India has emerged as the leading source of foreign direct investment (FDI) in Dubai, contributing $3.018 billion in 2024. This investment marks a significant increase from $589 million in 2023, representing a fivefold growth. The data highlights India’s dominant position among top investors in the emirate, followed by the United States, France, and the United Kingdom.

According to the Dubai Department of Economy and Tourism’s Dubai FDI Monitor, India accounted for 21.5 percent of the total FDI capital flowing into Dubai. The United States contributed 13.7 percent, France 11 percent, the United Kingdom 10 percent, and Switzerland 6.9 percent. The report also noted that Greenfield FDI projects in 2024 maintained the same level as 2023 at 73.5 percent, while reinvestment FDI projects rose from 1.2 percent in 2023 to 3.3 percent in 2024.

The number of Indian FDI projects announced increased to 275, up from 249 in the previous year, thus elevating India’s rank from third to second place in project count. Investments from India were primarily focused on key sectors, with Business Services representing 26.9 percent of the projects. Other significant sectors included Software & IT Services at 23.6 percent, Consumer Products at 9.8 percent, Food & Beverages at 8.4 percent, and Real Estate at 6.9 percent.

Real estate was a major area of focus, capturing a 51.4 percent share of the investments. This was followed by Hotels and Tourism at 9.5 percent, Transportation and Warehousing at 8.4 percent, Business Services at 6.4 percent, and Consumer Products at 6.2 percent. Notably, Dubai has been recognized as the world’s top destination for attracting Greenfield FDI for the fourth consecutive year.

In total, Dubai attracted AED 52.3 billion ($14.24 billion) in estimated FDI capital in 2024, reflecting a 33.2 percent increase from AED 39.26 billion ($10.69 billion) in 2023. This surge marks the highest FDI value ever recorded in a single year for the emirate since 2020. Additionally, Dubai celebrated a historic achievement, attracting 1,117 Greenfield FDI projects and announcing 1,826 FDI projects in total, an increase from 1,650 projects in 2023.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, remarked that the city’s status as the number one destination for Greenfield FDI underscores its ability to adapt and thrive amid global market changes.