The initiative is to attract sustainable foreign investment in line with the goals of the Dubai Plan 2021.
Investors from across the world will now be able to start their business in Dubai without being present in the UAE following a new initiative undertaken by Dubai Investment Development Agency (Dubai FDI) in collaboration with the US-based Alliance Business Centres Network (ABCN).
In what is billed as another world's first, Dubai thus becomes the only city on the planet to enable investors start business from remote locations, Dubai FDI, an agency of Dubai's Department of Economic Development, said in a statement.
Dubai FDI-ABCN partnership will enable investors overseas to use a network of 650 business centres spread across 85 cities in 45 countries to set up business in Dubai.
"The initiative is part of Dubai FDI's continuing efforts to attract sustainable foreign investment in line with the goals of the Dubai Plan 2021 and promote the emirate as a competitive destination to do business," said the statement.
Fahad Al Gergawi, CEO of Dubai FDI, said the new initiative is in line with Dubai's objectives to reach out to international investors and companies, remove hurdles for those looking to benefit from investment opportunities and economic development in Dubai, and sustain economic growth.
"Dubai's strategy, supported by free and open economies policies and competitiveness, allows companies to benefit from the movement of goods to various regional and international markets, which is positively reflected on the promotion of global trade," said Al Gergawi.
Suresh Kumar, president of the Indian Business and Professional Council Dubai, said the new initiative by Dubai FDI is yet another exemplary instance of how Smart Dubai drive is transforming the way of doing business. "As another world's first, these kind of innovative measures will go a long way in reinforcing Dubai's status as sought-after global investor destination," said Kumar.
"The new scheme is trail-blazing and will further enhance Dubai's international image as a pro-business and investor-friendly place. It will increase Dubai's competitiveness and help drastically improve the ease of doing business ranking," said MAK Harid, managing director, Paradigm Investment Services.
The new measure is the latest in a string of bold reforms and steps taken over the past few months by Dubai to boost investor confidence and business environment.
Dubai FDI said it seeks to attract international companies to Dubai and enable them grow and expand their business by leveraging a full range of professional services provided by ABCN.
"The partnership comes at a time when global investors and major multinationals are looking to capitalise on the prospects in Dubai, including its vibrant lifestyle, modern facilities, cultural diversity and openness, in addition to the highly competitive business environment," the statement said.
"Dubai FDI continues to develop strategies that would enhance Dubai's appeal as a global investment haven. The agreement with Alliance Business Centres provides a new channel to attract foreign investments towards achieving economic growth and sustainability in Dubai and the UAE in general," said Al Gergawi.
He said those seeking to know more about the business rules and regulations in various sectors in Dubai will find the required support as a result of this agreement. "It will also allow investors and business owners to be updated on economic activity, opportunities and expansion potential in Dubai," said Al Gergawi.
Known to be the largest global network of serviced offices, Alliance Business Centres is also one of the leading providers of investor and corporate services for more than 50,000 clients and manages 15 million square-foot of serviced offices worldwide.
"The network will particularly cover GCC countries such as Saudi Arabia, Bahrain and Kuwait, in view of the close relationship between these countries and Dubai and the importance accorded to regional co-operation in the vision and directives of the UAE leadership," said Al Gergawi. He also underscored Dubai FDI's efforts to boost public-private partnerships and reinforce the role of global investment in economic development, as reflected in the agreement with ABCN.
Sherif Kamel, regional president, ABCN in RMEA, said the strategic partnership would further stimulate economic activity, attracting new investors to capitalise on the opportunities in Dubai, which is emerging as a preferred global investment destination. "Dubai has a solid economic foundation, based on advanced legislations that allow it to keep pace with rapid global changes. The emirate has developed clear policies and laws that serve its goals in attracting investments, facilitating business and offering an integrated package of innovative services that support business growth and expansion."
"We are committed to developing our global network to serve the needs of investors and help Dubai FDI deliver innovative and reliable services that meet the expectations of global investors who want to grow and expand their business locally and regionally through Dubai," said Kamel.
ABCN's service centres around the world offer solutions and important information about the various economic sectors in Dubai, in addition to facilitating constant communication and follow-up to ensure uninterrupted processes, Kamel said.
The agreement seeks to build on the growing interest in Dubai and the UAE worldwide as a growing number of multinational companies are attracted by the UAE's political and economic stability, rapid population and economic growth, and efficient and fast-growing capital markets.
SOURCE : KHALEEJTIMES