The partnership seeks to promote and facilitate cooperation between business communities of both cities to drive foreign direct investment (FDI) as well as development.
The Dubai Investment Development Agency (Dubai FDI) has signed a MoU with the city of Los Angeles to drive foreign direct investment (FDI) and development, according to local newswire, WAM.
This follows the Americas’ growing focus on UAE as a major source market for investment and trade in line with its commitment to strengthening cooperation between business communities to drive foreign direct investment (FDI) by reinforcing existing trade relations.
The agreement will be a major boost to Dubai FDI’s efforts aimed at attracting sustainable foreign investment to the country to increase and diversify economic activities based on productivity and innovation, thereby contributing to the achievement of the strategic goals set by Dubai Plan 2021.
Fahad Al Gergawi, CEO of Dubai FDI, said that the signing of the MoU underscores Dubai's pioneering position as an ideal destination for US companies looking to build a strong presence within the regional market.
"The new strategic partnership with Dubai FDI paves the way for the business and investment communities in Los Angeles to explore opportunities in Dubai, which has a solid economy that offers tremendous possibilities within the vital sectors of productivity, innovation and knowledge,” added Stephen Cheung, President of World Trade Centre Los Angeles.