Firms invested $148m in Dubai FDI projects in 2024: report

Singaporean firms played a significant role in sectors such as software and IT services and financial services.

Singaporean companies invested $148.3m (US$111m) across 41 foreign direct investment (FDI) projects in Dubai in 2024.

According to Dubai FDI Monitor data, Singaporean firms played a significant role in sectors such as software and IT services, financial services, food and beverages, transportation and warehousing, and consumer products.

Several major Singapore-based companies expanded their operations in Dubai. Dymon Asia Capital, an investment management firm, established a new office, whilst DBS Group and Bank of Singapore grew their presence in the Dubai International Financial Centre (DIFC) to cater to clients in the Gulf Cooperation Council (GCC), India, and Greater China.

The fintech and digital finance sectors also saw expansion, with CoinDepo and Doo Group setting up offices in Dubai.

The transportation and logistics sector saw notable investments from PacMaK DB Marine Group, M&C Aviation, and Britoil Offshore Services, all of which established operations in Dubai to support regional expansion.

Reinvestment projects from Singapore into Dubai also grew by 300% compared to 2023, indicating sustained confidence in Dubai’s market. Companies such as DBS Group, Bank of Singapore, Wellbred (an energy and commodity trading firm), and WRISE (a wealth management consultancy) expanded their offices and workforce in the emirate.

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