In January and February it received a total of five projects, edging out London which received four. Since 2003 Singapore has received 233 of these investments, making it the top destination over the past eight years.

Back in 2006, London was the top recipient of this kind of FDI, but since 2007 the honour has gone to Singapore.

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The city-state is coming off an excellent 2010, where it was the most popular urban destination for FDI projects.

In a recent example, Swiss financial services company Union Bancaire Privee is pushing forward with a development strategy in the Asia-Pacific region which it will lead from its newly opened regional headquarters in Singapore. The company has ambitious growth plans for its business activities in this key market, specifically in private banking.