Foreign Investment Office says strong partnerships and positive sentiment driving FDI inflow to Dubai

The Foreign Investment Office (FDI Dubai), the investment promotion agency of the Dubai Department of Economic Development (DED), has reported positive outcomes from its association with The Links Group (TLG), a leading company formation specialists in the GCC.

The innovative public-private partnership model formed in October 2010, along with increasing investor confidence has seen more than 40 new entities being established in Dubai to date, said Khalid Al Boom, Executive Director, Investment Support and Promotions, Foreign Investment Office.

The Links Group, established in Dubai in 2002, works to enable companies to complete all legal and commercial processes required to set up a business in the UAE. working together with The Links Group and the Foreign Investment Office collaborate to identify companies and businesses looking to set up in Dubai and work with them through the transition process.

“By offering a streamlined “fast-track” route to the market, The Links Group and the Foreign Investment office are gaining traction and driving companies onshore in the Emirate of Dubai. The partnership has also contributed to the growth of positive investor sentiment and consequently brought more foreign direct investment (FDI) into Dubai”.

"Our partnership with the private sector is in line with our role in assisting the government to bring foreign investment into Dubai and shows DED’s confidence in the private sector and its competitiveness" added Al Boom.

A.T.Kearney recently ranked Dubai among the top 25 global destinations, which attract 75 per cent of global FDI flows. The report also showed a strong confidence in the prevailing business environment and growth prospects in Dubai with 28 per cent of the executives surveyed choosing Dubai as their top investment destination for the next three years and 81 per cent of existing investors revealing that they planned to maintain or grow their investments over the same period.

Citing Dubai’s economic fundamentals, strategic location and reach to fast-growing markets the investors also said the Emirate is a catalyst for the region and the first in line to exit the global economic downturn. With easy access to 1.7 billion consumers in the Middle East and North Africa (MENA) region and South Asia, Dubai has become the regional hub for global enterprises, they said.

Stuart Curtis, Managing Director of The Links Group, emphasised the importance of specialised knowledge and cross-market expertise in helping investors optimise their opportunities in Dubai.

“Small and medium enterprises (SMEs) and multinational companies need to recognise that to provide products and services onshore in Dubai they have to be appropriately licensed. The business benefits are clear and companies want to do business with other companies that are registered with the Department of Economic Development Department and the Chamber of Commerce in Dubai in a manner that is mutually beneficial and devoid of any risks,” said Curtis.

The Links Group provides consultative services to prospective companies on the benefits of setting up in Dubai, which include but are not limited to financing, SME support, quality networking and introductions with a best-in-class support infrastructure. Specific feedback from The Links Group also enables the Foreign Investment Office to move as fast as possible on applications from companies.
 

Retailers Bask In Impressive Footfall Figures Positive Outlook At Retailer Annual General Meeting

Mall of the Emirates, a landmark development within the MAF Properties portfolio and Dubai’s ultimate leisure, entertainment and shopping resort, recently hosted its Retailers Annual General Meeting (RAGM) in front of a near capacity crowd of retailers. Here, Mall of the Emirates Vice President Fuad Mansoor Sharaf provided retailers with an overview of 2010, in addition to the mall’s 2011 strategic plans.

A priority for any international mall is to intrinsically understand the changing needs of its customers. With this, Mall of the Emirates unveiled its extensive research to retailers gathered from the previous year. It was confirmed that research findings, such as the increase in traffic from Russian and Far Eastern tourists, lead to the proposal of more luxury fashion offerings, and thus lead to the development of the long-anticipated Fashion Dome. And, since September 2010 when the Fashion Dome opened it has become an influential factor when fashion-savvy residents and tourists alike visit the mall.

With the Fashion Dome now bringing the mall’s luxury offering to more than 60 stores, which includes internationally-recognized brands such as Christian Louboutin, Gucci, Cartier and Boutique 1, the compelling family leisure offerings with Magic Planet, a 14-screen multiplex cinema, Ski Dubai five star hotels as Kempinski Hotel and The Pullman Dubai Hotel it is no surprise Mall of the Emirates finished the year with a total footfall in excess of 31 million.

