Deal set to foster industrial development

Dubai Export Development Corporation (DEDC) has signed an agreement with the Gulf Organisation for Industrial Consulting (GOIC) to foster industrial development in the emirate.

The memorandum of understanding seeks to establish a framework for facilitating co-operation and co-ordination between GOIC and EDC to encourage foreign investment and promote industrial growth. "DEDC continuously strives to optimise the emirate's exports through strategic partnerships and associations with relevant bodies. We believe this partnership will help attract foreign investments from industrial projects while simultaneously improving the industrial landscape," said Saed Al Awadi, CEO, DEDC.

"Developing the country's industrial strength will also reduce import dependence and create a self-sustaining infrastructure."

Under this new agreement, the GOIC will establish a website containing its records on industrial partnerships, sub-contracting projects and company information. The agreement comes after the success of Dubai Industrial Investment and Partnership Forum, which was organised by DEDC in collaboration with the Dubai Economic Department and the GOIC.

The event was held under the patronage of Sheikh Hamdan bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister of Finance.

According to recent statistics, Dubai's industrial production has tripled over the past 10 years and now accounts for about one-third of the UAE's total. This is the result of a successful state-led programme, which has seen investment concentrated on industries where Dubai holds a competitive advantage.

Meanwhile, the contribution of the manufacturing sector to gross domestic product of Dubai rose by 152 per cent during the past six years, to reach Dh26.5 billion in 2006 compared to Dh10.5bn in 2001, according to the Ministry of Economy.

Al Awadi said: "GOIC not only embodies the same passion to boost industrial growth as DEDC, but has also consistently demonstrated its ability to deliver on the highest of expectations. We firmly believe that together we will promote Dubai's export drive."