Sheikh Hamdan says Dubai has retained investor confidence during pandemic after city is ranked third in the latest Global Cities of the Future list
Dubai Crown Prince Sheikh Hamdan bin Mohammed has hailed the emirate’s position as a global investment hub after the city was ranked third in the latest Global Cities of the Future list.Only Singapore and London were ahead of Dubai in the list, compiled by FDI Intelligence, which measured foreign direct investment flows across the world during what it called a “particularly challenging period” due to the impact of the coronavirus pandemic.
In a series of tweets, Sheikh Hamdan, pictured below, said: “Dubai attracts and retains investor confidence through its thriving partnerships with the international business community. This remains a strategic priority, despite global challenges, so that Dubai remains a sought-after investment destination.”He added: “We value the sincere efforts that have supported Dubai’s many achievements. Thanks to our leadership’s forward-thinking vision, Dubai’s robust infrastructure and its flexible legislative environment, we will remain on this path of success.”The ranking comes after a number of recent announcements by Dubai and the UAE to attract more foreign investment and talent to the country.FDI Intelligence said Dubai moved up three places since 2018/2019, to achieve third place in this year’s ranking.
“The Dubai Plan 2021, which was launched in 2014, seems to have been successful in making the city a pivotal hub in the global economy. The city is set to announce its next five-year plan in the coming months,” it said.It added: “Dubai’s favourable tax rates, free zones and well-educated workforce have proven highly attractive to many businesses. Matching both Singapore and London, Dubai has indicated a desire to move its economy to a more environmentally sustainable model. In green developments, Dubai’s clean energy strategy aims to generate 75 percent of its energy from clean sources by 2050.”Singapore topped the list after triumphing in both the economic potential and business friendliness categories, according to FDI Intelligence.
“With low tax rates and generous research grants, Singapore has long positioned itself as one of the world’s most innovative cities… The city is certainly suggesting that its path to post-pandemic economic recovery lies in increasing digitalisation and driving forward the green economy,” it noted.FDI Intelligence added: “Looking forward, the arrival and rollout of vaccines is certainly cause for optimism. Unfortunately for cities dependent on tourism, it is estimated by the United Nations World Tourism Organization that it could take until 2023 for the travel sector to have anything comparable to the volume of travel pre-pandemic.”The UAE recently approved amendments to its nationality laws to attract more foreign talent to contribute to the country’s “development journey”.The changes to the Executive Regulation of the Federal Law concerning Nationality allow investors, professionals, special talents and their families to acquire Emirati nationality under certain conditions.The legislation change is one of a number of measures recently announced by the UAE as its economy looks to rebound from the impact of the global coronavirus pandemic.
The UAE abolished the need for companies to have Emirati shareholders late last year, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices.In September, Dubai launched a retirement programme for resident expatriates and foreigners over the age of 55.Retire in Dubai, the first of its kind in the region, is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs.
Eligible applicants will be provided a retirement visa, renewable every five years. The retiree can choose between one of three financial requirements for eligibility: earning a monthly income of AED20,000 ($5,500); having savings of AED1 million ($275,000); or owning a property in Dubai worth AED2 million ($550,000).In its initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age.Dubai has also recently launched the Virtual Company Licence, which allows global businesses to access a regulated e-commerce platform populated by Dubai-based companies, while also exploring new markets and investment opportunities digitally.The initiative, which allows investors worldwide to do business in Dubai digitally without having to live in the emirate, is expected to attract more than 100,000 companies.