Dubai FDI, Standard Chartered Bank collaborate to attract more investments into Dubai

DUBAI - Dubai FDI, the investment development agency of Dubai Economy, has announced the signing of a Memorandum of Understanding with Standard Chartered Bank, to facilitate consultation, cooperation and exchange of information in areas of mutual interest and objectives.

The agreement was signed by Fahad Al Gergawi, CEO of Dubai FDI, and Rola Abu Manneh, CEO of Standard Chartered UAE branch, at Dubai FDI office.

In line with Dubai FDI’s efforts to consolidate the emirate’s position as a preferred global Foreign Direct Investment, FDI, destination, this MoU will enable support and collaboration across global initiatives and projects related to attracting know-how and technology transfer, as well as investments into Dubai.

Commenting on the MoU, Al Gergawi said that Dubai’s unique value proposition and the well-defined strategic plans have been an advantage of Dubai’s economy. "As we strive to promote a unique investment environment by significantly enhancing ease of doing business and offering broader prospects for investments in the future, the MoU with Standard Chartered Bank provides a comprehensive framework to intensify joint efforts towards raising investment performance and integrating efforts in the field of business."

He added that the private sector's participation in the sustainable economic development of Dubai plays a significant role in making the emirate the preferred FDI destination for global and emerging companies to grow and expand. Against this backdrop, the agreement is executed as a sign of good faith and belief in the benefit of bringing both parties together to work closely and create a synergy on both sides.

Abu Manneh, in turn, commented, "We are eager to begin working with FDI to support the development of their mandate. As a leading international bank, we are well-equipped to accelerate their targets for the growth of the UAE’s economy. Dubai presents a fertile landscape for investment and we are committed to facilitating the influx of ventures that are on the rise."

© Copyright Emirates News Agency (WAM) 2019.