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Dubai witnesses drop in foreign direct investment

Image of UAE money [SimonQ/Flickr]
UAE Dirhams [SimonQ/Flickr]

Foreign direct investments in the United Arab Emirates' Dubai fell by a whopping 74 per cent in the first half of 2020 compared to the same period last year as the COVID-19 pandemic continues to impact the economy.

The emirate, the Middle East's main financial and commercial hub, attracted 12 billion dirhams (around $3.3 billion) in foreign investments in the first six months of 2020, Reuters reported, cited an official statement by Dubai's government.

The Director-General of the Department of Economic Development in Dubai, Sami Al-Qamzi, said the pandemic posed a challenge for the economy but incentives have prompted "positive developments in the investments environment".

Dubai imposed a general lockdown for several weeks as part of government measures to control the spread of the novel virus. The lockdown resulted in the temporary closure of several companies.

According to Worldometer, the UAE has registered 61,606 infections and 353 deaths.

READ: UAE reactor will produce dangerous nuclear waste, says Greenpeace

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