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DUBAI / WAM
Dubai FDI, the investment development agency of the Department of Economic Development (DED), has announced that it is all set for its next investment mission to Houston in the state of Texas and Denver in Colorado.
The mission will take place on September 7-14, as a part of Dubai’s Global Mission Programme as part of Dubai’s Global Mission Programme.
Fahad Al Gergawi, CEO of Dubai FDI, said, “The mission to the United States demonstrates Dubai’s 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 further strengthen the investment and trade relations between the UAE and the US. We will achieve this by engaging with the government and private sector organisations concerned and discussing collaborative efforts as we work towards advancing our mutually beneficial initiatives and interests.”
Saed Alawadi, CEO of Dubai Exports, said, “The main objective of the second mission is to raise the profile of Dubai in the US markets and demonstrate the emirate’s keenness to create strategic and sustainable business partnerships.”
The planned global investment promotion mission to the two states follows the steady growth of FDI capital inflows from the United States to Dubai, which reached AED14 billion in 2018, making it the largest foreign investor during the same year, based on latest data from the Dubai FDI Monitor.
The Dubai FDI Monitor revealed that among the top five sectors in terms of FDI capital for 2019 for US investors, the accommodation and food services sector ranked first, followed by the arts and entertainment sector, educational services sector, storage sector and the telecommunications sector.
Texas is the second-largest exporting state among the US states and territories, with AED35.99 billion in goods exported to the UAE between 2015 and 2018. Colorado, on the other hand, registered AED 1.1 billion in goods exported to the UAE between 2015 and 2018.
The upcoming mission to the US, which is one of Dubai’s top five strategic trade partners, follows the first successful mission held earlier this year.
