Dubai attracted a record 1,117 foreign direct investment (FDI) for projects in 2024, maintaining its position as the top global destination for FDI for the fourth consecutive year, according to data from the Dubai FDI Monitor.
Dubai attracted an estimated 52.3 billion Emirati Dirhams (approximately $14.2 billion) in FDI capital during 2024, a 33% increase from 39.26 billion Emirati Dirhams ($10.7 billion) in 2023.
Hotels and tourism accounted for 14% of estimated foreign capital in 2024, equal to $2 billion, tied with real estate as the most heavily invested sector in Dubai. The tourism category saw 45 individual FDI projects, making it the most active by project count among the top five sectors. Real estate followed with 11 construction projects.
In 2024, Dubai saw 18.7 million international visitors, up 9% from the previous year.
Dubai’s Top FDI Sources
For Dubai, India emerged as the top source of FDI capital for the first time, driven in part by real estate investments. The United States and Switzerland concentrated their capital in software, IT services, and tourism.
In global terms, Dubai accounted for 6.2% of all FDI projects. Within the Middle East, it captured 55% of the region’s total.
The data comes as Dubai pushes ahead with its D33 economic agenda, which includes a target of $177 billion in FDI over the next decade. The strategy focuses on positioning Dubai as one of the top three cities globally for both business and leisure — a goal that hinges in part on continued growth in tourism-related investment.
Riyadh Investments
Riyadh, which has been aggressively positioning itself as a regional investment hub, attracted 191 FDI projects in 2024. Despite high-profile efforts such as the creation of a dedicated FDI marketing ministry and the launch of a $5 billion investment partnership with BlackRock, Saudi Arabia’s capital is still far behind in converting global investor interest into actual project commitments.
FDI is a hot topic in Saudi Arabia, especially regarding tourism projects. Multi-billion-dollar projects like Neom, Diriyah and Red Sea draw attention for the immense amount of public spending they have required. However, these projects are largely focused on the leisure market – religious tourism is the largest travel segment in Saudi by a wide margin. In January, Saudi opened up FDI into Makkah and Medina projects for the first time.