The virtual talks are part of Dubai FDI’s “virtual engagement” strategy during the coronavirus pandemic, to continue to present the emirate as an ideal investment destination.
The US has been one of the UAE’s major trading partners, with trade volumes between the two countries increasing by more than 40 percent since 2009. In 2019 alone, the two countries logged about $24.3 billion in total trade, according to Fahad Al Gergawi, chief executive officer of Dubai FDI.
“The US and the UAE historically have a strong trading partnership. Since 2009, the UAE has been the top export market for US goods in the [MENA} region,” he said.
US Consul General Philip Frayne said the virtual dialog will help expand further the already strong bilateral trade and investment ties that the UAE and US enjoy.
“Once this pandemic passes, I look forward to greeting delegations of American businessmen coming to Dubai to explore the great partnership opportunities that still exist,” the statement quoted the US official as saying.
Webinars were held to bring together several government and corporate stakeholders in the technology, healthcare and logistics industries.
Representatives from from Dubai Exports, Dubai Future Foundation, Dubai International Financial Centre, Smart Dubai, Dubai Health Authority, Dubai South, Jebel Ali Free Zone (Jafza) and Dubai Airport Free Zone, among others, showcased the emirate as an attractive investment destination, highlighting the various opportunities and developments that can be explored.
The US has been the largest source market for foreign direct investment (FDI) into Dubai, accounting for nearly $5 billion in the first nine months of 2019, according to the data from Dubai FDI Monitor.
“Despite the challenges posed by the COVID-19 pandemic, Dubai has maintained its leading position among global FDI destinations during the first six months of 2020, ranking third globally in greenfield FDI projects and fourth globally in FDI capital inflows,” said Ibrahim Ahli, director of investment promotion at Dubai FDI.
Ahli said that medium and high technology investments in Dubai also increased by 53 percent during the first half of the year, compared to the same period last year.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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