UAE takes second place globally in new FDI projects

Friday, 21 June 2024 06:11

By ARN News Centre

The UAE ranks second globally after the US for new Foreign Direct Investment projects in 2023 with 1,323, an increase of 33 percent compared to 2022.

The World Investment Report 2024, published today by the UN Trade and Development shows the UAE attracted US$ 30.688 billion compared to US$ 22.737 billion in 2022, a y-o-y growth of 35 percent.

UAE takes second place globally in new FDI projects at 1,323 in 2023#WamNews https://t.co/XrqT5CSWvs pic.twitter.com/hs3j67Ry0p
— WAM English (@WAMNEWS_ENG) June 20, 2024

The UNCTAD report showed that FDI outflows stood at US$ 22.328 billion compared to US$ 24.833 billion in 2022.

FDI outflow stock grew to US$ 262.208 billion in 2023 from US$ 239.880 billion in 2022.

The United Arab Emirates gained two places in the ranking of top destinations for greenfield projects, after entering the top five in 2022.

More from Business News

UK's Jaguar Land Rover to halt US shipments over tariffs

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).