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The Dubai Investment Development Agency (Dubai FDI) has supportedBilkishAssociates, a company that specializes in debt resolution, credit verification, and sales services to financial and telecom institutions,in its choice of Dubai as the location for its global headquarters from where it operates in 11 countries across the Middle East, South Asia, South East Asia, and Africa.
Bilkish Associates has cited many factors favoring its decision to opt for Dubai as its global headquarters. These include Dubai’s strategic location as an international hubwith world-class infrastructure and logistics. Due to this strategic location, the company said, Dubai continues to harness global business opportunities. The emirate’s resilient economy and strong credentials in attracting foreign direct investment (FDI) as well its well-considered visa policies also contributed to Bilkish’sdecision to locate the company’s headquarters in Dubai.
Fahad Al Gergawi, Chief Executive Officer of Dubai FDI, said: “Stability and growth of the financial sector is crucial to Dubai’s economy and prosperity. Dubai continues to be the top Arab city on the Global International Financial CentersIndex 2021 and has been ranked in the top 15 worldwide for the past five years. The financial market ecosystem in the emirate is designed to facilitate capital flows and business growth, which lead to economic development. This makes Dubai an attractive proposition for support services that aid the smooth functioning of the financial sector.”
Al Gergawi added: “Whether it is fintech or developing a foundation for a thriving business environment, strategic focus on talent development in the sector, and benchmarking with the best globally, being a part of Dubai’s financial sector provides a reputational advantage to companies and businesses operating from the city.”
The financial and insurance activities sector contributed 11.8% to Dubai’s GDP in 2020.The sector is a crucial part of Dubai’s diversified economy. Recent analysis shows that innovative initiatives and partnerships, together with continued regulatory reforms, have ensured a place for the financial markets industry in Dubai alongside the top-rated global financial centres.With the objective of being the centre of the global Islamic economy, Dubai is also consolidating its place as the sukuk capital of the world, with the highest value of listed sukuk among the leading global centers of Islamic capital.
AkbaraliGulamali, Chairman and Managing Director ofBilkish Associates, said: “The UAE is a global hub that gives us unparalleled access to local, regional, and international markets. We are very excited to setup our head office in Dubai. This provides us a great opportunity during a period that has witnesses global economies go through various challenges.Dubai has continued to attract strong growth in FDI, which proves the resilience of the city and its economy. As a result of proactive and forward-thinking policies, Dubai offers the best of infrastructure, logistics, and diversified business opportunities.”
Dubai recorded exceptional FDI inflows in 2020 with 455 projects worth AED24.7 billion, according to data from the Dubai FDI Monitor, which uses Organization for Economic Cooperation and Development (OECD) methodology to track FDI data. Dubai has also retained its leading position in regional and global rankings as a preferred FDI destination in 2020, ranking amongst the top three FDI locations globally in greenfield FDI projects, and amongst the top five FDI locations globally in greenfield FDI capital, according to data compiled by Financial Times’ fDi Markets.
New initiatives, such as 100% foreign ownership of onshore companies and the establishment of the Dubai Integrated Economic Zones Authority as part of a new framework for enhancing services for businesses and investors at Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City, effective from 1 January 2022, are expected to improve investor confidence and increase FDI inflows.
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