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Dubai to Focus on Innovation and Research and Development Agreements

Written by: Bridgewest

Dubai-to-enhance-investments-in-innovation-and-research-and-developmentAt the end of October, the Dubai Investment Agency organized the Dubai Investment Week 2017, a forum during which several partnerships were signed. Also, various business ideas and programs for promoting investments were discussed. Innovation was at the core of this year’s Investment Week. Our company formation consultants in Dubai can assist foreign investors who want to open companies in the UAE.

What are the new partnerships agreed by the Dubai Investment Development Agency?

It should be noted that all partnership agreements signed by the Agency during the forum put a great emphasis on research and development and innovation and encourage the population and companies to use the resources offered by the government.

The first agreement signed by the Dubai Agency is with China and aims at creating a large center for research and development, innovation, services and transfer of technology. Another Dubai company agreed on the establishment of a multinational renewable energy company with a Chinese one. This memorandum of understanding will imply creating a solar energy park in the emirate.

Other discussions included healthcare and life science, aviation and logistics.

Our company registration agents in Dubai can help if you want to open a company in one of these industries.

The Islamic banking sector has doubled in the last 5 years

Dubai is one of the largest Islamic financial centers in the world at this moment, and the Islamic banking sector has contributed to the development of many industries. Among these, art, tourism, fashion and pharmaceutical ones are just a few. The services offered by local companies in these fields were addressed to both Islamic and non-Islamic customers, considering the great number of expats living in Dubai. By the end of 2020, the Islamic banking industry is expected to grow by 4 trillion USD.

The attendants sought to emphasize the expansion of the pharmaceutical industry in Middle-Eastern countries which has had a great influence on the global pharma sector. However, with innovation, this sector could find new growth opportunities.

If you want to open a company in the pharmaceutical industry in Dubai and need assistance, please contact our local company incorporation advisors.

 

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