Inflows of foreign direct investment from the US to Dubai totaled more than $3.9 billion in 2018, making it the emirate’s topmost foreign investor, according to statistics from the Dubai Investment Agency (Dubai FDI).
According to the data, there were 121 total projects in 2018 focused on accommodation and food services, retail and wholesale trade, administration and support services and software publishing.
Between January and November 2018, the total trade volume between the US and UAE was valued at $21.8 billion, with $17.2 billion in American exports to the UAE and $4.6 billion from the UAE to the US.
On Saturday, Dubai FDI began a seven-day series of visits in the US aimed – part of its global promotional investment programme – aimed at strengthening bilateral relations with the US and opening new markets. The mission is scheduled to visit Los Angeles and Denver, Colorado.
‘We are convinced that Los Angeles and Denver hold exciting prospects for mutually beneficial and sustainable partnerships between Dubai and the US,” said Dubai FDI CEO Fahad Al Gergawi. “Los Angeles is already a major exporter of varied agricultural produce, transportation equipment, computers and electrical products as well as services in the software, legal and academic domains to the UAE.”
Al Gergawi added that “Denver also presents a rich platform to capitalise on Dubai’s focus on innovation, services and high-tech industries, over and above our existing trade and investment partnerships.”
During the mission to the US, Al Gergawi said that Dubai FDI will work to showcase opportunities in Dubai to foreign investors, its business friendly environment and the benefits of using the emirate as a regional or sub-regional business hub.