Business

Future readiness key to Dubai's leadership in attracting FDI

Future readiness key to Dubai's leadership in attracting FDI

Dubai Investment Development Agency (Dubai FDI) is working closely with investors with the aim of enhancing the absorptive capacity of new quality investments that keep pace with global market trends and support sustainable economic growth in the emirate, said Fahad Al Gergawi, CEO of Dubai FDI and President of the World Association of Investment Promotion Agencies (Waipa).

Participating in an open forum organised by Dubai Economy as part of its 'Market Dialogue' series under the title 'Investment Readiness" The Future of Growth, Partnership and Innovation,' Al Gergawi emphasised that future readiness is critical to maintaining the progress achieved by Dubai, most notably its decade-long leadership regionally as the topmost city in attracting FDI, during 2010 - 2019.

During the dialogue Al Gergawi shed light on the investment environment in Dubai post Covid-19, its strategic components, new types of investments being attracted and the opportunity available in the city for companies for growth, partnership and innovation.

Al Gergawi explained that Covid-19 demonstrated the efficiency and speed of services provided by the government of Dubai and the free zones in the emirate to facilitate the process of establishing and licensing investment projects and companies in the emirate, which created new opportunities and promoted growth of investments in critical sectors such as healthcare, logistics, e-commerce and digital economy, and particularly in technologies and services relating to food and agriculture.

Al Gergawi said: "Businesses locally and internationally realise the advantages of being in Dubai. A number of strategic components, including infrastructure, legislation, public services, geographical location, reinforce Dubai as a smart and sustainable city of the future, and a major hub in the global economy. Investment in its essence is concerned with the future, and that is why Dubai continues to develop its readiness in all fields in line with the vision and directives of our leadership, particularly His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai."

In spite of the impact of Covid-19, Dubai remained at the forefront of cities in the Middle East & North Africa and sixth globally in attracting FDI capital during the first half of 2020. Globally, the city ranked third in attracting greenfield FDI and fourth in project capital. Dubai also ranked first in Mena and seventh globally in the number of jobs resulting from FDI.

Speaking of the role of Investment Promotion Agencies (IPAs), Al Gergawi, in his capacity as President of Waipa, stressed that they play a vital role in supporting sustainable economic development at the level of cities and countries globally. IPAs assume added significance in light of the economic challenges that the world is currently facing, especially with declining global FDI, which dropped to less than $1 trillion this year.

Al Gergawi added: "At Waipa, we are working to strengthen capacities in crisis management and recovery in the short to medium term as well as setting strategic action plans that enhance private sector investment in productive assets, which will positively affect the global economy, create jobs and boost growth. We feel proud that Dubai's leadership foresee the future of FDI as reflected in the launch of the 'Hamdan Centre for the Future of Investment.' Such initiatives promote capacity building globally at the professional, institutional and market levels to attract investments in projects that support the global Sustainable Development Goals 2030."

Dubai has continuously maintained its leadership in attracting sustainable investments over the past ten years and also grown into a preferred global headquarters for international companies in the Middle East, Africa and South Asia. - [email protected]