Dubai Economy: Readiness for the future supports opportunities for partnership and innovation and reinforces the leadership of the emirate for a full decade
The Executive Director of the Dubai Investment Development Corporation, one of the Dubai economic institutions, and the president of the World Association of Investment Promotion Agencies (WIPA), Fahad Al-Gergawi, confirmed that Dubai maintained its leadership among the destinations of foreign direct investment during the first half of this year, despite the negative effects that the outbreak had left. Coronavirus, Covid-19, on the activity of business expansion and the significant decline in foreign direct investment flows globally, indicating that it came in first place among the cities that attract foreign direct investment in the Middle East and North Africa region.
And the third place in the world in terms of the number of new projects.
And fourth in the world in terms of project capital.
Al-Gergawi said that Dubai ranks first in the Middle East and North Africa and third in the world as the best city in the world in relation to the number of foreign direct investment projects that have been attracted.
Noting that it ranks first in the Middle East and North Africa region and sixth in the world as the best cities in the world to attract foreign direct investment in terms of capital inflows.
In addition to the first place in the Middle East and North Africa region and the seventh in the world as the best cities in the world in terms of the number of jobs resulting from foreign direct investments.
During the open dialogue, organized by the Dubai Economic Department as part of the "Market Dialogue" series, under the title: "Investment Readiness: The Future of Growth, Partnership and Innovation", he stressed that the corporation works closely with investors with the aim of enhancing the absorptive capacity of new quality investments that keep pace with the development of global markets. It promotes the sustainability and growth of foreign direct investment in the emirate of Dubai.
Pointing out that future readiness supports opportunities for growth, partnership and innovation for investors.
It maintains the emirate's gains, most notably its export to the region's cities for a full decade from 2010 to 2019, in attracting foreign direct investment.
Al-Gergawi explained that the Covid-19 pandemic showed the efficiency and speed of services provided by the Dubai government and free zones to facilitate the process of establishing and licensing investment projects and companies in the emirate, which created new investment opportunities that enhance the growth and expansion of investor business in the sectors of health care, logistics, e-commerce and the economy. Digital, along with new sectors, such as food and advanced agricultural technology.
He said, "The advantages of Dubai that it enjoys and made it a destination for investment and conducting business for global and emerging companies are not hidden from the local and global business community. This is what we call the strategic components, including infrastructure, legislation, public services, geographical location and other components that have strengthened Dubai's global position as a city. The future is smart and sustainable, and as a major pivot in the global economy. But as you know, investment is at its core concerned with the future, which is why the Emirate of Dubai continues the process of developing its readiness in all areas with confident steps, thanks to the vision and guidance of the wise leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the State Prime Minister and Ruler of Dubai. "
Al Gergawi added: “From here comes the importance of Dubai’s readiness to attract investment in its traditional and new forms, which crystallized in launching many specialized strategies and initiatives over the past years that have strengthened the emirate’s readiness to attract investment in new economic sectors, the most important of which are the green economy, renewable energy, and a smart city. Digital economy, artificial intelligence, transportation, 3D printing, electronic commerce, and other technologies of the Fourth Industrial Revolution. These initiatives have contributed to Dubai achieving a distinguished position among the ten most important cities attracting investment in the world in the fields of artificial intelligence, renewable energy, space and financial technology.
Al-Gergawi pointed out that global investment trends confirm the importance of the maturity of the local market in the areas of entrepreneurship and innovation, which have become one of the most important factors attracting new types of investment, especially venture capital investments in emerging companies and mergers and acquisitions.
Despite the challenges of the (Covid-19) pandemic, and the restrictions imposed on international travel, Dubai was able to achieve a new milestone in attracting investments of more than two billion dirhams in startups that are based in the emirate.
On the role of the Dubai Investment Development Corporation and its services, Al-Gergawi emphasized its role in developing, promoting and supporting foreign direct investment opportunities through strategic programs and specialized services for the local and global investor community.
He indicated that the corporation represents the Emirate of Dubai in all government agencies, specialized national committees, and international bodies and institutions concerned with foreign direct investment.
It also provides its services free of charge to facilitate the success, growth and expansion of the business of foreign investors in the Emirate of Dubai, for several categories including investors and government agencies supporting the expansion of companies globally and specialized consulting firms, within the framework of global standards for defining foreign direct investment.
Regarding the most prominent results achieved by the emirate of Dubai in terms of foreign direct investment, Al Gergawi pointed out that the emirate occupies a distinguished position in the Financial Times Index (FDA Markets), which monitors capital flows and new investment projects around the world, and classifies Dubai as a major global city. In all reference comparisons and city performance classifications in attracting foreign direct investment, given the sustainable performance of the Emirate of Dubai in attracting investment over the past ten years.
At the strategic level, the Emirate of Dubai has achieved a new global achievement in the sustainability of attracting foreign direct investment, to strengthen its position as a preferred global destination for investment in various economic sectors and a center for the headquarters of major international companies in the Middle East, Africa and South Asia.
On the role of investment promotion agencies, Al-Gergawi, in his capacity as President of the World Association of Investment Promotion Agencies (WIPA), pointed out that they play a vital role in supporting sustainable economic development at the level of cities and countries globally, and its importance will increase in light of the economic challenges that the world is currently going through, especially with a decrease Global foreign direct investment rates are at unprecedented rates, to less than a trillion dollars this year.
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