Dubai FDI to build on growing investment inflows from US
Dubai Investment Development Agency (Dubai FDI) and Dubai Exports, both agencies of Dubai Economy, are heading to the US on a mission to draw focus on to the development strategies and policy initiatives transforming the emirate into a knowledge economy and innovation hub.
The Emirates Group, Dubai South, Dubai Multi Commodities Centre (DMCC), Department of Tourism & Commerce Marketing (DTCM) and Jebel Ali Free Zone Authority (Jafza) are also part of the delegation, which is supported by the UAE diplomatic missions in the US as well as the US-UAE Business Council.
The delegation will meet public and private sector representatives including senior government officials, corporate and business executives in Seattle and Portland during the five-day visit scheduled for 11-15 September 2017. For Dubai FDI, this would be the fourth visit to the US in the last three years.
The mission aims to build on the growing bilateral engagement and highlight the Dubai advantage, particularly in connecting businesses to the emerging markets across the Middle East, Africa, Indian Subcontinent and the CIS (Commonwealth of Independent States) region. Dubai as an enabling hub for innovation-driven investments and entrepreneurship will also be a key message.
Fahad Al Gergawi, CEO of Dubai FDI, said the global private sector generally and US investors particularly have responded enthusiastically to the ambitious infrastructure development and policy improvements such as the Public-Private Partnership Law in Dubai.
“Trends captured by our Dubai FDI Monitor over the first quarter of 2017 show that Dubai received AED 4.77 billion (roughly $1.2 billion) in foreign direct investments, making it ninth globally in FDI receipts. The US was the topmost source country for both FDI capital and FDI projects to UAE, accounting for a share of 28.7 per cent and 25 per cent respectively, during the same period,” Al Gergawi said.
Initiatives like the Dubai Industrial Strategy 2030, aimed to elevate Dubai into a global platform for knowledge-based, sustainable and innovation-focused industries, and infrastructure projects linked to the Expo 2020 would be of substantial interest to US enterprises and investors, added Al Gergawi.
“69 per cent of FDI projects attracted to Dubai during the first quarter of 2017 involve High and Medium technology and together, they account for 24.3 per cent of the total FDI capital into Dubai. It’s indeed a clear indicator of Dubai’s credentials and potentials as a hub to develop and export new technologies,” Al Gergawi said.
“For many of the world’s fastest growing economies and consumer markets Dubai is already a competitive source market. Steady improvements in the manufacturing and logistics infrastructure as well as unique air and sea connectivity to cities and distribution hubs make Dubai an ideal location for businesses that seek sustainable growth and global expansion,” commented Engineer Saed Al Awadi, CEO of Dubai Exports.
Al Awadi added that Dubai’s connectivity is already being leveraged successfully by the high-tech industry in exporting their expertise to a vast regional market. “We are looking at Dubai serving as a stimulating and rewarding hub for more such companies as well as creative entrepreneurs.”
The largest city in the State of Washington, Seattle is home to a tech industry that comprises Amazon and Microsoft as well as the aircraft manufacturer Boeing. Portland, known for its marine terminals and environmental conscious is also home to a strong tech industry, led by Intel.