89 per cent growth in non-oil exports to Iraq to spurt joint investments into agriculture, manufacturing, banking, transport & infrastructure

February 17, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi recently participated in the “Investment in Iraq’s Kurdistan” forum held at the Emirates Palace in Abu Dhabi. She was joined by Kurdish Prime Minster Dr. Barham Salih and a number of businessmen and investors from the UAE and Iraq.

In her speech, Her Excellency welcomed the Kurdish economic delegation and underlined the deep brotherly relationship between the UAE and Iraq. She pointed out the mutual support provided by their countries in order to uplift trade and economic ties. She also referred to the appointment of the UAE ambassador in Baghdad, which she said affirmed the UAE’s commitment to strengthening ties with Iraq at all levels, especially in terms of security and the economy.

H.E. Sheikha Lubna also pointed out the significant growth in trade between the UAE and Iraq over the past few years, saying that bilateral exchange increased by 28 per cent between 2006 and 2008 to reach more than USD 3 billion. This, she underscored, proved the effectiveness of government and private sector efforts to enhance trade and economic ties between the two countries. Her Excellency also discussed the significant increase in non-oil exports to the Iraqi market, which rose more than 89 per cent over 2007 to hit USD 358 million in 2008.  She added that re-exports from the UAE to Iraq fell 5.7 per cent but still amounted to a high USD 2.6 billion, despite the global downturn.

The UAE Minister emphasized the need to further enhance exchange and maximize investment prospects as well as leverage incentives such as geographic location, historic bonds and growing economic activities, even if both nations already enjoy excellent bilateral trade channels. She pointed out the importance of efficiently providing key facilities in areas such as taxes and customs to companies from both sides.

Her Excellency further referred to the advantages enjoyed by UAE companies that adopt a culture of world-class quality, reliability, transparency and commitment to swift project implementation, in line with highest international standards. She confirmed that the Emirates is currently directing investments towards Kurdistan, as UAE companies are highly capable of exploring promising investment opportunities and maintaining competitiveness in the regional and international markets. Moreover, she said that Iraq is one of the most important Arab destinations for UAE investments in the near future, as part of the Emirates’ reform plans and agenda of greater economic openness.

Sheikha Lubna commended the economic reforms and expanding openness being witnessed in Kurdistan and throughout Iraq despite numerous challenges and encouraged the continuity of this trend. She explained that this would be in line with international economic efforts to motivate investors and businessmen to sustain their search for opportunities and develop mutual cooperation.

The Trade Minister concluded by underlining the importance of the forum in facilitating the sharing of experiences and best practices, especially from the prominent businessmen and investors attending from both countries.  She expressed her hope in seeing more similar initiatives aimed at highlighting the best mechanisms and tools needed to reinforce mutual cooperation at all levels.

For his part, Dr. Salih also commended efforts from the UAE to support Iraq’s investment environment, calling out for more mutual cooperation in exploring promising sectors such as oil, gas, agriculture, manufacturing, tourism, hospitality, banking, financial services, infrastructure, and construction.

Minister of Economy emphasizes the strength of UAE Economy and Commends ability of Dubai economy to deal with global challenges

• Invites Airbus to leverage country’s potential

Abu Dhabi, February 14, 2010: His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, said the UAE economy is strong and offers strong investment opportunities across varied sectors including aviation. He also Commended the ability of Dubai economy to deal with global challenges.

He presented the robust outlook of the national economy at a meeting with the Prime Minister of Bottom Saxony His Excellency Christian Woolf and an accompanying German delegation. He also invited Airbus, which has an operational base in Bottom Saxony, to leverage the capabilities offered by the UAE.

The UAE and the visiting delegation reviewed the strategic relations between Germany and UAE, and the need to strengthen the framework of mutual cooperation across all economic and commercial aspects.

His Excellency Al Mansouri explained the economic developments in the UAE and the country’s ability to achieve sustained growth rates to the delegation. He said that expected inflation in 2010 will not exceed 2 %, reflecting positive results. 

His Excellency Al Mansouri stressed on the government’s vital role and policies in dealing with challenges swiftly.

He said that the tourism sector is witnessing rapid growth as a result of the wise leadership and directives to position UAE as an ideal tourist destination. He also discussed with the German delegation possibilities for cooperation in small and medium enterprises, a sector that has achieved landmark growth in Germany.

His Excellency Christian Woolf said: “The UAE government’s efforts to boost the national economy can be observed through the great achievements and prosperity. We look forward to benefiting from the expertise available here”.

Initiative to promote local products, attract consumer confidence in local industries, support trade & investment opportunities

February 1, 2010

The Sharjah Chamber of Commerce and Industry (SCCI) launched its ‘Made in Sharjah’ program during a press conference held today (Monday, February 1, 2010) at the SCCI headquarters. The program will support industrial establishments and complete a series of initiatives undertaken during the past few years to promote local products and expand Sharjah’s reach to the international markets. The launching was attended by Director General Hussein Mohammed Al Mahmoudi, Yaqoub Yusuf Al Qaseer, Head of SCCI Industrial Development Division and Marwan Salem Hamed, Deputy Head of SCCI Industrial Development Division.

