Dubai FDI signs agreement with the city of Los Angeles to drive foreign direct investment
Partnership to enhance collaboration between business communities of both cities
8 September, 2018 – In light of the growing focus on the Americas as a major source market for investment and trade into the UAE and in line with its commitment to strengthening cooperation between business communities to drive foreign direct investment (FDI) by reinforcing existing trade relations, the Dubai Investment Development Agency (Dubai FDI) – the investment development agency of the Department of Economic Development (DED) in Dubai – announced the signing of a Memorandum of Understanding (MoU) with the city of Los Angeles.
The MoU was signed by Fahad Al Gergawi, CEO of Dubai FDI, and Stephen Cheung, President of World Trade Center Los Angeles on behalf of Los Angeles City for International Relations, in the presence of Nina Hachigian, Deputy Mayor for International Affairs at City of Los Angeles; H.E. Abdulla Alsaboosi, Consul General of the UAE in Los Angeles; Khalid Al Boom, Deputy CEO of Dubai FDI; and several other dignitaries.
Under the terms of the agreement, Dubai and Los Angeles will promote and facilitate cooperation between business communities of both cities to drive foreign direct investment and development. Dubai and Los Angeles will also collaborate in the transfer of knowledge and expertise by organizing joint events including exhibitions, conferences and business missions in both cities.
The partnership will be a major boost to Dubai FDI’s efforts aimed at attracting sustainable foreign investment to the country to increase and diversify economic activities based on productivity and innovation, thereby contributing to the achievement of the strategic goals set by Dubai Plan 2021.
H.E. Fahad Al Gergawi, said that the signing of the MoU with the city of Los Angeles underscores Dubai’s pioneering position as an ideal destination for US companies looking to build a strong presence within the regional market, and to attract US industries and investments to the promising local business community, thanks to the continuous support from the government in strengthening Dubai’s position as one of the main business centers in the world. He added: “We look forward to achieving a new level of excellence in our strategic partnership with the American business community, as the United States is an important investment, economic and trade partner for Dubai and the UAE.”
H.E. Abdulla Alsaboosi, Consul General of the UAE in Los Angeles said: “I am certain this MOU marks the beginning of what we hope will be a long and fruitful collaboration, and will increase mutual understanding between two great cities. As the UAE continues to be the United States single largest export market in the Middle East, the two countries will continue to bolster commercial ties to the economic benefit of both of our peoples.”
Stephen Cheung, President of WTCLA, said: “The new strategic partnership with Dubai FDI paves the way for the business and investment communities in Los Angeles to explore opportunities in Dubai, which has a solid economy that offers tremendous possibilities within the vital sectors of productivity, innovation and knowledge. We are confident that the new partnership with Dubai will be an important addition to the strong economic relations with the UAE, which is also the biggest partner of the United States in the Middle East and North Africa, especially in the field of trade and innovation. We are looking forward to further enhancing the cooperation with the business community in Dubai and take advantage of the positive prospects, especially in conjunction with the ongoing preparations for the upcoming Expo 2020, which offers tremendous opportunities for American and other international and multinational companies.”
Los Angeles is the third largest metropolitan economy in the world, with a population of 10 million and a GDP of over USD 700 billion. Approximately 40 per cent of all containerized goods entering the US pass through LA, the largest seaport in the Western Hemisphere. The city of Los Angeles city is the largest manufacturing hub in the US, which offers more manufacturing jobs than the state of Michigan, and is a world leader in aerospace, clean technology, entertainment, fashion, healthcare and tourism.