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Dubai FIO named as MENA director of global forum

DUBAI — The Foreign Investment Office (FIO), an agency of the Dubai Department of Economic Development (DED), has been selected to the Steering Committee of the World Association of Investment Promotion Agencies (WAIPA) in view of the leadership role of FIO in promoting foreign direct investment (FDI) in Dubai.

The Foreign Investment Office, on behalf of the UAE, will represent Middle East and North Africa as director in the WAIPA Steering Committee for the next two years up to August 2012.

The Foreign Investment office was elected to as the MENA regional representative during its participation in the WAIPA annual conference held recently in Buenos Aires.

WAIPA is A Geneva-based international organisation created in 1995 under the auspices of the United National Conference on Trade and Investment (UNCTAD) to promote networking and sharing of knowledge as well as best practices among investment promotion agencies across the world. WAIPA members now include 245 national and sub-national agencies from 162 different countries.

Welcoming the Foreign Investment Office into the Steering Committee, Carlos Alberto Bronzatto, Executive director of the WAIPA Permanent Secretariat, said the MENA regional directorship represents a high level institutional endorsement of the leading FDI position achieved by the emirate of Dubai in particular and the UAE in general.

“It is our hope and belief that — by assuming this regional directorship — Dubai takes yet another important step towards consolidating its image of a sound destination for investments, given its closer ties with an international association which bears an increasing influence on the world governance of FDI”, he added.

Bronzatto also congratulated Sami Al Qamzi, Director-General of the Dubai Economic Development and Fahad al Gergawi, CEO of the Foreign Investment Office for their successful endeavours in promoting foreign investment and international co-operation in this realm.

The WAIPA Steering Committee membership will allow Dubai to play a critical decision-making role in policies and strategies relating to FDI movement across the world. It also empowers the Foreign Investment Office and its CEO to further enhance WAIPA’s presence in Middle East and North Africa. At the end of the two-year term FIO can re-submit its candidacy for directorship or alternatively seek the Presidency or Vice-Presidency of WAIPA.

“WAIPA and its members acknowledge the lead role of Dubai in shoring up global investor confidence as well as the hub status of Dubai in promoting foreign direct investment across the MENA region”, said Fahad Al Gergawi, CEO of the Foreign Investment Office.

“We will continue to promote the investment environment in the UAE in general, highlighting the opportunities and advantages in setting up business in Dubai.

“The FIO is committed to achieving the common investment objectives set by the UAE leadership and we are confident that the federal law on investment, which will be announced soon, will accelerate flow of investment into the country”, he added.

The Foreign Investment office is currently developing a comprehensive strategy to ensure active participation of the UAE in WAIPA events and use them as effective platforms to promote the country as an ideal destination for foreign direct investments. The Foreign Investment Office has already started preparations for the second WAIPA symposium for MENA region. —