The campaign will highlight nine key focal points related to the development, promotion and advertisement of local products, namely, a ‘Made in Sharjah’ exposition; a label reflecting the slogan; a promotional plan for the permanent expo; promotional video clips; a monthly e-periodical; a dedicated webpage on www.tejari.com, the biggest commercial portal in the Middle East, that will serve as an export guide; a ‘Made in Sharjah’ standards initiative; and a training and development program.

“This unique initiative forms part of 2010 business strategies and plans that focus on the implementation of programs and activities that can significantly enhance Sharjah’s investment environment. This year we aim to highlight growth prospects within the emirate’s business community, support exports, and encourage the youth to start new and promising projects. We also intend to provide technical and consultancy services and funding facilities for our members so that they can strengthen their competitiveness at the regional and international level,” said Al Mahmoudi.

“We would like to thank H.H. Dr. Sultan Bin Mohammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah, for his full support to our Chamber. He has helped facilitate our services to the business sector, our holding of economic events throughout the emirate, and the development of the civil society in a manner complementing the sustainability policy mandated by the local and federal governments,” he added.

The planned ‘Made in Sharjah’ Expo will be a specialized commercial event that will provide an integrated platform for communication between business organisations and customers. It will target west Asian countries, especially Syria, which received more than AED 18 million worth of Sharjah exports in 2008; eastern and middle African countries such as Sudan, Ethiopia and Kenya which received more than AED 155 million during the same year; North African countries, especially Algeria, Libya and Morocco, which received Sharjah exports worth AED 150 million; and east African countries such as Ghana, which received AED 10 million worth of exports from the emirate.

The ‘Made in Sharjah’ label will promote local industries and consumer goods, enhance consumer confidence in local products, and support exports and various investment opportunities to enhance the regional and international economic and investment positions of Sharjah and the UAE in general. The planned media and advertising campaign for the permanent exhibition covering all mass media will focus on the role and importance of the exhibition.

A simple monthly e-periodical to be sent to all members of the permanent exhibition on a quarterly basis is also being planned. The e-periodical will contain information on local, regional and international market conditions as well as services offered by Arab and international funding and credit organizations. A dedicated website, a special e-guide and additional trade visits are also being considered in support of the exhibition. The Chamber has also expressed its willingness to produce a short film titled ‘Made in Sharjah’ with various lengths of between 30 seconds to 5 minutes to be aired in airports, on television, and on public displays.

The ‘Made in Sharjah’ program will include the preparation of an export processing guide under three main phases: distribution of orders to selected factories; classification of small and medium businesses according to priority of export, re-export, and import; and promotion of the guide. The guide will be distributed by the Chamber through various promotional means such as during the visit of delegations and foreign commissions; through SCCI’s cooperation with local and international chambers of commerce; and via the SCCI website.

SCCI further plans to launch a ‘Made in Sharjah’ Standards Initiative in cooperation with the Emirates National Accreditation System (ENAS). Both parties will organize periodical lectures on standards in various fields and grant certificates of appreciation for conformity to the highest standards and enhance the participation of SCCI members in national standards committees.

SCCI will help improve the knowledge and skills of export-sector employees through a training program that will fall under the Sharjah Training and Development Center’s work plan. This program will help participants acquire diplomas or professional degrees as well. The Chamber will also coordinate with training bodies under prominent international authorities such as the World Trade Organization (WTO), the International Criminal Court (ICC), the Gulf Organization of Industrial Consulting (GOIC), and United Nations Industrial Development Organization (UNIDO) for this purpose.

Improving liquidity opens up new investment options

(from the left Mr. Ammar Shatta and from the right Mr. Anthony Habis)

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Artistic impression of ‘Frankfurt Sports Tower I’ project

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With the aim of exploring trade opportunities in various industry sectors in the UAE and South America, the Embassy of Argentina in the UAE and the Dubai Export Development Corporation (EDC), an agency of the Dubai Department of Economic Development.

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ELECRAMA-2010 on the cards

Mr. Vimal Mahendru, Vice President, Indian Electrical and Electronics Manufacturer’s Association (IEEMA)

The UAE’s water and electricity sector is set to attract AED 35 billion ($9.5 billion) worth of investments over the next five years. This has attracted India’s Elecrama, the largest electricity exhibition in the East   to attract  power generating companies from the emirates. Read the full story

Al Sarkal: “Investing in Tourism sector is the key to economical growth in GCC”

Sharjah Investment and Development Authority “Shurooq, has announced the conclusion of its successful participation at the ‘Investment and Tourism Conference – Read the full story

Prime commercial tower in Dubai Silicon Oasis moving towards delivery

Rizwan Shaikhani, Joint Managing Director, Memon Investments

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it has completed nine out of the ten floors within ‘Cambridge Business Centre’ (CBC) project, Read the full story