Dubai-based startups attract AED2.36 billion in FDI

Dubai-based startups attract AED2.36 billion in FDI

Dubai’s dynamic innovation, entrepreneurship, and venture capital ecosystem enabled Dubai-based startups to attract an estimated AED2.36 billion in FDI capital through 31 investment deals in 2020, according to data from MAGNiTT, a Dubai-based firm that captures and analyses startup funding information. Dubai ranked first in the MENA region and 11th globally on the “Global Venture Capital FDI 2020” report by fDi Intelligence.

Despite the challenges of the global pandemic in 2020, Dubai was able to strengthen its position as a global economic and financial hub. Taking advantage of Dubai’s strategic geographical location, thriving business ecosystem and quality of life, more multinational corporations established their regional headquarters in Dubai, creating new jobs and attracting global talent to live and work in the city. At the same time, regional and global startups considered Dubai’s infrastructure and connectivity to be the ideal combination to launch, test and expand their business.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said “Dubai’s regional leadership and global prominence in FDI attraction and future economic opportunities for global businesses and startups are the result of the great vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, that laid solid foundations for Dubai’s emergence as a smart and sustainable city of the future, the main gateway to regional growth markets, and a pivotal hub in the global economy.”

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