Dubai Science Park Signs Partnership Agreement With US Venture Capital Firm 1792 Partners to Attract American Science Companies to Dubai
Agreement Signed During High-level Business Mission to California led by
Dubai Investment Development Agency, Dubai Exports
DUBAI, United Arab Emirates–(BUSINESS WIRE)–Dubai Science Park (DSP), a holistic business community located in
Dubai, United Arab Emirates (UAE), that is home to SMEs and
international companies active in the science, 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
Middle East and North Africa (MENA) region.
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.
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. 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.”
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 represent DSP in the US, and introduce
healthcare, science and pharma companies to the benefits of operating in
the Middle East.”
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 Fahad Al Gergawi, CEO of Dubai FDI, headed the delegation
that comprised senior leaders from Dubai Airport Freezone, Dubai
Exports, Dubai Multi Commodities Centre, Dubai South, DSP, Emirates and
Emirates SkyCargo.
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.
His Excellency Fahad Al Gergawi, CEO, Dubai FDI, said: “The global
missions to the U.S. are an important opportunity to meet strategic
investors who are looking to expand their businesses, utilizing Dubai’s
competitive advantage as a global hub and gateway to regional growth
markets. We are looking forward to opening new channels for business
opportunities through this mission and presenting and highlighting
investment incentives in the emirate to existing and potential
investors.”
He added: “These events 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 US.”
The mission’s delegates visited several local businesses and explored
opportunities for future collaboration. These included Jerde, an
architecture and urban planning firm that provides creative design and
planning services for major projects worldwide, NantWorks, the umbrella
organisation for Dr Patrick Soon-Shiong’s technology ventures, Hyperloop
Transportation Technologies, a research company developing a
transportation system based on the Hyperloop concept, and the Los
Angeles Blockchain Lab, a public-private partnership focused on
education and innovation in the blockchain space.
About Dubai Science Park
Founded in 2005, Dubai Science Park (DSP) is a vibrant, holistic
community dedicated to supporting entrepreneurs, SMEs and MNEs active in
the sciences, energy and environmental sectors. With its ample office
and laboratory space and robust infrastructure, DSP has created an
enabling science-focused ecosystem that is home to more than 350
companies, employing over 3,700 professionals.
For more information, please visit www.dsp.ae
About 1792 Partners
1792 Partners is a Silicon Valley, California based advisory firm with
offices Dubai, UAE, helping accelerate corporations and early-stage
growth companies improving their results through consulting in many
areas. They help you address your most challenging issues by providing
strategic, financial, operational, human capital, and technical services
through their experienced consultants. They work close with family
offices and institutions on providing capital for their portfolio
companies.
For more information contact: about@179two.com
*Source: AETOSWire
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