DED, DREC join forces to woo investors
Dubai, March 18, 2009
The Dubai Department of Economic Development (DED) and the Foreign Investment Office (FIO) have signed a MoU with the Dubai Real Estate Corporation (DREC) to attract international investors to do businesses in Dubai.
The MoU emphasises collaboration, resource sharing and streamlining of specialist functions between the two Dubai government departments.
As part of the MoU, the FIO will provide potential investors with business solutions and access to project information from the Dubai Real Estate Corporation.
The Corporation, in turn, will provide the FIO with data, analysis and forecasts to enhance its knowledge and outreach function.
Sami Al Qamzi, director general, DED, and Hesham Al Qassim, chief executive officer, Dubai Real Estate Corporation signed the agreement.
Officials from DED and DREC attended the signing ceremony held recently at DED headquarters in Deira.
Al Qamzi said the increased synergy between the agencies will boost the performance of each department and strengthen Dubai’s appeal as a pro-business investment destination.
“The Government of Dubai has invested heavily in developing and sustaining the city’s state-of-the-art infrastructure and continuously streamlines procedures and regulations to ensure that they remain investor friendly in changing business climates,” Al Qamzi said.
“It is through lasting partnerships with our peers in the government and the private sector that we will ensure a return to robust economic growth,” he commented.
"Dubai is easily accessible and has an efficient financial services industry and excellent internal and external logistics network. This places it in the league of the world’s most efficient and dynamic business centres."
Diversification has been the keyword in Dubai’s success story and today, the emirate has successfully positioned itself as the hub of trade, tourism, IT, media, finance and healthcare in the region,” Fahad Al Gergawi, CEO of the Foreign Investment Office.
Hesham Al Qassim said Dubai Real Estate Corporation acknowledges the strategic significance and responsibility associated with its affiliation with the Department of Economic Development.
"This will serve as another catalyst in driving the different commercial sectors in Dubai, in particular, via our extensive portfolio of industrial, commercial, hospitality, leisure and residential real estate interests, help in facilitating the emirate’s continuing focus on being an international business centre,” he added.-TradeArabia News Service