Dubai has for the first time been classified as the top destination city in the world surpassing the likes of London and Shanghai, a special report by the Financial Times on Foreign Direct Investment (FDI) said on Tueday. The United Arab Emirates (UAE) continues to lead the way in the Middle East and Africa accounting for 50 percent of total projects in the region. Dubai is one of the seven emirates of the UAE. In its position as the top destination city for FDI for 2008, Dubai attracted a total of 342 projects, had $21bn of capital investment and created over 58,000 new jobs. The UAE was once again the leading destination for FDI in the region with 480 projects, capital expenditure of $35 billion and the creation of over 87,000 new jobs in 2008. For the Middle East as a whole, sources show that the total number of FDI projects amounted to 969, with capital expenditure of $154bn, creating over 237,000 jobs. Commenting on the report, Dr. Omar Bin Sulaiman, governor of the Dubai International Financial Centre and vice chairman of the Central Bank of the UAE, said: “This report is a testament to the strategy of both the UAE and Dubai under the directives of Sheikh Khlaifa bin Zayed Al Nahyan, president of the UAE and HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; a strategy of openness and diversification. The number of projects initiated, the capital investment and jobs created in the UAE are proof of the economic strength of the country. It is a remarkable achievement by Dubai to become the leading city in the world for foreign direct investment and we are committed to continuing to demonstrate the benefit of investing in Dubai and the UAE. The DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just four years, over 750 firms have registered at DIFC. They operate in an open environment complemented with world-class regulations and standards. DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. __
