Foreign direct investment (FDI) into Dubai recorded significant growth in the first half of 2018, reaching $4.84 billion (Dh17.76 billion), a 26 per cent growth compared to the first half of last year, said a report.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, has stated that increasing foreign direct investment (FDI) inflows reflect growing investor confidence in Dubai, said Wam news agency report.

The number of FDI projects surged to 248, an increase of 40 per cent over the same period last year, according to the ‘Dubai FDI Monitor’ data issued by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai.

Sheikh Hamdan said that the rise in FDI capital and projects reinforces Dubai’s leading position as the preferred global location for global businesses and startups pursuing growth and expansion and clearly reflects investor confidence in Dubai’s economy.

Dubai ranks third globally in the number of greenfield FDI projects, according to the Financial Times – fDi Markets, which account for 64 per cent of total FDI projects in the first half of 2018.

Sheikh Hamdan added that Dubai’s ability to maintain its position as one of the top FDI destinations in the world reflects the confidence of the global investor community in its business environment and its ability to offer diversified investment opportunities in key growth sectors, especially knowledge and technology.

The Dubai FDI Monitor shows that 43 per cent of all FDI projects in the first half of 2018 are using high and medium technology, according to the classification universally adopted by the Organisation for Economic Co-operation and Development (OECD).

Strategic projects accounted for 56 per cent of total investment projects that Dubai attracted in the first half of 2018. The US, India, Thailand, Spain and the UK topped the list of source countries for FDI capital.

The US also topped the list of investment projects, followed by France, UK, India and Switzerland.

Sheikh Hamdan highlighted Dubai's success in attracting investments from both developed and developing markets and providing a platform for businesses to serve markets across the Middle East, Africa and South Asia.