The Dubai Investment Development Agency (Dubai FDI) has signed an agreement with the city of Los Angeles to drive foreign direct investment into the emirate.
In light of a growing focus on the Americas as a major source market for investment and trade into the UAE, Dubai FDI, the investment development agency of the Department of Economic Development (DED) in Dubai announced the signing of a memorandum of understanding.
The deal 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, a statement said.
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.
The two cities will also collaborate in the transfer of knowledge and expertise by organizing joint events including exhibitions, conferences and business missions in both cities.
Los Angeles is the third largest metropolitan economy in the world, with a population of 10 million and a GDP of over $700 billion. Approximately 40 percent of all containerized goods entering the US pass through LA, the largest seaport in the Western Hemisphere.
Officials said 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.
Gergawi said that the signing underscores Dubai's "pioneering position" as an ideal destination for US companies looking to build a strong presence within the regional market, adding: “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.”
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.”
Cheung added: "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.”