Dubai wins Presidency of World Association of Investment Promotion Agencies (WAIPA)

Industry: Business

Dubai, United Arab Emirates (PRUnderground) October 28th, 2019

Dubai has achieved a new milestone in the field of investment promotions with Dubai FDI’s election to the Presidency of the World Association of Investment Promotion Agencies (WAIPA). The investment development agency of Dubai Economy garnered victory in the recent WAIPA polls and was announced as President of the new Steering Committee where it will lead the global FDI body for a term that will run from 2019 to 2021.

Dubai FDI has become the first sub-national investment promotions agency that has won the highest seat in WAIPA, reflecting the confidence of the international investment community to the emirate’s capabilities and strong position as a global investment hub. Dubai continuously attracts FDI across the world and has recorded USD 12.68 billion (AED 46.6 billion) worth of FDI projects during the first half of 2019.

Fahad Al Gergawi, CEO of Dubai FDI, said: “Dubai’s relentless efforts to continue strengthening its investment policies on par with global standards has earned its reputation as a preferred investment destination. We are proud of this latest milestone for Dubai as a result of the cooperation and partnership among various entities committed to support the emirate’s investment environment as a viable destination. The continuous growth of FDI projects alone reveals the positive outlook for Dubai’s future, but more importantly, I believe Dubai’s engagement in directing investments towards achieving sustainable development makes it the city worth of the leadership role.”

Through the ‘Capacity 2030’ program launched by the Hamdan Centre for the Future of Investment in partnership with WAIPA, Dubai has pioneered the efforts to enhance the capacity of IPAs to facilitate USD 15 trillion worth of FDI flows into Sustainable Development Goals (SDGs) – related projects by 2030.

Dubai FDI was chosen by IPAs from 49 countries and cities which attended the WAIPA General Assembly meeting held in Warsaw, Poland, which voted by direct ballot to select the candidate for the WAIPA Steering Committee Presidency for the first time.  WAIPA was established in 1995 in Geneva, Switzerland as a global non-profit organization by UNCTAD to promote the role of IPAs in enhancing economic development and FDI.

Dubai FDI has been collaborating with WAIPA over the years in various initiatives and is a member of the WAIPA Steering Committee. It was elected as Regional Director for MENA region from 2013 to 2016, and later as Vice President for 2017 – 2018.

About Dubai FDI

Dubai Investment Development Agency (DUBAI FDI) is an agency of Dubai Economy – Government of Dubai. DUBAI FDI develops, promotes and supports Foreign Direct Investment (FDI) opportunities to facilitate investors’ success, growth and expansion in Dubai, the United Arab Emirates and across regional and international markets.

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