India among top FDI countries into Dubai

Dubai, Oct 1 (PTI) India has emerged among the top FDI countries into Dubai in the first half of 2012, according to official data. India was listed alongside USA, UK, Saudi Arabia, Qatar, Germany, Switzerland and France among the top 10 countries. They accounted for 83 projects, or 72 per cent of the total, and their combined investment of USD 4.2 billion (15.5 billion dirhams) was 94 per cent of the January-June 2012 foreign direct investment (FDI) into Dubai. The UK and India accounted for 29 per cent of the FDI projects, mainly in business services. "More and more firms and investors worldwide are now convinced of the unique growth opportunities Dubai provides as a regional hub and business centre. The rise in number of multinationals relocating to Dubai and in FDI across key industry sectors in the emirate validate this," Fahad Al Gergawi, Chief Executive Officer of Dubai FDI, said. According to him, it is noteworthy that a new breed of investors is finding Dubai the place to be. "Dubai's world- class infrastructure, convenient links to the East as well as West and distinguished lifestyle is especially appealing for this generation of ambitious and innovative entrepreneurs," he said. Almost 93.9 per cent of the FDI projects initiated in Dubai during January-June 2012 are new investments, compared to 88 per cent in the first half of 2011. Moreover, almost 45 per cent of the projects came from companies that had not previously had a project recorded in Dubai. Dubai attracted USD 4.5 billion (16.5 billion dirhams) in FDI during the first six months of 2012, according to statistics compiled by Dubai FDI, the foreign investment office in the emirate's Department of Economic Development (DED). The first half of the year saw 115 FDI projects being initiated in Dubai by 113 companies, which accounted for 1.5 per cent of total global FDI projects. The first half of the year saw 115 FDI projects being initiated in Dubai by 113 companies. January saw the highest average capital investment while the highest number of projects in a single month – 26 – was recorded in April, 2012. Total FDI that flowed into Dubai during January-June 2012 was seven per cent up from the first half of 2011. The presence of larger projects is the most notable feature of the FDI inflow during H1 2012. PTI