FIO invests $22m in Bayer's regional HQ
Dubai, December 8, 2009
The Foreign Investment Office (FIO) has helped open the regional headquarters of Bayer Group, a Fortune 500 healthcare company, in Dubai with a total initial investment of Dh80 million ($21.80 million).
The initiative of the FIO, agency of the Dubai Department of Economic Development (DED), comes in line with the commitment to strengthen foreign direct investment (FDI) in Dubai and empower global investors to establish strong platforms for regional growth from Dubai.
With a world-class infrastructure and utmost ease in doing business, Dubai offers a high-growth environment. FIO is leveraging the Emirate’s competencies in attracting FDI and thus boosting the economy, said a statement.
The co-operation with FIO highlights the Group’s management to work closely with Dubai and explore sound business growth opportunities, the statement added.
The new regional headquarters of Bayer Group will feature a Bayer material science innovation centre displaying a broad range of high-tech materials as well as application laboratories and innovative manufacturing technologies.
The centre contributes to the transfer of knowledge and empowerment of the society through training and knowledge sharing.
Fahad Al Gergawi, chief executive officer, FIO, said: “One of the focal areas of Dubai’s government is to ensure that the Emirate serves as a robust and business friendly destination offering utmost ease in setting up and managing businesses.
“FIO is dedicated to attracting regional and international foreign investment to Dubai, and one of its key objectives is to develop closer co-operation with key international investment partners.”
“The opening of Bayer’s regional headquarters in Dubai is a reiteration of the strong business growth opportunities offered by Dubai for the entire MENA region. We are confident that the new setup will create new opportunities and further drive the growth of Dubai, as well as give Bayer an ideal platform to reach out to a wider geographic audience, being the business hub for the entire MENA region,” he added.
“We thank Bayer Group for its trust in Dubai. We believe that the initiative will encourage other international companies to establish a stronger base in Dubai in the future,” Al Gergawi concluded.
“The Middle East is one of the fastest growing economies in the world, and Dubai serves as the ideal base for Bayer Group to further strengthen our presence in the region,” said Stephan Rosenthal, managing director of Bayer Middle East.
“The new site at Dubai Investment Park (DIP) will combine the offices and operations of BaySystems Pearl, our polyurethane systems house joint venture as well as the regional Bayer Group headquarters. DIP is strategically located close to the Jebel Ali Port and the new upcoming Jebel Ali airport,” he added. – TradeArabia News Service