MENAFN - Khaleej Times
FDI to play key role in Dubai
(MENAFN - Khaleej Times) The Dubai government on Sunday launched a comprehensive report on trade and investment in the emirate, and top officials said this would further help boost the inflow of foreign direct investment, or FDI.
The special report is an attempt to summarise the key economic drivers and thought processes guiding Dubai, for the benefit of the global business and investor community, they said.
Dubai FDI, the foreign investment promotion office of the Department of Economic Development, or DED, in association with international business consultancy firm The Business Year, or TBY, has brought out the report on Dubai for the benefit of businesses and investors worldwide.
"The Business Year: Dubai 2012", comprises authentic research and commentary on all major sectors of the economy as well as insights of influential thought leaders from the local private sector and government.
The report covers key sectors including finance, industry, retail, energy, green technology, ICT, transport, telecommunications, real estate, health and education. The 220-page report is the most comprehensive English language review of Dubai's economy to date, available internationally.
The report also has a foreword from His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and interviews with 150 thought leaders and influence makers from the local private sector and government.
Dubai's significance as a catalyst for global trade and investment and its unique abilities in sustaining prosperity in the new world, where emerging markets occupy the centre stage, are also explained in the first-of-its kind report on the emirate.
"Standing at the centre of trade between the Middle East and Asia linking Latin America, Africa, and beyond, Dubai is shaping and catalysing this new world of trade and investment flows," Shaikh Mohammed said in his foreword.
"Today, Dubai continues to attract the best and foremost in the world, be it brands, enterprises, or people. Dubai meets their diverse needs - from quality living and a competitive business environment to the easiest access to their destinations," DED director-general Sami Al Qamzi said.
Recent changes in the global economic landscape are inevitably challenging conventional economic wisdom and practices, Al Qamzi said, adding: "But Dubai is looking at the brighter side. Global economic activity as well as capital is shifting to new trade centres in the emerging markets, which count on Dubai as a hub."
"The profound impact that Dubai and its latest initiatives have generated is evident from the growing number of multinationals choosing Dubai as their global services centre," Dubai FDI CEO Fahad Al Gergawi said. Investors worldwide and the growing number of companies looking at Dubai as a global services hub will find the high quality business intelligence provided by the report extremely beneficial, Al Gergawi added.
"Today, businesses are looking for enhanced efficiencies, one-stop solutions and access to new markets. Dubai and its world-class infrastructure, competitive service delivery mechanisms, and holistic business environment provides the most practical solution in this context," he said.
"This is a tool to tell the trend in Dubai," he said about the report. Strategic viewpoints and commentaries from local, regional and international experts, gathered from seven months of extensive research across key industry sectors, are the highlight of the report. Leading statesmen including South Korean President Lee Myung-Bak and key trade figures such as US Undersecretary of Commerce for International Trade Francisco J. Sanchez provide the international perspective on Dubai.
"Dubai is a living testament of what human imagination, creativity, commitment, and able leadership can achieve," Lee said in the report.
Said Sanchez: "Dubai has rightfully earned its favourable reputation as a good place to do business", thanks largely to the excellent counseling and assistance offered to foreign companies by DED and other organisations geared to promoting trade and investment.
Lord Green of Hurstpierpoint, UK Minister of Trade and Investment said: "Dubai has successfully positioned itself as a hub for the growing economies of the Middle East and Africa."
"Dubai has successfully used its experience over the past half decade to hone in on the core strengths that will drive its growth forward, and maintain its key position as a global centre for trade, finance, and tourism, as well as see the development of complementary sectors in industry and services," TBY editorial director Jason J. Nash said.
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