Dubai has attracted over 1,000 millionaires due to high growth in its economy and improvement in investment laws, surpassing New York and other major world cities, the Emirate’s Deputy Ruler has said.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said that at a time when worldwide investment flow was stagnating, Dubai managed to boost foreign direct investment (FDI) flow by nearly 41% thanks to its improving investment climate.
In an article he wrote for Oxford Business Group in its 2019 report on Dubai’s economy, he said Dubai’s FDI reached Dh38.5bn ($10.5bn) in 2018.
“Dubai attracted more than 1000 millionaires from outside the country, surpassing Los Angeles, New York, San Francisco, Melbourne and Sydney,” he said.
Speaking about Expo 2020, Sheikh Maktoum said the event will showcase the city not only as a hub for advanced technology but also as a driving force for talent, creativity and collaboration.
The expo will stimulate significant long-term growth and job creation by building lasting relationships across economic sectors, he said.
He revealed that Expo 2020 and its legacy are expected to contribute Dh122.6bn ($33.4bn) of gross value added to the UAE economy from 2013 to 2031.
He said Dubai would pursue plans to convert Expo site immediately after the event into an integrated community called District 2020, made up of start-ups, leading companies and entrepreneurs.
Siemens has already announced that it will set up its new global logistics headquarters there, he said, adding that District 2020 community will pilot many new applications of next-generation technologies and it will be one of the most connected places on the planet.