To mark the mall’s success for 2010, and as acknowledgment for all of the retailers’ hard work and efforts throughout the year, 14 awards based on sales performance, operational compliance and standards of customer service concluded the presentation.

Fashion honours went to Tommy Hilfiger & Salvatore Ferragamo who were named Best Large Fashion Store & Best Small Fashion Store whilst Centrepoint and Zara won for Best Anchor Store and Best Flagship Store respectively. Other winners were Yateem Optician, United Pharmacy, Paul Café, Jumbo Electronics, Samsonite, Tod’s & Rolex in various categories.

Closing out the ceremony with a Customer Choice Award was Carrefour and Retailer of the Year Award top honours going to Home Centre.
 

DuBiotech Receives Positive Feedback From International Life Sciences Industry At BioKorea 2010

The Dubai Biotechnology and Research Park (DuBiotech), a member of TECOM Investments, today announced it has received positive interest on opportunities in the UAE from the international life sciences industry during its participation at the BioKorea 2010 Conference and Exhibition in Seoul.

DuBiotech showcased its offerings to the international community at the fifth edition of Korea’s largest exhibition and conference on biotechnology that was held from 1-3 September at the Korea Exhibition Center.

Organised by Korea International Trade Association (KITA) and Korea Health Industry Development Institute (KHIDI), the event provided a platform for decision makers from the life sciences sector as well as policy makers and government officials to explore potential collaborations, partnership and investment opportunities.

Marwan Abdulaziz, Director of Business Development for DuBiotech, said: “DuBiotech’s ambition is to become the hub for life sciences in the Middle East and gain international recognition for excellence. It is therefore important to be represented at key international industry events such as BioKorea as industry developments in that country present opportunities for DuBiotech and our business partners.

“From our first-time participation in BioKorea, we found that the country is committed to developing its USD2.5-billion biotechnology sector, as well as encouraging international opportunities for Korean firms. By presenting the progress of DuBiotech and the 70 national and international companies that are part of the life sciences park, we successfully raised awareness amongst key stakeholders about DuBiotech and the strategic importance of Dubai as a gateway to a wider market of 1.8 billion people.”

BioKorea 2010 included 17 tracks and 50 sessions on topics related to academic and professional experience of experts from within and outside South Korea.

In line with its philosophy to be the major life science hub in the Middle East, DuBiotech has rapidly grown into a community of biotechnology, pharmaceutical, laboratory equipments companies and testing laboratories, including global leaders like Pfizer, Amgen, Merck Serono and Genzyme, in addition to many small and medium businesses.

Al Fajer Properties Announces Positive Response To Discount Offer

Al Fajer Properties (AFP) is pleased to announce the successful uptake of its recent discount offer which has given customers the option to reduce their outstanding liabilities through early settlement based on purchase price and outstanding balance.

This offer was taken up by customers holding a total of over AED 600 million in contract value equating to approximately 317,000 square feet in its Jumeirah Business Centre development.

The unprecedented offer was issued upon the direction of the President of AFP, His Highness Sheikh Maktoum bin Hasher Al Maktoum, who initiated a multifaceted solution in order to assist AFP’s customers given the current market conditions. Sheikh Maktoum was quoted as saying: “In these difficult times I am happy to say that AFP has been working very closely with its customers, who now have properties in line with current market valuations.”

This latest decisive action is yet another feather in the cap of AFP showing its continued commitment to working with its customers to help them navigate through tough economic conditions.

Through this offer AFP has also been able to further communicate with its customers, helping separate end users and long-term investors from speculative ones. It has also given the company the ability to preplan for expected defaults by speculative buyers.

Al Fajer Properties also expressed its pride in having a strong banking partner such as Abu Dhabi Commercial Bank (ADCB) to help finance its customers. The company is currently anticipating handover on phase 1 of its flagship project within the JLT beginning August 31st, 2009.

AFP is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a 5-floor atrium within the lobbies of its towers. Its towers, situated within a free- zone, once completed will offer high-end commercial properties attracting both large local companies and multi-national organizations from around the world. The unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totaling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across phase 1 and phase 2 of its flagship project.