Dubai Science Park, DSP, has signed a partnership agreement with 1792 Partners, a global advisory and venture firm focused on bridging the gap between health technology innovators in the UAE and the United States, US.
The Memorandum of Understanding, MoU, promotes collaboration opportunities between the DSP and North American business ventures and will also, make it easier for American companies to gain a foothold in the growing Middle East and North Africa, MENA, regions. It was signed when Dubai Investment Development Agency, Dubai FDI, and Dubai Exports led a high-level business mission to the state of California.
Fahad Al Gergawi, CEO of Dubai FDI, said, “The UAE’s global missions have the potential to create new opportunities to enhance the strong commercial and investment partnerships between Dubai and the US. We look forward to opening new channels for business opportunities through these missions by presenting and highlighting Dubai’s attractive investment incentives.”
Marwan Abdulaziz Janahi, Managing Director of Dubai Science Park and Chairing Member of the Pharmaceuticals and Medical Equipment Taskforce of the Dubai Industrial Strategy 2030, said, “As a growing business hub, DSP offers companies access to a wide range of offerings such as an easy business set up, a collaborative environment for networking opportunities as well as access to industry information. This helps companies to grow from incubation through to purpose-built manufacturing or R&D facilities.”
Al Gergawi headed the delegation with the support of the Consulate-General of the UAE in Los Angeles, the Trade and Commercial Office of the UAE Embassy in Washington and the US-UAE Business Council. The mission sought to promote the advantages available to companies looking to invest in and partner with Dubai in key sectors, such as technology, advanced manufacturing, aerospace, fast-moving consumer goods, life sciences and logistics.
The UAE has been the largest trade partner of the US in the MENA region for the past 10 years, an indicator of the strong trade relations between both countries. In 2018, total cross-border trade between the two countries exceeded US$24.5 billion while US investments topped the table in Dubai, registering 37 percent of total investments.