The UAE has jumped three spots from its 2022 ranking to secure the second position globally in the number of greenfield foreign direct investment (FDI) projects in 2023, according to the UAE FDI report released by Emirates NBD, a Dubai-based lender.

The UAE reported 1,280 greenfield FDI projects, a 36% year-on-year (YoY) increase, trailing slightly behind the United States (1,966 projects).

Dubai retained its position as the leading city for greenfield FDI projects, surpassing Singapore and London, with 1,036 projects, marking a 32% increase YoY. The emirate accounted for nearly 81% of the total number of projects in the UAE.

Abu Dhabi ranked sixth globally with 172 projects, rising 74% YoY.  Sharjah followed in third place with $2.75 billion.

The UAE witnessed a 33% YoY increase to $15.08 billion. Among the emirates, Dubai attracted the largest share, amounting to $6.81 billion.

However, the report said Abu Dhabi contributed significantly to the total FDI capital inflows, securing $4.48 billion despite its smaller project count.   

(Editing by Brinda Darasha; brinda.darasha@lseg.com)