Singapore has emerged as a significant contributor to Dubai’s foreign direct investment (FDI) landscape, with 41 projects announced in 2024, amounting to US$111m in investments and generating over 1,000 jobs. This development aligns with Dubai’s achievement of being the world’s leading destination for Greenfield FDI projects for the fourth consecutive year, according to the Financial Times’s ‘fDi Markets’ data.
In 2024, Dubai attracted a record-breaking 1,117 Greenfield FDI projects, with Singaporean companies playing a pivotal role in sectors such as Software & IT services, Financial Services, and Transportation & Warehousing. Notable Singaporean firms include Dymon Asia Capital, DBS Group, and Bank of Singapore, all of which have expanded their operations in Dubai, reinforcing the city’s status as a financial hub.
The Dubai FDI Monitor reported a 300% increase in reinvestment projects from Singapore compared to 2023. This surge highlights the growing confidence of Singaporean businesses in Dubai’s economic environment. Key reinvestment projects include DBS Group’s expansion in the Dubai International Financial Centre and Bank of Singapore’s team expansion to serve the Gulf Cooperation Council and Greater China markets.
Dubai’s strategic location, robust infrastructure, and favourable regulations continue to attract global investors. As the city maintains its top position for attracting Advanced Information Technologies-related FDI projects, the collaboration between Dubai and Singapore is expected to strengthen further, fostering economic growth and innovation.
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