Foreign investment in Dubai plummets in first half 2020

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

The Middle East financial and trade hub drew in 12 billion dirhams ($3.3 billion) in the six months to June 30, according to a government of Dubai statement released on Monday.

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

Sami al-Qamzi, head of Dubai’s economic department, said the pandemic has presented challenges but that stimulus packages had driven “positive developments” in the investment environment.

Dubai’s government media office did not immediately respond to an emailed request for further comment.

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.