Favourable economic fundamentals coming back to Dubai

Seoul - June 22, 2010 (WAM)- Favourable economic fundamentals are coming back to Dubai thanks to fresh growth potential offered by Dubai government, Chung Byung-chol, vice chairman of the Federation of Korean Industries (FKI) said.
He also said that more Korea business interests are considering teaming up with UAE business partners for new projects in construction, high tech and knowledge-based industries against the backdrop of the "strategic partnership between Korea and UAE forged by the leaders of Korea and the United Arab Emirates(UAE) describing Dubai as the preferred destination for Korean investors.
Chung made the points during the Dubai Economic Forum opened on Monday at InterContinental Hotel in downtown Seoul.
FKI is the most influential economic organisation in Korea reflecting a broader spectrum of Korea's leading business combines including Samsung, Hyundai and LG, to name just a few. The economic forum organised by Index Holding Korea was participated in by more than 80 representatives from 47 leading Korean companies reflecting keen interest in investment opportunities in Dubai explained by members of the economic mission from the Department of Economic Development (DED) of Dubai led by Sami Dhaen Al Qamzi.
"Dubai is regaining its vitality as investment and tourism destination nowadays. Hotel occupancy rate has bounced back to 80 percent or more after plunging to below 50 % earlier this year," said Mohammed Shael Al Saadi, chief executive officer, Business Registration and Licensing of DED.
Thanks to recent inauguration of budget air carrier flydubai, an affiliate of Emirates Airline, thousands of tourists from India, Egypt, Syria, Lebanon and Turkey are coming to Dubai in groups for shopping and sightseeing , not to mention usual European visitors.
Al Saadi is one of Dubai economic delegation which also include Fahad Al Gergawi (CEO, the Foreign Investment Office), Abdul Baset Al Janahi (CEO, Mohammed bin Rashid Establishment for SME Development),Saed Mohamed Al Awadi (CEO, Dubai Export Development Corporation) and Laila Suhail (CEO, Dubai Events and Promotions Establishment.
As of now, 52 Korean companies are operational in Dubai and elsewhere in UAE with 229 Koreans are working as business partners as a whole, he disclosed asking for would-be Korean investors to come to Dubai not to miss attractive business opportunities.
DED is offering selected services online to provide investors, company owners and PROs with the right tools to more easily interact with the Department. Business people not only in UAE but also in other countries can access DED informational services to plan and follow-up their transaction making their experience with DED more informed and efficient.
Dubai Municipality has announced the successful attainment of a key milestone in online service delivery with more than 90 percent of all services now available online, in advance of the schedule laid out by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai. This year is a critical phase for other government departments to meet online service delivery targets, he said. – Emirates News Agency, WAM