FDI surge reflects Dubai’s hub status, says Al Qamzi
dubai — Dubai’s strong performance of recording 26 per cent surge in FDI flow in the first six months of 2018 is a testimony to its growing status as a major global economic hub and a preferred global destination for foreign investment, Sami Al Qamzi, director-general of the Department of Economic Development of Dubai, said on Monday.
In his welcome address on the opening day of the Dubai Investment Week, Al Qamzi said the record Dh17.7 billion FDI inflow in the first half underscored the confidence of the local and international investor community in the economy of Dubai.
“Dubai’s strong FDI performance emanates from the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and validates the efforts of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to make Dubai a major hub in the global economy and a preferred FDI destination as targeted in the Dubai Plan 2021,” Al Qamzi said.
He said the positioning of the UAE as a global incubator for exceptional talent, the crucial changes in the law allowing 100 per cent foreign ownership of companies by global investors, and the three-year growth-oriented Dh180 billion budget would accelerate the nation’s growth and enhance its global competitiveness.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, inaugurated the event, hosted by the Dubai FDI, the investment development agency of the DED. Organised under the theme ‘Investing in the Future Transformation,’ the event is focusing on the prospects for strengthening local and international partnerships in shaping the future of FDI across innovation, development and knowledge, as well as review the competitive advantages of Dubai as a major hub in the global economy and a model for smart and sustainable future cities.
Fahad Al Gergawi, CEO of Dubai FDI, said Dubai Investment Week would continue its pivotal role as an ideal platform to facilitate international investors’ access to promising opportunities in Dubai, which is steadily enhancing its global leadership in the ease of doing business and investment.
“This will lead to further FDI growth, especially in the valueadded sectors and in the knowledge, technology and research fields, which are a cornerstone of the UAE Vision 2021 as well as the Dubai 2021 Plan.”
Al Gergawi said the impressive international presence in the Investment Week underscored the confidence of the global investor community in the local investment environment.
“Dubai has found its place among the top 10 FDI-attracting cities, according to the Financial Times - fDi Markets, which inspires us to strengthen the partnership with local and international investors and explore new horizons together, not only to keep pace with future transformations, but also contribute to the pursuit of comprehensive and sustainable development goals, and stimulate investment in R&D, technology, innovation and space.”
The first day’s sessions explored opportunities for public-private partnership in Dubai and the UAE, which topped the Arab countries in the World Bank’s Ease of doing Business Report 2017 and ranked 26th in the world.
The crucial changes in the law and the threeyear growth-oriented Dh180 billion budget would accelerate the nation’s growth and enhance its global competitiveness
Sami Al Qamzi, Director-general of DED