Dubai – Mubasher: The Dubai Investment Development Agency has announced that it signed a memorandum of understanding (MoU) with the US’ Los Angeles city in an effort to promote and facilitate mutual cooperation and drive foreign direct investment (FDI) and development.
Under the MoU, Dubai and Los Angeles will work on transfer knowledge and expertise by the organisation of joint events among them exhibitions, conferences, and business missions in both cities, according to a company statement.
“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,” CEO of Dubai FDI Fahad Al Gergawi commented.
This partnership came in line with Dubai FDI’s endeavours to attract sustainable foreign investment to the UAE in a bid to diversify its national economy.
“The new strategic partnership with Dubai FDI paves the way for the business and investment communities in Los Angeles to explore opportunities in Dubai,” President of World Trade Center Los Angeles (WTCLA) Stephen Cheung said.