Dubai: The UAE Investment Map, a project announced by the Ministry of Economy last month, is set to open four offices in Britain, Italy, Spain and South Korea.
"Investment Map, which will officially be launched in November 2011, will set the strategic direction of investments in the country," said Sultan Bin Saeed Al Mansouri, Minister of Economy.
"The initiative comes in line with the ministry's commitment to drive the economic development of the UAE through vital projects that contribute to enhancing the overall competitiveness of the economy."
The Investment Map is being implemented by the ministry in partnership with Dar Al Tawasol, a UAE national company that will provide strategic and technical support for the project as part of a long-term agreement until 2018.
The federal initiative is part of the UAE Vision 2021 to drive the development of a knowledge-based economy.
To achieve the Vision, the Federal Government Strategy 2011-2013 has set strategic directions, including the participation of UAE nationals and developing their capabilities; increasing efficiency, flexibility and productivity in the labour market.
"The initiative will promote the sustainable and balanced development of the UAE, and contribute to GDP growth by stimulating the investment environment, reducing dependence on oil by diversifying revenue streams," said Mohammad Ahmad Bin Abdul Aziz Al Shehi, Director General of the Ministry of Economy, when announcing the project last month.
The key objective of the project is to promote investment opportunities by highlighting the advantages and incentives of investing in the UAE across various high growth sectors.
"The ministry will adopt an executive programme to drive projects that will provide sufficient and relevant data on the UAE investment environment and the various sectors that are ideal for foreign investments," said Al Mansouri.
Dar Al Tawasol is planning to set up four offices in four countries in the first stage to promote projects implemented in the UAE.
"The company has undertaken a comprehensive study of the investment opportunities in the UAE for the countries falling under the Investment Map and will target major international companies and global investors," said Firas Dahlan, Executive Director of Dar Al Tawasol.
The first phase of the Investment Map focuses on 11 countries in Asia, Europe and South America, and the ministry will work in collaboration with Dar Al Tawasol to open representative offices initially in Britain, Italy, Spain and South Korea.
"There is coordination at the federal level with commercial representation offices to promote investments in the countries that have been identified," said Nada Al Hashemi, Director of Investment Management at the ministry.