The Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), and the Sharjah Investment and Development Authority (Shurooq) have formed a partnership to conduct joint initiatives and exchange information to attract investment into the UAE.
As per the partnership agreement signed between the two parties, Dubai FDI and Shurooq will collaborate to identify potential source markets, present the business advantages of the respective emirates to investors abroad and facilitate their entry to the UAE.
Fahad Al Gergawi, Chief Executive Officer of Dubai FDI, said that the partnership marks the journey of a long-term relation towards enabling investors worldwide to leverage the constantly evolving investment landscape in the UAE.
"One of its major strengths of Dubai FDI is being part of a global network of investment promotion agencies working in close partnership with governments and investor groups. We also represent the Middle East and North Africa (MENA) region as Director in the World Association of Investment Promotion Agencies (WAIPA).
"With the growing diversity of economic activity and innovative approaches adopted by the various emirates, we believe establishing synergies locally will help widen the global reach of the UAE as a whole. Together, Dubai FDI and Shurooq can derive greater benefits out of their respective strategies," added Al Gergawi.
Marwan bin Jassim Al Sarkal, CEO of Shurooq, said, "The UAE's greatest strength lies in its unity, the ability and willingness of its seven emirates to work together to build the nation. Through this MoU we have taken yet another step to consolidating our efforts to support growth not just within our own emirates but in our country as a whole. We look forward to working closely with our counterparts at DIDA and to the many great opportunities that our collaboration is sure to create in the near future." Under the agreement, Dubai FDI and Shurooq will explore possibilities for jointly organising exhibitions, roadshows and other events all over the UAE and around the world. The two parties will also support each other in attending similar events abroad.
Dubai FDI and Shurooq will also encourage, promote and facilitate investment and development co-operation among their business communities to the mutual interests of both sides and in accordance with the laws and regulations of the country.
Dubai FDI and Shurooq agreed to exchange relevant research reports and trade data and conduct joint researches wherever needed. The two sides will also exchange economic statistics, publications, magazines, periodicals, directories, and information on laws and regulations governing economic and business activities etc. for their respective business communities.