As coronavirus hits global economy, foreign investment in Dubai plunges 74 pct

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Foreign direct investment in Dubai fell by 74 percent in the first half of the year compared with the same period of 2019, as the coronavirus pandemic stalled parts of the global economy.

The Middle East financial and trade center drew in 12 billion dirhams ($3.3 billion) in the six months to June 30, the Dubai government said in a statement.

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The statement did not provide a comparative figure, but the government last year reported 46.6 billion dirhams in first half foreign direct investment.

Confident about future

Dubai Investment Development Agency (Dubai FDI) Chief Executive Fahad Al Gergawi said the coronavirus pandemic and subsequent disruption to supply chains, restricted business activity, mobility and travel had caused a decline in foreign investment globally.

Read more: Coronavirus: World Travel and Tourism Council awards Dubai ‘Safe Travels’ stamp

“While the COVID-19 challenge is not over yet, we are confident about the future performance of Dubai in FDI attraction as a pivotal enabler and facilitator of global business growth and expansion across regional and global markets,” he said.

Dubai was locked down for several weeks as part of government efforts to curb the coronavirus, causing many businesses to temporarily shutter.

The United Arab Emirates has recorded 61,352 cases of the virus and 351 deaths. The Gulf state does not disclose where in the country the infections and deaths have occurred.

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