|04 September, 2019

Opportunity zones: Dubai FDI set for US mission to woo investors

The main objective of the mission is to raise the profile of Dubai in US markets

Dubai Water Canal, Dubai, UAE.

Dubai Water Canal, Dubai, UAE.

Dubai FDI/Handout via Zawya

Dubai FDI is set for its new mission to the US to attract investors by emphasizing the emirate's strategic benefits and investment potentials as well as highlighting opportunities that can generate high returns when investing and expanding into regional and global markets from Dubai.

Dubai FDI is the investment development agency of the Department of Economic Development (DED) in the emirate.
During the one week mission, starting September 7, 2019, delegates from Dubai will conduct meetings with both government and private sector organizations in Houston in the state of Texas and Denver in Colorado.

Fahad Al Gergawi, CEO of Dubai FDI, said: “The mission to the USA demonstrates Dubai strong capabilities as an ideal investment hub and gateway for American companies. The contingent from Dubai, which is renowned for its business-friendly environment, will take advantage of the opportunity to strengthen further the investment and trade relations between the UAE and the US. We will achieve this by engaging with concerned government and private sector organizations and discussing collaborative efforts as we work towards advancing our mutually beneficial initiatives and interests.”

The investment mission is under Dubai FDI’s Global Promotional Investment Program, which aims to attract investments from key global markets. “The main objective of the second mission is to raise the profile of Dubai in US markets and demonstrate the emirate’s keenness to create strategic and sustainable business partnerships,” said Saed Alawadi, CEO of Dubai Exports.

The delegation will also include the UAE Consul-General in Houston as well as officials from DMCC, Dubai FDI, Jebel Ali Free Zone Authority (JAFZA) and Emirates Airlines among others.

FDI capital inflows from the US to Dubai touched 14 billion UAE dirhams in 2018, making the US the largest foreign investor in Dubai during the same year, based on latest data from the Dubai FDI Monitor. The US also took lead in terms of the total number of FDI projects in 2018 with 119 investment projects.
The accommodation and food services sector led the top five sectors for US investors in terms of FDI projects in 2018, followed by retail and wholesale trade, administration and support services, software publishers, and management of companies and enterprises.
In terms of FDI capital, the top five sectors in 2019 are the accommodation and food services sector, followed by the arts and entertainment sector, educational services sector, storage sector and telecommunications sector.

Texas is the second largest exporting state among US states and territories with 35.99 billion dirhams in goods exported to the UAE between 2015 and 2018. The total value of exported goods in 2018 was the highest over the last four years, representing a six percentage-point increase in the total US exports to the UAE compared to 2017.
Moreover, Texas had 7.7 billion dirhams trade surplus with the UAE last year. Colorado had 164.1 million dirhams trade surplus with the UAE in 2018.

(Writing by Seban Scaria seban.scaria@refinitiv.com, editing by Anoop Menon)

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