Economic optimism returning to Dubai: DTCM

Guest Writer

Dubai remains one of the world’s most popular destinations for commerce and foreign direct investment despite the severe impact the recession has had on the emirate’s economy, the Dubai Department of Tourism & Commerce Marketing (DTCM) has claimed.The DTCM claims confidence is returning to the emirate as demonstrated by recent figures from fDi Markets highlighting that the UAE continues to attract more than half of the FDI projects in the Gulf Co-operation Council region. At the end of last year there were 363 FDI projects underway, more than the total number of projects in 2007. Dubai recently ranked top in the Middle East Cities of the Future (source fDi magazine), scoring the highest points for economic potential, business friendliness, infrastructure and quality of life. The emirate’s new Federal Foreign Investment Law, which is expected to come into force later this year is anticipated to attract further foreign investment into Dubai by offering incentives to businesses, paving the way for 100% foreign ownership of companies.Ian Scott, director UK and Ireland for DTCM, described Dubai as “the epitome of a world-class business destination”. “The Government of Dubai is committed to ensuring that the emirate continues to thrive, with ambitious growth plans and a diversification strategy, making it a highly attractive option for both regional and international investors,” he said. “Dubai’s progressive infrastructure, first-class facilities and appealing incentives means it is the perfect location for international commerce and reinforces its position on the world economic map.”

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