Dubai ranked number one in foreign direct investment capital, projects, and job creation in the tourism sector in 2021 with 6.4 billion dirhams ($1.7 billion) in FDI across 30 projects, according to fDi Markets data from the Financial Times.

Dubai has emerged as a key global economic hub and the world’s leading investment destination, according to a statement by Dubai Media Office.

Crown Prince of Dubai and Chairman of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that as a top FDI destination for tourism, Dubai reaffirms the sector’s role as an economic driver that offers investors stability and sustainable returns.

According to the Dubai FDI Monitor report, published by the Dubai Investment Development Agency, new investments and projects generated 5,545 new jobs during 2021.

It hosted Expo 2020 Dubai, celebrated UAE’s Golden Jubilee, and emerged as one of the world’s safest destinations following COVID-19 in 2021, the statement added.

United Bank for Africa launches Dubai branch

United Bank for Africa launched its Dubai International Financial Center branch, expanding its operations to the UAE, according to The Guardian Nigeria.

Dubai Financial Services Authority will regulate the DIFC Branch under a Category Four license, the article said.

The bank’s Group Managing Director and CEO, Kennedy Uzoka said: “Today, we are formally on four continents across the globe, operating in 24 countries, serving over 35 million customers and still growing.”

“We are the only bank of Nigerian origin that has extended out of Nigeria to the UAE,” he added.

In a statement, UBA said its DIFC branch will offer correspondent banking, relationship management, and advisory services to corporate and financial institutions and customers across the Middle East.

In this expansion, UBA Group will be able to leverage opportunities in 72 countries with an estimated population of three billion people and a nominal gross domestic product of 28 trillion dirhams.

Tags