Germany and the UAE have an abiding and strategic partnership based on diplomatic and trade relations
The Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, conducted two webinars recently to connect with potential investors and partners from Germany and to explore opportunities in the strategic sectors of healthcare and technology.
In line with Dubai FDI’s engagement strategy for 2020, the webinars provided a platform for stakeholders to explore foreign direct investment (FDI) opportunities at a time when in-person government global missions have been affected by the coronavirus COVID-19 restrictions.
Ibrahim Ahli, director, Investment Promotion Division, Dubai FDI, said Germany and the UAE have an abiding and strategic partnership based on diplomatic and trade relations.
“Healthcare and technology are both crucial sectors for continued economic and social growth of the country and present enormous opportunities for businesses and entrepreneurs from Germany,” he said.
“The webinars act as platforms to discuss mutually beneficial opportunities of partnership and investment so that we remain on track on the roadmap of economic recovery and growth,” he added.
The investor outreach programmes, organised in partnership with the German Emirati Joint Council for Industry and Commerce (AHK), were held during November-December 2020.
The UAE is Germany’s biggest trading partner in the region. The UAE’s non-oil trade with Germany surpassed Dh480 billion over the 10 years from 2010 to 2019. It stood at Dh44.76 billion in 2019 and positioned Germany as the UAE’s ninth-largest trade partner in that year.
The UAE is the chosen location for many German companies and home to as many 14,000 German citizens. At the end of 2019, a total of 18,781 German companies, commercial agencies, and trademarks were registered in the UAE.
The Dubai Advantage presented by Dubai FDI to potential investors at the two webinars with German investors was strengthened by the presence of key Dubai Government entities related to each of the sectors in focus. Dubai’s positioning as a City of the Future and its importance as a gateway to the region’s emerging markets as well as a global hub of trade and investment were highlighted at the webinars.
Representatives from Dubai Health Authority (DHA) and Dubai Science Park (DSP) joined Dubai FDI at the webinar on the healthcare sector. A steadily growing population and a strategic focus on medical tourism makes Dubai attractive for healthcare investment. Opportunities include Centres of Excellence in specialisations such as cardiology, neurology, and rehabilitation. The production of generic pharmaceuticals; the production, sales, and service of medical devices; and medical education continue to be areas of focus for investment in Dubai.
Participation from Dubai Future Foundation (DFF) and Dubai International Financial Center (DIFC) alongside Dubai FDI enabled a spotlight on the Dubai Advantage at the webinar on opportunities in the technology sector. As a prime mover in implementing the emerging technologies of the Fourth Industrial Revolution (4IR) and incubating high-technology startups, Dubai is one of the first in the world to utilise the benefits of artificial intelligence, robotics and machine learning, Blockchain, financial technologies (fintech), and HealthIT. Along with these, Dubai’s focus continues to be on 3D printing, cybersecurity, and geographic information systems (GIS).
From the FDI perspective, Dubai continues to attract high-quality investment. As a leading global FDI destination, the city recorded exceptional growth in FDI during the first six months of 2020, with 190 projects worth Dh12 billion, according to data from the Dubai FDI Monitor, which uses the Organisation for Economic Cooperation and Development (OECD) methodology to track FDI data.
Nearly 53 per cent of the FDI attracted by Dubai during the first half of 2020 was directed to medium and high technology investments, underlining a growing recognition among global investors that Dubai is an ideal city in which to make technology-related investments.