Dubai: The Foreign Investment Office (FIO), the investment promotion agency of Dubai's Department of Economic Development (DED), has partnered with the Links Group to encourage and help companies re-locate to Dubai, it said Monday.
"Our aims are totally aligned — we want to encourage companies to move to Dubai and to take the strain and the bureaucracy out of the process," said Stuart Curtis, Managing Director of the company formations specialist the Links Group.
The organisation will help foreign investors to complete legal and commercial processes needed to set up a business in the UAE and ease the transition process, the FIO said. This came as part of efforts to enhance the image of Dubai as a business-friendly destination and attract foreign direct investment to the emirate, it added.
"Working with companies like The Links Group will help us take our message to a wider audience and inspire potential investors to move to Dubai," said Khalid Al Boom, Executive Director of Investment Support and Promotions with FIO.
‘Streamlined'
The alliance will allow exchange of ideas to make the relocation process "more streamlined" for companies interested in setting up a business in Dubai, said Curtis.
Some Dubai-based business consultants are sceptical about a government partnership with one selected private company.
"Bringing more foreign investment by joining hands with one private company is not going to work. It would be more logical if the partnerships represented a greater diversity of firms," said Jitendra Gianchandani, chairman and managing partner of business consultancy JCA International.
The partnership will not help reduce bureaucracy for companies in transition because the process involves other private and government bodies, Gianchandani said.
Other business analysts see the advantages that a private company brings to the table."Private companies have more accountability. They won't get anything if they don't bring in anything," said Dr Khalid Maniar, Managing Partner of Horwath Mak.
Private firms also bring work flexibility, cost-effectiveness, and a wide network of contacts to the game, said Raju Menon, Managing Partner of Morison Menon. "Sometimes you should work with a private-public partnership to make the country progress in cost-effective way," he said.
