Dubai FDI Signs Agreement with the City of Los Angeles to Drive Foreign Direct Investment

Business

Dubai FDI Signs Agreement with the City of Los Angeles to Drive Foreign Direct Investment

In light of the growing focus on the Americas as a major resource market for financial investment and also profession right into the UAE and also according to its dedication to enhancing teamwork between organisation communities to drive foreign straight investment (FDI) by enhancing existing profession relationships, the Dubai Investment Development Agency (Dubai FDI) - the investment growth company of the Division of Economic Advancement (DED) in Dubai - revealed the finalizing of a Memorandum of Comprehending (MoU) with the city of L.a. The MoU was authorized by Fahad Al Gergawi, CEO of Dubai FDI, and also Stephen Cheung, Head Of State of World Trade Center L.a in support of L.a City for International Relations, in the existence of Nina Hachigian, Replacement Mayor for International Matters at City of L.a; H.E. Abdulla Alsaboosi, Consul General of the UAE in Los Angeles; Khalid Al Boom, Deputy CEO of Dubai FDI; and also numerous various other dignitaries.

Under the terms of the contract, Dubai and also Los Angeles will advertise and facilitate cooperation in between organisation neighborhoods of both cities to drive foreign direct investment and also advancement. Dubai as well as L.a will additionally work together in the transfer of knowledge and also experience by organizing joint events consisting of exhibitions, seminars and also business missions in both cities. The collaboration will certainly be a significant boost to Dubai FDI's initiatives targeted at drawing in sustainable foreign investment to the nation to raise and also expand economic activities based upon efficiency as well as development, consequently contributing to the achievement of the critical goals established by Dubai Strategy 2021.

H.E. Fahad Al Gergawi, said that the finalizing of the MoU with the city of Los Angeles emphasizes Dubai's introducing setting as a perfect destination for US companies seeking to develop a strong existence within the regional market, as well as to draw in US sectors and also financial investments to the appealing local company community, thanks to the constant assistance from the government in enhancing Dubai's placement as one of the main business facilities in the world. He included: "We anticipate accomplishing a brand-new level of quality in our tactical collaboration with the American organisation community, as the United States is an essential financial investment, financial and trade companion for Dubai as well as the UAE."

H.E. Abdulla Alsaboosi, Consul General of the UAE in L.a said: "I am particular this MOU notes the beginning of just what we really hope will certainly be a lengthy and also rewarding collaboration, and also will certainly boost mutual understanding between two wonderful cities. As the UAE continuouslies be the USA solitary largest export market in the Middle East, the two nations will certainly remain to strengthen industrial connections to the economic benefit of both of our peoples."

Stephen Cheung, President of WTCLA, said: "The new strategic partnership with Dubai FDI leads the way for business and also investment neighborhoods in Los Angeles to discover possibilities in Dubai, which has a solid economic situation that uses significant opportunities within the important sectors of performance, advancement as well as expertise. We are confident that the new partnership with Dubai will be a vital enhancement to the solid economic relations with the UAE, which is also the biggest partner of the USA Middle East and North Africa, especially in the field of profession and also technology. We are waiting to additionally improving the teamwork with the business area in Dubai and also benefit from the favorable prospects, especially together with the recurring preparations for the upcoming Exposition 2020, which supplies significant opportunities for American and various other worldwide as well as multinational companies."

Los Angeles is the third largest city economic situation on the planet, with a population of 10 million as well as a GDP of over USD 700 billion. Approximately 40 percent of all containerized goods going into the US travel through LA, the biggest port in the Western Hemisphere. The city of Los Angeles city is the biggest production hub in the US, which offers extra producing tasks compared to the state of Michigan, and is a globe leader in aerospace, clean innovation, entertainment, fashion, health care as well as tourist.