Virtual investor outreach set to lure bigger FDI flow to Dubai

Dubai has initiated a virtual outreach to investors across six countries on the backdrop of a significantly enhanced investor-friendly ecosystem enabled by a series of game-changing policy reforms, including the 100 per cent business ownership and long-term visas.

The virtual outreach drive -- the Dubai Advantage -- is an initiative by the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, to attract global investors to the UAE as the nation wakes up to a new investment era offering infinite growth opportunities to entrepreneurs.

Ibrahim Ahli, director of Investment Promotion Department, Dubai FDI, said that the UAE shares a strong trade and investment partnership with multiple countries across the world. “At the same time, our leadership has a strategic vision that has prioritized public health along with business continuity during the challenging pandemic phase. Focused discussions between potential investors, the Dubai FDI team, and key public and private sector partners have helped us present the Dubai Advantage globally via webinars to maintain the city’s positioning as one of the world’s top attractors of FDI.”

The revolutionary Commercial Companies Law allowing 100 percent foreign ownership of companies effective from June 1 is expected to significantly boost business confidence in the UAE as it moves ahead with its post-coronavirus economic recovery with one of the best vaccination drives in the world.

Despite the headwinds of the pandemic, the UAE, ranked 15th globally in Kearney’s 2021 FDI Confidence Index, witnessed a 44.2 per cent jump in foreign direct investment in 2020 to Dh73 billion. Dubai recorded exceptional inflows of FDIs in 2020 with 455 projects worth Dh24.7 billion.

The increase brought the cumulative balance of FDI inflows to about Dh640 billion achieving a growth of 12.9 per cent compared to the same period in the previous year.

Analysts said the UAE business environment demonstrated continued strengths in factors most important to investors, including government incentives for investors. “The country’s strong enabling environment, featuring advanced technological infrastructure and high innovation levels, is also central to its FDI attractiveness.”

The Dubai Advantage has scheduled and conducted a series of webinars to date in 2021, connecting with potential investors and partners from various regions of the world including North America, Europe, South Asia, Asia Pacific, and the Far East to explore opportunities in the strategic sectors of Food & Agribusiness, Technology, and Healthcare.

issacjohn@khaleejtimes.com