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Fri 13 Mar 2015 10:48 PM

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Dubai FDI to seek new investments on tour of key US cities

Dubai Investment Development Agency to embark on 10-day tour; to take in Boston, Atlanta and Chicago

Dubai FDI to seek new investments on tour of key US cities

Dubai Investment Development Agency (Dubai FDI) will tour major cities in the US this month in a bid to attract new innovative technologies and services to the emirate.

During the 10-day tour, the delegation from the an agency of the Department of Economic Development, will address business representatives, state government officials and trade facilitators in the cities of Boston, Atlanta and Chicago.

Representatives from the US Commercial Services, State Offices, USA-UAE Business Council, UAE Embassy and the World Trade Centres in the respective states will also join the interactions between the two sides, a statement said.

"Dubai emerging as a growth driver in critical industries, such as aviation, and the growing number of multinationals moving to Dubai, call for stronger networking with leading economies around the world. Our objective is to present the new thrust areas of Dubai's economic development strategy to US businesses and highlight the potential for enhanced bilateral trade and investment," said Fahad Al Gergawi, CEO of Dubai FDI.

Bilateral trade between the UAE and US reached AED91.3 billion ($24.9 billion) in 2014 and the UAE remained the top export destination for the US in the Middle East and North Africa (MENA) region for the sixth year in a row.

UAE exports to the US increased 22.3 percent in 2014 and reached AED10.3 billion from AED8.4 billion.

"The infrastructure Dubai has created and the sectors being developed with an eye on niche markets will be of special interest to the United States, especially the robust growth seen across Dubai's logistics, tourism and services industries. The UAE-US partnership has had proven success in advancing trade, creating jobs and stimulating growth," added Al Gergawi.

The Dubai FDI delegation will begin its US itinerary with a two-day meeting organised by the Massachusetts Office of International Trade and Investment (MOITI) in Boston on March 21.

Atlanta in the state of Georgia, which boasts of the largest concentration of Fortune 500 companies in the US, will be the second pit-stop for the Dubai FDI delegation.

"It makes good business sense for multinationals in the US to be based out of Dubai. The city sits in the middle of a vast and promising consumer market of 2.2 billion people spread across the Middle East, North Africa and South Asia," Al Gergawi said.

Chicago, the third most populous city in the US and a top financial centre in the world, will be the final destination for the Dubai FDI delegation.

Dubai Exports, the export promotion agency of DED, Jebel Ali Free Zone Authority (JAFZA), Dubai Airport Free Zone Authority (DAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Silicon Oasis (DSO) and the Department of Tourism and Commerce Marketing (DTCM) have joined as partner organisations to the Dubai FDI mission.

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