Dubai Investment Development Agency (Dubai FDI), the investment development agency of the Department of Economic Development (DED), said it has signed a key agreement with the city of Los Angeles. 

 

LA is the third largest metropolitan economy in the world, with a population of 10 million and a GDP of over $700 billion. Approximately 40 per cent of all containerised goods entering the US pass through LA, the largest seaport in the Western Hemisphere. 

 

The city of Los Angeles city is the largest manufacturing hub in the US, which offers more manufacturing jobs than the state of Michigan, and is a world leader in aerospace, clean technology, entertainment, fashion, healthcare and tourism.

 

Under the terms of the agreement, Dubai and Los Angeles will promote and facilitate cooperation between business communities of both cities to drive foreign direct investment and development. 

Dubai and Los Angeles will also collaborate in the transfer of knowledge and expertise by organizing joint events including exhibitions, conferences and business missions in both cities. 

 

It will be a major boost to Dubai FDI’s efforts aimed at attracting sustainable foreign investment to the country to increase and diversify economic activities based on productivity and innovation, thereby contributing to the achievement of the strategic goals set by Dubai Plan 2021, said CEO Fahad Al Gergawi after signing the deal with Stephen Cheung, the President of World Trade Center Los Angeles.

 

The signing ceremony was attended by Nina Hachigian, Deputy Mayor for International Affairs at City of Los Angeles; Abdulla Alsaboosi, Consul General of the UAE in Los Angeles; Khalid Al Boom, Deputy CEO of Dubai FDI; and several other dignitaries.

 

Al Gergawi said the deal underscores Dubai's pioneering position as an ideal destination for US companies looking to build a strong presence within the regional market, and to attract US industries and investments to the promising local business community, thanks to the continuous support from the government in strengthening Dubai’s position as one of the main business centers in the world. 

 

“We look forward to achieving a new level of excellence in our strategic partnership with the American business community, as the US is an important investment, economic and trade partner for Dubai and the UAE,” he stated.

 

Cheung stated that the new strategic partnership with Dubai FDI paved the way for the business and investment communities in Los Angeles to explore opportunities in Dubai, which has a solid economy that offers tremendous possibilities within the vital sectors of productivity, innovation and knowledge. 

 

"We are confident that the new partnership with Dubai will be an important addition to the strong economic relations with the UAE, which is also the biggest partner of the US in the Middle East and North Africa, especially in the field of trade and innovation," stated the top LA official. 

 

"We are looking forward to further enhancing the cooperation with the business community in Dubai and take advantage of the positive prospects, especially in conjunction with the ongoing preparations for the upcoming Expo 2020, which offers tremendous opportunities for American and other international and multinational companies," noted Cheung.

 

Alsaboosi pointed out that the MOU marked the beginning of a long and fruitful collaboration, and would increase mutual understanding between two great cities. 

 

"As the UAE continues to be the United States single largest export market in the Middle East, the two countries will continue to bolster commercial ties to the economic benefit of both of our peoples," he added.-TradeArabia News Service