The Foreign Investment Office (FIO) of the Dubai Department of Economic Development (DED) has signed recently a Memorandum of Understanding (MoU) with A.T. Kearney Ltd and Global Business Policy Council (GBPC), to further drive foreign direct investment (FDI) to Dubai. Sami Al Qamzi, director general, DED; Fahad Al Gergawi, chief executive officer of FIO; Paul Laudicina, chairman and managing partner of A.T. Kearney Global; and Dr Dirk Buchta, managing director, A.T. Kearney Ltd, signed the MoU in Dubai. The agreement mandates all signatories to work to position Dubai as the globally preferred FDI destination by developing advanced FDI policy tools and systems; working with leading global thought leaders in FDI and developing and managing leading FDI practices to improve the investment environment. Al Qamzi said “Dubai has reiterated its strong structural economic system with significant and positive growth projections in 2010. The economy has always been a preferred destination for foreign direct investment and the new partnership will further establish Dubai in the global FDI map.” Buchta said “A.T. Kearney has a strong global track record in enhancing the competitiveness of our clients. We strongly believe that Dubai has the potential to serve as a regional hub for economic growth sectors, and our MoU with FIO will further establish the economy's potential for new FDI.” Al Gergawi added that as the government entity responsible for exploring ways to promote foreign investments to Dubai, FIO is managing the city's investment environment and overseeing the development of policies aimed at promoting Dubai as an investment destination. “A.T. Kearney and the Global Business Policy Council serve as perfect partners in further strengthening our competitiveness and promoting inward investments. This will be by developing FDI tools through mutual collaboration based on our experience and A.T. Kearney's expertise,” he said. Laudicina said the Global Business Policy Council is a global private think-tank affiliated to providing the latest insights on economic growth with the aim of supporting policy development and increase countries' competitiveness especially in areas related to foreign investment. “Our partnership with FIO will provide a unique global experience that will elevate the standing of Dubai as a preferred investment destination.” Dubai will benefit from bringing in high-value strategic investors and supporting existing investors in expanding their operations. This will be by forming dynamic policies sound-boarded by global thought leaders backed by policy research to drive Dubai's economy. The FIO focuses on developing stronger FDI and economic policies that ensure a competitive environment for investors in Dubai. This further builds on Dubai's position as one of the top five global destination cities for foreign direct investment destination, FT-FDI Intelligence said. Dubai ranked first in both the list of Top Five Global Destination Cities and Top Five Destination Cities in the Middle East in 2008, it added.
