UAE firms eye Lyon's real estate sector
Dubai and Lyon are strengthening business ties with increased bilateral investments, particularly in the real estate sector, said a senior official.
Jacques de Chilly, Executive Director of Invest in Lyon, said investments from UAE to Lyon have largely focused on real estate sector.
“Abu Dhabi Investment Authority (Adia) invested over 300 million euros (Dh1.5 billion) last year in commercial real estate in Lyon and we expect this investment to expand this year; it’s a significant investment for Lyon from Abu Dhabi. Also few private companies from Dubai and Abu Dhabi export goods to Lyon region,” he said, adding that “Lyon’s exports to UAE totalled over 300m euros while imports from the emirates reached 70m euros. It’s not a balanced relationship and we want to grow trade ties to have a better trade balance. Now more and more Lyon companies are coming to Dubai and bilateral investments will increase.”
The two cities are also expanding their ties beyond property sector.
Lionel Flasseur, Director of Promoting Lyon Internationally, told Emirates 24l7 that Emirates airline currently has 5 flight per week to Lyon and the carrier is negotiating two more flights per week to make it one flight a day.
“Emirates flights started one-year ago and we had 100,00 passengers with load factor of over 80 per cent. There is a huge opportunity because 75 per cent of passengers come from Lyon and nearby areas to go to Dubai through Emirates network. Only 15 per cent come from Dubai to Lyon. And we aim to increase inbound traffic to Lyon to 30 per cent,” Flasseur added.
He said Emirates Cargo also flies once a week to Lyon, which is testament of greater potential in cargo segment between the two cities.
Festival of lights
Lyon has tied up with Emaar Properties to arrange Festival of Light in Downtown Dubai next year.
Festival of Light is an annual event held in the French city in December.
“We attract more than 4 million tourists in four days from Europe and other parts of the world, especially coming to see the event. Next edition will be held from December 6 to 9. We have direct Emirates flights from Dubai and it’s easy for visitors to see the festival in Lyon. We are looking to promote this event and attract more Emiratis,” Flasseur added.
“Dubai is working to achieve the best in the world to develop its business and infrastructure and that’s why Emaar has chosen Lyon as partner for the artistic direction of Festival of Light which will be held from March 20th to 29th in Downtown Dubai.
“To create this event and take best artistic approach towards this festival, we will share the knowledge, expertise and experience of the event through technology and lights with Emaar.”
More than 30 international artists have already been chosen to attend the festival.
“We have agreement for three years but it is a long term partnership between Emaar and City of Lyon.”
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