Dubai gov't investment unit attracts 77 firms in 2011

Dubai FDI, the foreign investment office in the Department of Economic Development, attracted a total of 77 companies to the emirate during 2011.

The companies accounted for a total foreign direct investment (FDI) of AED3.44bn ($936m) and a turnover of AED16.57bn, a statement released on Saturday said.

The 77 companies set up in Dubai represented industries including logistics, construction, technology, chemicals and renewable energy, it added.

Fahad Al Gergawi, CEO of Dubai FDI, said: "Investors world over are now more focused on faster access to markets and better efficiencies in terms of operations and cost.

"Dubai, by virtue of its location and infrastructure, offers the fastest link to the growing markets across the Middle East, Africa and South Asia. At the same time, policy-making in the emirate is essentially linked to promoting business and enterprise," he added.

The agency also signed nine memoranda of understanding with institutions and companies worldwide as part of enhancing investor knowledge on Dubai, he said.

In December, Dubai-based Samer Qudah of Al Tamimi said a recent Dubai law which paves the way for freezone-registered firms to operate in the emirate’s mainland could be instrumental in attracting further foreign direct investment.

Law number 13 of 2011, issued in September, said the Dubai Economic Department (DED) could authorise freezone companies to set up branches in the wider emirate, after advising and gaining the approval of the executive council.

The regulation, which aims to lessen the red tape around Dubai business dealings, will boost the number of incentives for foreign firms to start up in the emirate, said Qudah.