Dubai, UAE: According to a press communiqué in the Dubai Media Office website, Dubai attracted AED 25.5 billion in foreign direct investment (FDI) inflows in 2016, and succeeded in maintaining its position among the top 10 global cities in attracting foreign investment, ranking seventh worldwide, announced His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

Dubai, the press communiqué highlighted, has also succeeded in attracting 247 new investment projects, which contributed to reaffirming its position as a preferred international investment destination, and stood third behind London and Singapore in new investment initiatives in 2016, as per the latest Dubai FDI Monitor report released by the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, and FT (Financial Times) fDi Markets data.

The press communiqué revealed that strategic projects accounted for 60% of new investment initiatives and 92% of FDI inflows in 2016 as infrastructure, stability and smart services, along with productivity and competitiveness in Dubai, enhanced global economic stability and growth while also supporting regional and international expansion of businesses.

Furthermore, it was revealed by His Highness that research and development (R&D) increased its share from one per cent in 2015 to five per cent in 2016 among new FDI projects in Dubai.