial intelligence (AI) and robotics, and positioned it at the forefront of cities strengthening the foundations of their future and economic prospects.

Sheikh Hamdan made his remarks during the launch of the ‘Dubai FDI Monitor’ annual report on FDI trends and inflows issued by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED).

Dubai ranked first globally in the share of FDI in technology transfer in AI and robotics and third among the top 25 destinations in the same category after Singapore and Shanghai, according to the Financial Times’ ‘FDI Benchmark,’ a leading platform for benchmarking the world’s key FDI destinations.

The latest data shows that Dubai has the highest FDI focus on the technology component across business sectors.

According to the ‘Dubai FDI Monitor’ report for 2017, investment in research and development (R&D) accounted for about 3.5 percent of total FDI projects, whereas medium and high-tech projects constituted more than 60 percent of the total.

These projects, according to the report, accounted for 22 percent of total capital inflows, according to the classification adopted globally by the Organisation for Economic Cooperation and Development (OECD).

The ‘Dubai FDI Monitor’ report noted that, advanced services and facilities offered to investors and entrepreneurs in Dubai and the emirate’s adoption of transformational technologies like blockchain and AI to raise the competitiveness and efficiency of its manufacturing and services sectors have had a significant impact on FDI inflows.

It also showed that the city was ranked fourth globally in the number of new investment projects, fifth in the number of re-investment projects and 10th in capital inflows into new investment projects, according to the Financial Times ‘fDi Markets’ index.

Dubai’s top ranking among the world’s best FDI destinations reflects the strategic advantages of investing in Dubai as a smart and sustainable city and a gateway for regional and global expansion.

The report also highlighted that Dubai continued to attract strategic investments from the major industrialised countries in 2017. Strategic projects with a capital of more than $ 50 million accounted for 54 percent of total investment projects and 93 percent of total capital inflows.

The report highlights the growing number of Dubai-based startup companies, which underline Dubai’s success in developing an incubator environment that stimulates innovation and entrepreneurship.

This year, the Dubai Investment Week, organised by Dubai FDI under the patronage of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, will be held from 7-11 October under the theme ‘Investing in the Transitions to the Future.’

The event will focus on investment opportunities in leading the digital transformation, startups and development. The Dubai Investment Week programme includes a number of discussions and forums on Dubai’s strategic advantages, and sector-wise investment opportunities as well as investment potential in the digital and knowledge economy, research and development, and smart manufacturing.

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