Dubai FDI signs preliminary accord with Guidepoint to shore up foreign investor services

Dubai Investment Development Agency, often known as Dubai FDI, signed an agreement with Guidepoint Global as it looks to shore up its services to foreign investors.

"We are engaging with Guidepoint to aid foreign investors in making better investment decisions,” Fahad Al Gergawi, chief executive of Dubai FDI, said. “Dubai's advantage, since it is the recommended foreign direct investment destination, offers businesses the simple conducting trade, world-class infrastructure and opportunities in another of the smartest and most secure cities worldwide.”

Dubai attracted Dh12 billion in FDI through 190 projects in the first half of 2020 despite the coronavirus pandemic, according to Dubai FDI data released earlier this month.

Technology, e-commerce and pharmaceuticals, attracted the majority of foreign investment, the agency said on August 4. Nearly 50 % of these were greenfield projects while 36 % were new varieties of investment.

“We are thrilled to contribute to Dubai FDI's mandate and help accelerate their efforts in reaching sustained long-term economic growth,” Bilal Sabouni, Guidepoint's managing director and head of the Middle East, North Africa & Turkey region, said.

Guidepoint advises various companies including hedge funds and private equity organizations globally.

The UAE is taking various measures to attract foreign investment, diversify its economy and decrease the country’s reliance on oil. The country introduced a new foreign investment law in November 2018.

Last year, the country also listed 122 monetary activities across 13 sectors, where foreign investors are permitted to have full ownership of a business. Included in these are renewable energy, space, agriculture, manufacturing, transport, logistics and hospitality.