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Sat 25 May 2019 12:15 AM

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Dubai Science Park inks deal to chase more US businesses

Dubai Science Park signs partnership agreement with 1792 Partners to help US companies to gain a foothold in the growing MENA region

Dubai Science Park inks deal to chase more US businesses
With more than 350 business partners, Dubai Science Park aims to consolidate Dubai’s status as a preferred destination for scientific, R&D, manufacturing and prototyping.

Dubai Science Park (DSP) has signed a partnership agreement with 1792 Partners, a global advisory and venture firm focused on bridging the gap between health technology innovators in the UAE and the United States.

The memorandum of understanding (MoU) aims to create collaboration opportunities between DSP and North American business ventures.

It also aims to make it easier for US companies to gain a foothold in the growing Middle East and North Africa (MENA) region, a statement said.

The UAE has been the US’s largest trade partner in the MENA region for the past 10 years. In 2018, total cross-border trade between the two countries exceeded $24.5 billion while US investments topped the table in Dubai - registering 37 percent of total investments.

The agreement was signed during a high-level business mission to the state of California led by Dubai Investment Development Agency (Dubai FDI) and Dubai Exports.

Fahad Al Gergawi, CEO of Dubai FDI, said: “The UAE’s global missions to the US represent an important opportunity to meet strategic investors looking to expand their businesses in Dubai - utilising the emirate’s competitive advantage and position as a global hub and gateway to regional growth markets.”

Commenting on the agreement, Marwan Abdulaziz Janahi, managing director of Dubai Science Park, said: “The US has been a longstanding strategic partner of the UAE and one of largest foreign investors. It is only natural that we continue to drive this momentum forward.

“Through this partnership with 1792, we will be able to connect with innovative companies in the US and match them with opportunities in the UAE and across the region that help them thrive.”

Reza Kazemipour, founder and CEO of 1792 Partners, added: “This is a unique collaboration, as there are no other initiatives that bring together customers, partners and investors from the US and the UAE under one umbrella. It is also a novel opportunity for innovative startups and large corporations seeking to establish their presence in the UAE.

"We are excited to work alongside Dubai Science Park and introduce healthcare, science and pharma companies to the benefits of operating in the Middle East.”

With more than 350 business partners, DSP aims to consolidate Dubai’s status as a preferred destination for scientific, R&D, manufacturing and prototyping.

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