Dubai approves a $49.3 billion budget for 2022-2024: What does it mean for foreign companies
Dubai has been a magnet for foreign organisations since its inception. Its geographic and economic strategic position makes it a centrepiece for the Middle East, North Africa, and South Asia regions. Resultantly, Dubai is an ideal location for both small and medium-sized enterprises (SMEs) and global investors. It is an important address for operations and fertile land for new businesses to spread their wings and witness growth and success.
Now, how did Dubai get to where it is today? Most of Dubai’s success is credited to its forward-thinking leadership, and rightfully so. The leaders of this land, since its very inception, have been open to adopting global ways of doing business to make the economy rise to the level it stands today—tall and inspiring.
Over the past many years, there have been many leadership decisions that have not only made it possible for the emirate to reach new heights but also played a vital role in shaping the entrepreneurial and foreign direct investment (FDI) landscape here.
As per the Dubai FDI Annual Results & Rankings, 2020, continuous FDI flows and the emirate’s success in combating the COVID-19 pandemic effectively by initiating the recovery phase in record time remained the main reasons for the city’s leading position in regional and worldwide rankings as a major FDI hub in 2020. This trend is reflective of Dubai’s commitment to providing the best investment environment for foreign companies to set up a business, expand, and prosper, with the overarching aim of making the city the best place to work, live, and invest.
Adding to the advantages and hinting at a new empowered economy is the recent approval of the Government of Dubai’s general budget for the fiscal cycle of 2022–2024, earmarked at around $49 billion, by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.
