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Virtual investor outreach set to lure bigger FDI flow to Dubai

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on June 7, 2021
The Commercial Companies Law allowing 100 per cent foreign ownership of companies is expected to significantly boost business confidence in the UAE


Dubai has initiated a virtual outreach to investors across six countries on the backdrop of a significantly enhanced investor-friendly ecosystem enabled by a series of game-changing policy reforms, including the 100 per cent business ownership and long-term visas.

The virtual outreach drive -- the Dubai Advantage -- is an initiative by the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, to attract global investors to the UAE as the nation wakes up to a new investment era offering infinite growth opportunities to entrepreneurs.

Ibrahim Ahli, director of Investment Promotion Department, Dubai FDI, said that the UAE shares a strong trade and investment partnership with multiple countries across the world. “At the same time, our leadership has a strategic vision that has prioritized public health along with business continuity during the challenging pandemic phase. Focused discussions between potential investors, the Dubai FDI team, and key public and private sector partners have helped us present the Dubai Advantage globally via webinars to maintain the city’s positioning as one of the world’s top attractors of FDI.”

The revolutionary Commercial Companies Law allowing 100 percent foreign ownership of companies effective from June 1 is expected to significantly boost business confidence in the UAE as it moves ahead with its post-coronavirus economic recovery with one of the best vaccination drives in the world.

Despite the headwinds of the pandemic, the UAE, ranked 15th globally in Kearney’s 2021 FDI Confidence Index, witnessed a 44.2 per cent jump in foreign direct investment in 2020 to Dh73 billion. Dubai recorded exceptional inflows of FDIs in 2020 with 455 projects worth Dh24.7 billion.

The increase brought the cumulative balance of FDI inflows to about Dh640 billion achieving a growth of 12.9 per cent compared to the same period in the previous year.

Analysts said the UAE business environment demonstrated continued strengths in factors most important to investors, including government incentives for investors. “The country’s strong enabling environment, featuring advanced technological infrastructure and high innovation levels, is also central to its FDI attractiveness.”

The Dubai Advantage has scheduled and conducted a series of webinars to date in 2021, connecting with potential investors and partners from various regions of the world including North America, Europe, South Asia, Asia Pacific, and the Far East to explore opportunities in the strategic sectors of Food & Agribusiness, Technology, and Healthcare.

The webinars have become an effective platform for stakeholders to continue exploring FDI opportunities in Dubai’s strategic sectors, Dubai FDI. Said in a statement.

Investment partners from China, India, Australia, USA (specifically New York City), Spain, and Italy engaged with government and organisational presenters to advance trade and investment opportunities during the first quarter of 2021.

The Dubai Advantage webinar with Chinese investors covering the Food & Agribusiness and Technology sectors took place on 12 January 2021. Indian and Australian investors participated in a webinar on 20 January 2021 on opportunities in Dubai’s Healthcare and Technology sectors.

The Dubai Advantage in the Technology sector was shared with investors from New York City on February 3, 2021 in a webinar while Italian investors focused on the Food & Agribusiness sector for Campania Region in a webinar held on February 16, 2021. Dubai FDI also presented the Dubai Advantage in the Food & Agribusiness sector on March 16, 2021 to potential investors in Spain, according to Dubai FDI.

“The ongoing participation of key government organisations in these virtual missions presents a holistic view of Dubai’s investment ecosystem. We work together as partners toward the future growth of Dubai,” said Ahli.

Research and development into agricultural technologies that offer a variety of crops and yields continues to be an area of focus. “In the technology sector, Dubai is one of the world’s prime movers in implementing the emerging technologies of the Fourth Industrial Revolution (4IR) and incubating high-technology startups. Dubai is one of the first cities in the world to utilize the benefits of artificial intelligence (AI), robotics and machine learning, blockchain, financial technologies (fintech), and HealthIT. Along with these, Dubai focuses on 3D printing, cybersecurity, and geographic information systems (GIS),” said Dubai FDI.

issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.





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