Dubai 'still a top destination' for MENA investors

08/09/2010 - Dubai Investment News
Dubai 'still a top destination' for MENA investors

Posted by Bob Brunskill

Dubai remains a highly attractive destination for foreign direct investment in the Middle East and North Africa (MENA) region, a new study has concluded.

The Foreign Investment Office of the Dubai Department of Economic Development (DED) surveyed more than 1,000 global and regional investors and found that 54 per cent already have a presence in the city of Dubai, with an additional 16 per cent planning to enter Dubai in the next three years, Gulf News reported.

In addition, the study found that such investors regard Dubai as essential for gaining access to attractive MENA markets and for maintaining their most vital and strategic activities in the region.

The news comes after Sultan Bin Saeed Al Mansouri, the UAE economic minister, last week said the country is in the final stages of enacting new laws and updating existing regulations to boost investor confidence.

In a speech quoted by Gulf News, the minister said: "The UAE is currently the Arab World's second leading destination for foreign capital and our total FDIs stood at $69 billion in June of this year. A Foreign Investment Law intended to further accelerate foreign investment inflows is therefore being drafted as a priority.

"The law will unify legislations for foreign investments and will articulate exemptions and guarantees on investment projects."