Global and domestic corporations alike are further encouraged by Dubai’s dynamic and growing economy and its emphasis on diversification and attracting FDI to bolster growth, all of which gives it a distinctive advantage in the region and contributes to the unparalleled promise of opportunity and prosperity.

New doors open

Parallel to the developments unfolding in Dubai, great changes are taking place in the countries surrounding the emirate. The most lucrative markets in the region are in the process of opening up and looking at ways to add new revenues streams to their economy. And as these countries liberalise their own business models, it would kick open new doors for Dubai.

Despite the inevitable medium-term growth in regional economies, the great swathe of land between European business centres and Far Eastern tiger economies lies unattended because no single entity has had the fiscal strength and determination to cater to this burgeoning, albeit complex, market. That is where Dubai is keen to position itself, as the region’s key conduit to trade and service.

Investment friendly

To build on its groundbreaking achievements and set in motion the next generation of high-profile projects, the government of Dubai has launched the Dubai Development and Investment Authority (DDIA) to drive major investment initiatives. The authority builds on the investment-friendly policies adopted by the government and facilitate a business environment that encourages growth, transparency and high-rewards.

DDIA focuses on developing investment opportunities, attracting major multinationals and offering a single-window service that underlies the pro-business attitude of the emirate. It offers clients access to attractive projects, ensures a well-defined government role from concept to completion, and offers assistance in the development of the business case by providing relevant information and data. For projects that are designed with DDIA’s strategic objectives, the authority also offers placement assistance on a case-by-case basis.

DDIA is dedicated to being the comprehensive, single source solution provider for companies wishing to establish operations in Dubai. It offers the full range of business, licensing and government services as well as a tailor-made set of executive services. Businesses and investors enjoy fast and efficient implementation, clear and systematic processes, timely responses and the efficiency, confidentiality and convenience that arises from having a single point of contact for all activities.

Investors and multinational companies will also benefit from a centre for information resources, which can leverage the tremendous resources, networks and affiliations of the government and other Dubai authorities.

Nurturing SMEs

Through its offshoot, the Mohammed Bin Rashid Establishment for Young Business Leaders, DDIA seeks to nurture the domestic entrepreneurial spirit and build a key sector of the economy: the small and medium sized enterprise (SME) sector.

The Establishment offers various incentive measures and sophisticated programmes to boost the local SME community. These include access to a 5% government procurement programme, which stipulates that all government agencies must set aside at least 5% of their procurement from SMEs registered with the Establishment. Entrepreneurs have access to debt finance based on the merit of their business plans.

The Establishment also offers a highly sophisticated incubator overlay, including a physical centre where entrepreneurs can locate new business, access to business mentors and access to a full range of cost-effective business and advisory services.

These are just some of the incentives and investment opportunities that DDIA generates for investors, its citizens and the economy. Serving as a catalyst and an agent of change, it aims to capitalise on Dubai’s world-class infrastructure and prise open new investment avenues that lay untapped in the region.

Healthcare City

The Dubai Healthcare City (DHCC) project is an ideal example of DDIA enterprise. Less than a year ago, His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, defence minister of the UAE and president of the Dubai Development and Investment Authority, announced the launch of Dubai Healthcare City, a regional medical centre for customers and patients to receive world-class healthcare and wellness services.

“By 2010, Dubai Healthcare City will become a globally acknowledged location of choice for healthcare and a centre of excellence for specialist medical services, medical education, life science research and technology leveraged healthcare services,” promised Sheikh Al Maktoum.

Since then, DHCC has already made a momentous start. Last June, it announced the creation of a strategic and operational relationship with the world-renowned Mayo Clinic in medical care provision, medical research, and professional consulting services. Under the terms of this relationship, Mayo Clinic Middle East would be established at Dubai Healthcare City, establishing a cardiovascular outreach programme. Mayo Clinic heart specialists, working from Mayo Clinic Middle East at DHCC, will provide diagnostic care and non-invasive treatment in the critical area of cardiovascular services. Patients with identified heart conditions seeking an initial or second opinion evaluation, diagnosis and follow-up care will be seen by the cardiovascular specialists.

The relationship will also work towards conducting cardiac genomics research with an opportunity to include Middle Eastern patients in clinical trials.

Soon after, a leading Saudi Arabian multi-specialty medical centre, Dr Sulaiman Al Habib Medical Center (HMC) agreed to invest approximately AED100m in creating a centre at DHCC. The facility will be capable of treating 800 patients a day once fully established. HMC’s existing links and strong associations with world-renowned medical professionals, and current faculty of leading medical professionals will allow for a minimum of 120 doctors to cater to patients.

Growing reputation

As further proof of the DHCC’s growing reputation even before it was built, the entity established a joint venture with Harvard Medical School’s international division to create several education centres in DHCC.

Harvard Medial International will collaborate with DHCC in other areas of strategic importance. These include joint strategic planning for Dubai Healthcare City, the development and implementation of a knowledge management system in healthcare, and the creation of a medical and life science research environment.

DHCC timetables have been set and infrastructure work (such as roads, lighting, pipes and drainage) at the 4.1m square foot site is due for completion by summer 2004. The two-year construction of the teaching hospital and medical school is expected to start by the second quarter of next year, while construction of the outpatient and diagnostic clinics (which are being offered on both a freehold and leasehold basis) that began in the first quarter of this year will be complete in nine months. This will be complemented by the integration and opening of the teaching hospital and medical school by summer 2006.

DDIA value proposition

DDIA offers a broad and comprehensive services platform with numerous value propositions to investors and multinational corporations (MNCs).

1. Access to quality projects: access to a range of lucrative, sizeable, quality, strategically significant projects across all sectors.

2. Project development assistance: business plan development support, including market testing, legal structuring and corporate governance services.

3. Access to capital: assistance in raising capital for projects, and providing MNCs access to local and regional investors.

4. One-stop shop government and convenience services: providing ‘single window’ government and convenience services to investors and MNCs, and fast tracking projects.

5. Project specific incentives: providing project-specific incentives to investors and MNCs.

6. Regional research and analysis: macro and micro economic data on all aspects of business legal, financial, demographic information in the region to assist in making informed investment decisions.

7. Business assistance: support for top local companies in building expertise, innovating, growing, creating new partnerships and reaching international customers.

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