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NEW DELHI: India’s foreign direct investment into Dubai surged to over $3 billion in 2024, making the South Asian nation its top investor, the latest data shows.

Dubai’s Department of Economy and Tourism announced this week that the most populous of the UAE’s seven emirates attracted 52.3 billion dirhams ($14.20 billion) in estimated FDI capital in 2024.

India was “the top source country with the highest total estimated FDI capital into Dubai, accounting for 21.5%,” the main authority for the planning, supervision and development of Dubai’s business and tourism sectors said in a statement.

This amounts to about $3.05 billion, five times more than 2023, when India was Dubai’s fifth largest FDI capital contributor.

Last year, India was followed by the US at 13.7 percent, France with 11 percent, the UK at 10 percent, and Switzerland with 6.9 percent.

India was also the second-largest player in FDI projects to Dubai, accounting for 15 percent and preceded only by the UK at 17 percent.

Business leaders saw a surge of Indian investment not only in Dubai but also in the whole of the UAE. This was facilitated by a series of bilateral agreements, in particular the 2022 UAE-India Comprehensive Economic Partnership Agreement, which has eliminated trade barriers, lowered tariffs and eased business operations, making it easier for companies in both countries to access each other’s markets.

Adeeb Ahamed, managing director of LuLu Financial Holdings and chair of the Middle East Council of the Federation of Indian Chambers of Commerce and Industry, said it has enabled “remarkable economic collaboration” and allowed Indians “to take full advantage of this favorable (investment) atmosphere.”

In Dubai, business services, software and IT services, consumer products, food and beverages, and real estate are currently the top sectors representing Indian FDI, according to the FICCI’s data.

“This diversification reflects Indian businesses’ strategic approach to global expansion. The regulatory environment — the 2022 Comprehensive Economic Partnership Agreement and 2024 Bilateral Investment Treaty — have significantly reduced barriers, while world-class infrastructure and bilateral agreements have created an ecosystem where Indian enterprises can truly flourish,” FICCI Director-General Jyoti Vij told Arab News on Wednesday.

“This meteoric rise from the fifth to first position as Dubai’s top FDI source demonstrates our growing global ambitions and capabilities.”

MOGADISHU: The death toll from an Al-Shabab attack on a hotel in central Somalia where clan leaders were meeting on Tuesday has risen to 10 and most of the victims were civilians, a police officer in the town said on Wednesday.
On Tuesday, attackers from the Al-Qaeda-linked group struck the hotel in Beledweyne with a car bomb before its gunmen entered the hotel and engaged in a day-long siege with government forces trying to flush them out.
Clan elders from the Hiran region had gathered in the hotel for a meeting to discuss ways of countering Al-Shabab before the attack, which the Islamist militant group claimed responsibility for.
A clan elder had earlier put the death toll at seven.
“The siege was concluded last night at midnight. Four attackers blew themselves up and the other two attackers were shot dead,” Major Nur Aden, a police officer told Reuters from Beledweyne, which is also the region’s capital.
“Ten people died in the hospital including elders and soldiers, mostly civilians,” he said.
A resident who lives next to the hotel, Ahmed Ismail, said gunfire had died down at around midnight.
Al Shabab often conducts bomb and gun attacks in the fragile Horn of Africa nation as part of a campaign launched nearly two decades ago to topple the government and establish its own rule based on its strict interpretation of Islamic law.
Al Shabab said in a statement its fighters had killed 20 people including soldiers and elders. It gave no details of its own casualties. The numbers it gives often differ from those of officials and residents.