• Home
• /
• Local business

Singapore Eyeing Investment Opportunities in the Emirate

DUBAI—Singaporean businessmen are upbeat about investing in Dubai, to take advantage of the global economic downturn that has sent salaries and office rents downward in the UAE.

Lim Ban Hoe Danny, regional director for Middle East and Africa of the International Enterprise Singapore, told Khaleej Times that about three to four companies have enquied with the IES Centre to set up businesses. “Most of these companies are in the food and beverage, oil and gas, branding and marketing sectors.”

He said that investors found it difficult to set up their businesses in UAE before the economic downturn, because of skyrocketing office rents and high labour cost. “Now the slowdown that leads these areas plummeting has become a great opportunity for them 
to come.”

Currently, 200 Singaporean companies in various sectors are doing business in the UAE. Several of them have played very important roles in major projects in Dubai. Dean Tan, Vice-Consul for Commercial Affairs and Centre Director of the International Enterprise Singapore in Dubai, told Khaleej Times that Singaporeans are looking at the economic slowdown as an opportunity to set up companies in UAE, particularly in Dubai this year in preparation for the economic upturn.

He said the successful participation of Singapore food manufacturers in the last Gulfood would bring more participants as they look forward to Gulfood in 2010.

Tan said that he is in talks with the Dubai Economic Department to allow Singaporean businessmen explore investment opportunities. The IES Centre has invited several trade missions in support of various exhibitions in UAE, including the upcoming Index Dubai where Singapore Furniture will be featured by November 2009 and Gulfood in January next year.

lily@khaleejtimes.ae