Foreign Investment Office supports Bayer Group to establish regional headquarters in Dubai

The Foreign Investment Office (FIO), an agency of the Dubai Department of Economic Development (DED), has facilitated the opening of the Middle East regional headquarters of Bayer Group, the Fortune 500 global healthcare, nutrition and high-tech materials major, in Dubai with a total initial investment of AED 80 million.

The initiative was accomplished through the support of the FIO team, and comes in line with the commitment to strengthen Foreign Direct Investment (FDI) in Dubai and empower global investors to establish strong platforms for regional growth from Dubai. With a world-class infrastructure and utmost ease in doing business, Dubai offers a high-growth environment. FIO is leveraging the Emirate’s competencies in attracting FDI and thus boosting the economy.

Bayer Group’s initiative confirms its trust in Dubai and the vital role the city plays as a regional hub for trade and business in the MENA region, as well as the growth opportunities provided by the Emirate. The co-operation with FIO also highlights the Group’s management to work closely with Dubai and explore sound business growth opportunities.

The new regional headquarters of Bayer Group will feature a Bayer MaterialScience Innovation Centre displaying a broad range of high-tech materials as well as application laboratories and innovative manufacturing technologies. The Centre contributes to the transfer of knowledge and empowerment of the society through training and knowledge sharing.

Mr Fahad Al Gergawi, Chief Executive Officer, FIO, said: “One of the focal areas of Dubai’s government is to ensure that the Emirate serves as a robust and business friendly destination offering utmost ease in setting up and managing businesses. FIO is dedicated to attracting regional and international foreign investment to Dubai, and one of its key objectives is to develop closer co-operation with key international investment partners.”

“The opening of Bayer’s regional headquarters in Dubai is a reiteration of the strong business growth opportunities offered by Dubai for the entire MENA region. We are confident that the new setup will create new opportunities and further drive the growth of Dubai, as well as give Bayer an ideal platform to reach out to a wider geographic audience, being the business hub for the entire MENA region,” he added.

Al Gergawi added: “We thank Bayer Group for its trust in Dubai. We believe that the initiative will encourage other international companies to establish a stronger base in Dubai in the future.”

The opening of Bayer’s regional headquarters is a reiteration of FIO’s success in highlighting Dubai’s potential as a preferred FDI destination, and its role in easing the procedures involved in investing in Dubai. FIO offers continuous support to companies and investors by serving as the focal communication point with different government departments and economic and free zones in Dubai, and thus facilitate growth of businesses.

“The Middle East is one of the fastest growing economies in the world, and Dubai serves as the ideal base for Bayer Group to further strengthen our presence in the region.  The new site at Dubai Investment Park (DIP) will combine the offices and operations of BaySystems Pearl, our Polyurethane Systems House joint venture as well as the regional Bayer Group Headquarters. DIP is strategically located close to the Jebel Ali Port and the new upcoming Jebel Ali airport,” said Stephan Rosenthal, Managing Director of Bayer Middle East.

The Bayer MaterialScience Innovation Centre at the new Bayer site will be an ideal platform for training and education purposes, particularly youth education programmes, thus promoting young talent in the region as part of the company’s corporate social responsibility. The centre will also showcase the various applications of Bayer MaterialScience’s raw materials. Bayer MaterialScience offers trainings as needed for specific target groups regarding the handling and application of Bayer MaterialScience’s raw and high-tec materials. Bayer’s new office will also work with local government agencies to facilitate knowledge transfer for the overall welfare of the society, which is one of FIO’s main objectives.

The International Finance Corporation and World Bank had recently ranked the UAE at number 33 in its ‘Doing Business 2010’ report, and Dubai is top of the league in the Middle East Cities of the Future ranking by fDi magazine, scoring highest points for economic potential, business friendliness, infrastructure and quality of life.

About Department of Economic Development (DED):
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.

DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.

Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. The company’s products and services are designed to benefit people and improve their quality of life. At the same time Bayer creates value through innovation, growth and high earning power. The Group is committed to the principles of sustainable development and to its role as a socially and ethically responsible corporate citizen. Economy, ecology and social responsibility are corporate policy objectives of equal rank. In fiscal 2008, Bayer employed 108,600 people and had sales of EUR 32.9 billion. Capital expenditures amounted to EUR 2.0 billion, R&D expenses to EUR 2.7 billion. For more information, go to www.bayer.com.

About Bayer MaterialScience:
With 2008 sales of EUR 9.7 billion, Bayer MaterialScience is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. Bayer MaterialScience has 30 production sites around the globe and employed approximately 15,100 people at the end of 2008. Bayer MaterialScience is a Bayer Group company.