Dubai Science Park signs memorandum of understanding with US venture capital firm 1792 Partners to attract American science companies to the region
Agreement Signed during High-level Business Mission to California led by Dubai Investment Development Agency, Dubai Exports
Dubai-UAE: XX April, 2019 – Dubai Science Park (DSP), a holistic science-focused community that provides support and a business-friendly ecosystem to entrepreneurs, SMEs and international companies active in the sciences, energy and environment sectors, has signed a partnership agreement with 1792 Partners, a global advisory and venture firm focused on bridging the gap between health technology innovators in the UAE and the US.
The memorandum of understanding (MoU) aims to enable collaboration opportunities between DSP and North American business ventures. It will also make it easier for American companies to gain a foothold in the growing Middle East and North Africa (MENA) regions.
The UAE has been the US’s largest trade partner in the MENA region for the past 10 years, an indicator of the strong trade relations between both countries. In 2018, total cross-border trade between the two countries exceeded US$24.5 billion while US investors ranked first in Dubai with 37 per cent of total investments.
The agreement was signed during a high-level business mission to the state of California led by Dubai Investment Development Agency (Dubai FDI) and Dubai Exports aimed to strengthen trade relations between the UAE and the US, and raise awareness about the benefits of doing business in Dubai among foreign companies in line with the goals of Dubai Plan 2021.
His Excellency (H.E.) Fahad Al Gergawi, CEO of Dubai FDI, said: “The UAE global missions to the U.S. represent an important opportunity to meet strategic investors looking to expand their businesses in Dubai—utilizing the emirate’s competitive advantage and position as a global hub and gateway to regional growth markets. These visits are intended to further drive economic development by showcasing the features and facilities that make Dubai the preferred destination for international investors. They also have the potential to create new opportunities to enhance the strong commercial and investment partnerships between Dubai and the U.S. We look forward to opening new channels for business opportunities through these missions, by presenting and highlighting Dubai’s attractive investment incentives.”
Commenting on the agreement, Marwan Abdulaziz Janahi, Managing Director of Dubai Science Park and Chairing Member of the Pharmaceuticals and Medical Equipment Taskforce of the Dubai Industrial Strategy 2030, said: “The US has been a longstanding strategic partner of the UAE and one of largest foreign investors. It is only natural that we continue to drive this momentum forward.”
He added: “At DSP, we seek to support the science and healthcare sectors by providing world-class facilities and infrastructure that encourages local and international companies to expand their operations in the region. This, in turn, helps to achieve the goals of Dubai Plan 2021 and the Dubai Industrial Strategy 2030. As a growing business hub, DSP offers companies access to a wide range of offerings such as an easy business set up, a collaborative environment for networking opportunities as well as access to industry information. This helps companies to grow from incubation through to purpose-built manufacturing or R&D facilities. Through this partnership with 1792, we will be able to connect with innovative companies in the US and match them with opportunities in the UAE and across the region that will help them thrive. Through bringing the expertise and capabilities of innovation-driven and overseas companies to the UAE, we aspire to boost the growth of key sectors of the national economy.”
Reza Kazemipour, Founder and CEO of 1792 Partners, said: “This is a unique collaboration, as there are no other initiatives that bring together customers, partners and investors from the US and the UAE under one umbrella. It is also a novel opportunity for innovative start-ups and large corporations seeking to establish their presence in the UAE.”
He added: “1792 Partners has decades of experience in setting up and scaling companies from inception all the way to the IPO/acquisition stage. We are excited to work alongside Dubai Science Park and introduce healthcare, science and pharma companies to the benefits of operating in the Middle East.”
H.E. Fahad Al Gergawi, headed the delegation with the support of the Consulate General of the UAE in Los Angeles, the Trade & Commercial Office of the UAE Embassy in Washington and the US-UAE Business Council. The mission sought to promote the advantages available to companies looking to invest in and partner with Dubai in key sectors, such as technology, advanced manufacturing, aerospace, fast-moving consumer goods (FMCG), life sciences and logistics.
DSP’s growing community of science businesses, professionals and entrepreneurs provides an ideal base for local as well as international companies seeking to expand in the GCC region. With over 350 business partners, DSP aims to consolidate Dubai’s status as a preferred destination for scientific, R&D, manufacturing and prototyping activities.