In a new achievement that reflects the level of international consensus on its worth by playing an influential role in leading global efforts within the various economic development paths, the Emirate of Dubai won the chairmanship of the World Association of Investment Promotion Agencies (WIPA), represented by Dubai Investment Development Corporation, one of the institutions of "Dubai Economic", in Election of the Executive Committee of the Assembly for the period from 2019 to 2021, after it won the confidence of the members of the General Assembly of the representatives of 49 countries and cities participated in the vote held by direct ballot for the presidency for the first time, while the vote was held by secret ballot to choose the Vice-Presidents and Representative Regional Committees of the Executive Committee.
This came within the framework of the meetings of the General Assembly, which took place on Monday evening in the Polish capital of Warsaw, which hosts the annual meetings and the 24th World Investment Conference organized by the "IPA" annually from 7 to 10 October.
WIPA is one of the most important international investment agencies in the world and was established in 1995 in Geneva, Switzerland, as a global non-profit organization by the United Nations Conference on Trade and Development (UNCTAD) to promote the role of investment promotion agencies in economic development and attract direct foreign investment. The association has more than 160 investment promotion bodies from 130 countries, while the WIPA Advisory Board includes a number of UN organizations, including the International Labor Organization (ILO), the Industrial Development Organization (UNIDO), the World Bank, the International Chamber of Commerce and the World Trade Organization. Economic Cooperation and Development (OECD).
Over the past years, DIFC's efforts to support joint action, build capacity and strengthen partnership in the development, promotion and facilitation of foreign direct investment culminated in becoming the Regional Director of WEPA for the Middle East and North Africa (MENA) region from 2013 to 2016, then Deputy President for the period from 2017 to 2018, to win again the confidence of the members of the General Assembly, and an unprecedented consensus, becoming the first investment promotion body to win the presidency at the city level for the period from 2019 to 2021.
Pride.
Fahad Al Gergawi, Executive Director of the Dubai Investment Development Corporation, expressed his pride in the confidence of the members of the WIPO General Assembly and his delight in the victory of Dubai, headed by the World Association of Investment Promotion Agencies, which came as a result of continuous efforts over the past years in supporting joint work and partnership with investment promotion agencies from countries and cities. Members of the organization within the framework of the UAE's approach and Dubai's strategy towards working closely with the most important partners of international organizations and close cooperation in advancing global economic development and cooperation in shaping a future full of opportunities.
Al-Gergawi pointed out that Dubai's leadership among the three most important cities attracting foreign direct investment, reinforces its positive role in promoting the stability and growth of the global economy, while FDI inflows continue to grow in Dubai, recording exceptional growth during the first half of 2019, with the arrival of capital Funds for investment projects announced during the period amounted to AED 46.6 billion, a growth of 135% compared to the same period last year, according to data from the Dubai Investment Observatory of the Dubai Investment Development Corporation.
Fahad Al Gergawi, in his speech to the General Assembly "WIPA", reviewed the vision and programs of the Dubai Investment Development Corporation, and explained that the UAE continues to consolidate its position and reputation as a preferred destination for investment and that Dubai continues to gain more confidence of the global investment community thanks to our wise leadership that upholds the values of cooperation and partnership Tolerance, puts the future and human happiness at the forefront of its priorities.
In his speech, he stressed the importance of the role of investment promotion bodies and their positive impact on communities, cities and countries. The Qudorat 2030 initiative launched by the Hamdan Center for Investment Future in partnership with WIPA to work to develop and build professional, institutional and market capabilities to attract investment affecting development. "A wide tribute from the members of the General Assembly.
In his speech, Al Gergawi expressed his appreciation and pride in the confidence of the members of the General Assembly in the efforts of the UAE and Dubai in promoting sustainable economic development and facilitating investment operations globally, pointing out that projects directed towards the Sustainable Development Goals around the world are estimated at 15 trillion dollars by 2030. Al-Gergawi said that investment promotion agencies will play a crucial role in promoting partnership with investors, supporting and facilitating the growth and expansion of their business regionally and globally and creating new opportunities to promote the growth and prosperity of the global economy.
Through its leading role, WIPA is working to strengthen the partnership with investment promotion agencies and to recognize the emirate's capabilities and leadership in attracting foreign direct investment globally and capitalizing on the advantages offered by the Emirate of Dubai as a future investment gateway and a global center for foreign investors.
It is worth mentioning that the World Association of Investment Promotion Agencies is working to achieve a number of objectives, foremost of which is to enhance cooperation among member bodies and to support the exchange of information to encourage and facilitate foreign direct investment flows, share the experiences of countries and regions in attracting foreign investments as well as in the field of foreign investment, and help member organizations to Play an effective advisory role through which they can advise their governments on developing and updating legislation, policies and strategies in support of investment, as well as facilitating training and qualification services for member bodies to help them Carry out their roles more efficiently and effectively.