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The Dubai Investment Development Agency, Dubai FDI, has kicked off its first of a series of visits for 2019 under the Global Promotional Investment Programme. The tour, which takes place from 9th March to 16th March, 2019, is aimed towards strengthening bilateral relations with one of the most important global economic powers while also opening new markets in line with Dubai’s vision to promote economic diversification. The mission is scheduled to visit Los Angeles, California and Denver, Colorado.
A total of 18 senior executives from key sectors are scheduled to participate in the Promotional Investment Mission, which is led by Dubai FDI, and also includes key agencies like the Dubai Exports, Dubai Science Park, Dubai South, Dubai Airport Freezone, Dubai Multi Commodities Centre, DMCC, Emirates Group, US-UAE Business Council and UAE diplomatic representatives in the United States.
The mission focuses on promoting the opportunities and significant advantages available in the local market, including vital sectors that contribute to achieving the targets of Dubai’s industrial plan 2030 such as advanced manufacturing industries, including aerospace and medical life sciences, as well as food products, logistics and other fast-moving consumer goods.
Fahad Al Gergawi, CEO of Dubai FDI, said, "We are convinced that Los Angeles and Denver hold exciting prospects for mutually beneficial and sustainable partnerships between Dubai and the US. Los Angeles is already a major exporter of varied agricultural produce, transportation equipment, computers, and electrical products as well as services in the software, legal and academic domains to the UAE. Denver also presents a rich platform to capitalize on Dubai’s focus on innovation, services and high-tech industries, over and above our existing trade and investment partnerships."
The Dubai delegation’s previous Promotional Investment Mission to LA was a key success, which sought to follow on a recently signed MoU with Los Angeles City, and is currently performing well in vital sectors including electric vehicles, video games, e-commerce, IT and social media, academia, healthcare, clean technologies and sustainability, media and creative industries, among others. In 2017, exports to the UAE from LA was valued at US$834,613,717, while from the state of California, it reached $1.516 billion.
In Denver, the group will further extend its talks on current agreement signed under an MoU with the City of Denver, including ongoing discussions with Emirates airline. Denver is known for its strength in key industries such as aerospace, broadcast and telecommunications, healthcare & wellness, financial services, bioscience, energy, and IT-software.
Al Gergawi emphasised, "During this mission, we hope that we will be able to showcase the opportunities offered by Dubai to foreign investors, where the emirate not only offers global communication opportunities but also an environment conducive to doing business for international companies working in different sectors and to show how US companies, particularly those working in export and business development, through leveraging from the many competitive advantages that encourage investment in Dubai as a regional or sub-regional centre for its business.
"A major advantage for Dubai and the UAE is the stability and security we have continued to enjoy, and the Government has built on those unique positives to develop a competitive business environment of which ease of doing business, transparency and accountability are the cornerstones. As a result, investors globally have expressed a growing confidence in Dubai."
CEO of Dubai Exports Saed Al Awadi said, "The USA is an important market for Dubai and we do always support this type of activities. USA is one of the top 5 strategic trade partners for Dubai, and we do believe that Dubai is well located to be a gateway for USA to reach other markets through."
"There is an also a strong trade in services as well as collaboration between companies in the two geographies. We see Dubai well placed to allow US companies to expand into the wider MENA region from the emirate whilst allowing the UAE companies to benefit excellent connectivity to capitalise on opportunities in the Americas," he continued.
The US Department of Commerce’s latest data shows that the inter-regional trade volume between the UAE and US reached $21.8 billion from January to November 2018, with US exports to the UAE being valued at $17.2 billion. Meanwhile, UAE’s exports to the US have amounted to $4.6 billion during the same period. The Global Promotional Investment Programme is a continuing initiative aimed at attracting investments and promoting Dubai as one of the most important investment destinations in the region and the world.
The latest data from the Dubai FDI Monitor indicates that foreign direct investment inflows from the US into Dubai in 2018 reached AED14.3 billion ($3.9 billion), with a total of 121 projects for US foreign direct investment--making the US the topmost investor in both terms.
The data also reveals that foreign direct investment from the US was concentrated in the accommodation and food service sectors, retail and wholesale trade, administration of support services, software publishers, and management of companies and enterprises.
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