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

The emirate attracted Dh12bn in foreign direct investment in the first half of 2020

Dubai SME, which is part of Dubai Economy, has partnered with lending platform Beehive to provide opportunity for individuals to invest in small and medium enterprises. Afp

Dubai Investment Development Agency, also 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 assist foreign investors in making better investment decisions,” Fahad Al Gergawi, chief executive of Dubai FDI, said. “Dubai's advantage, as it is the preferred foreign direct investment destination, offers businesses the ease of conducting trade, world-class infrastructure and opportunities in one 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 bulk of foreign investment, the agency said on August 4. Nearly 50 per cent of these were greenfield projects while 36 per cent were new forms of investment.

“We are thrilled to contribute to Dubai FDI's mandate and help accelerate their efforts in achieving 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 firms globally.

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

Last year, the country also listed 122 economic activities across 13 sectors, in which foreign investors are allowed to have full ownership of a business. These include renewable energy, space, agriculture, manufacturing, transport, logistics and hospitality.