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Dubai remains largest recipient of greenfield FDI followed by Sharjah The total value of new greenfield projects in the UAE fell 33 percent year-on-year (YoY) in 2024, despite the number of projects rising 2 percent, Emirates NBD said in a new report. Dubai continued to attract the largest share of greenfield foreign direct investment (FDI) in the UAE in 2024, accounting for around 58 percent of the total value of announced projects, followed by Sharjah at almost 12 percent, the Dubai-listed lender said in its GCC: 2024 Greenfield Foreign Direct Investment report. Abu Dhabi accounted for just under 11 percent of the total value of announced projects last year but saw a sharp reduction compared to 2022 and 2023. The previous years saw substantial investments in renewables, automotive original equipment manufacturers (OEMs), and the ICT sector. India, the United States, and the United Kingdom remained the primary sources of FDI for greenfield projects. The sectors attracting the highest investment included real estate, software & IT, renewables, coal, oil & gas, business services, and automotive OEMs. Key projects included a $680 million project by Saudi-listed ACWA Power for the development of a water plant in Sharjah, two solar power projects worth $633 million each, a $600 million bio-fuel processing plant in Fujairah, and several automotive OEM projects, the report said. |
