Dubai: Dubai will assume presidency of the World Association of Investment Promotion Agencies (Waipa), a global entity that works for the smooth flow of cross-border investments, for a two-year term. The assumption of the presidency is a nod to Dubai being among the three leading cities in terms of FDI (foreign direct investment) inflows, touching Dh46.6 billion in the first six months.
The Dubai Investment Development Agency (Dubai FDI) also became the first sub-national investment promotion agency to lead the global FDI body.
“This is a vote of trust that reflects the vision of the UAE’s leadership to work closely with global stakeholders and partners in international organisations to shape the future,” said Fahad Al Gergawi, CEO of Dubai FDI.
This follows a direct ballot - the first such in Waipa’s history - in which 49 countries and cities participated. It was held at the general assembly meet in Warsaw.
WAIPA was established in 1995 in Geneva as a global non-profit organisation by the UN Conference on Trade and Development (UNCTAD), to promote the role of investment promotion agencies in raising foreign direct investment (FDI). WAIPA membership covers more than 160 national and sub-national IPAs from 130 countries.
As a WAIPA steering committee member, Dubai FDI had worked as regional director for the Middle East and North Africa from 2013 to 2016, and later as vice-president for 2017–18 period.
“As a leading global FDI destination, the UAE and Dubai have earned the international investment community’s confidence,” Gergawi said in a statement.
Dubai will be pressing the case for “Capacity 2030”, a programme launched by Hamdan Centre for the Future of Investment in partnership with WAIPA. The programme aims to enhance the capacity of IPAs to facilitate US$ 15 trillion worth of FDI flows into Sustainable Development Goals’ projects by 2030.