The Parthenon Group to present extensive regional education report exclusively at Building Future Education MENA 2011

Abu Dhabi, UAE; 17 October 2011 - The value of investment opportunities available in the private K-12 education sector in the GCC could potentially reach US$ 3.5 billion in 2012, according to an exclusive study done by The Parthenon Group, the leading strategic advisor to the global education industry. 

Meanwhile, the potential for investments in the higher education segment in 2012 is estimated to be worth US$ 1.2 billion. This and other results will be presented by The Parthenon Group at the Building Future Education (BFE) MENA exhibition and conference in partnership with Abu Dhabi Education Council (ADEC) to be held at the Abu Dhabi National Exhibition Centre on 25-26 October 2011.

Entitled ‘GCC Insight Report: Investment Opportunities in K-12 and Higher Education in the United Arab Emirates and Kingdom of Saudi Arabia’; the report is based on an  in-depth  survey of over 1,100 schools and universities. The report will arm potential investors with a data driven insight into the investment potential in the education sector, with a particular focus on the United Arab Emirates and Saudi Arabia.

Speakers from The Parthenon Group will share their findings during the seminar session dubbed Funding the Future, Private Investment and Philanthropy which will give delegates an insight into the potential growth opportunities of both the K-12 and Higher Education segments in the region. It will be followed by a panel discussion with leading education figures and authorities from around the world.

Karan Khemka, Partner and Head of the Emerging Markets Practice, The Parthenon Group says: “Although the macro environment may suggest strong investment potential for education in the region as a whole, investors should choose their markets carefully; as the different education sectors have different drivers. We identified several segments of the market that see exponential growth, while other segments might already run at full capacity. There is a clear trend towards private education and a preference for international & mixed curriculum schools because students choose education in English at both secondary and tertiary levels. For example, the private higher education segment in Saudi Arabia — albeit still small in size — is growing at an annual rate above 35% compared to the public sector which is growing at only 10%. This shows that students and their families increasingly choose the private sector where a larger proportion of teaching is done in English.”

Another senior representative from Parthenon, Robert Lytle, Partner, Head of the Education Centre of Excellence, will lead a panel that addresses the impact of the national policy framework, and discusses the role of public-private partnerships and private equity funds in the investment landscape. Rob Lytle: “Parthenon is privileged to have an advisory role with many public and private sector clients throughout the region.  Our work with organizations such as the Abu Dhabi Education Council and the largest school operator in Saudi Arabia, only serves to enhance our commitment to helping address the challenges facing the education market in the GCC region today and tomorrow.”

Andrew Pert, Regional Director of UBM Middle East, organisers of the event, praised The Parthenon Group for its extensive research on investment opportunities in the education sector and its contribution as Knowledge Partners of BFE MENA 2011.  “The knowledge and insights that can be gleaned from the study will help various stakeholders, from investors to government authorities, to take advantage of the opportunities to invest and help spur growth of the region’s education sector.”

Limited copies of The Parthenon Group research paper will be available at Building Future Education MENA throughout the event as well as at the presentation on day two (10.40AM), Investment Opportunities in K-12 and Higher Education by Karan Khemka, Partner and Head of the Emerging Markets Education Practice, Asia, The Parthenon Group.

The main conference will bring together those at the forefront of education from ministries, institutions, operators, architects and investors. The conference features in-depth panel discussions, based around specific research studies from BFE MENA’s Knowledge Partners Booz & Company, Parthenon and RAND Corporation, assessing the education market in the GCC and areas of potential investment. 

The conference will also cover key topics such as world-class facilities and learning environments, curriculum and school improvement, quality assurance, special education needs and sustainable education facilities.

Visitors can register now free at www.buildingfutureeducationmena.com.  Building Future Education MENA will also have strong representation from the MENA region’s education ministries and councils including United Arab Emirates, Saudi Arabia, Egypt, Bahrain, Qatar, Oman, Kuwait, Jordon and Lebanon.

John Mathews

DUBAI, Sept. 28, 2011 – The current European sovereign debt crisis, and its expected impacts on European banks, gives new impetus to aircraft investment opportunities for Middle East investors, Boeing told the region’s bankers and financers here Tuesday.

Speaking at the aircraft maker’s annual financiers and investors conference for the Middle East, Africa and South Asia region, executives from Boeing Capital Corporation, the manufacturer’s product financing arm, outlined the investment potential resulting from what is expected to be a longer-term challenge for European banking institutions.

Europe’s banks have been a significant source of global aircraft financing for more than a decade.

“Middle East economies are generating significant account surpluses, which eventually will translate into the need for diversified investment portfolios. As many Middle East investors have already recognized, aircraft offer a very stable, long-term and predictable investment profile, presenting generous profit opportunities for investors willing to take advantage of them ,” said host and Boeing Capital executive John Matthews, the unit’s managing director for the region.

Boeing said to this point, Middle East banks and lessors have financed primarily air carriers based in the region.  However, the company includes the region, with its substantial wealth, as a key emerging source of aircraft financing among global investors.

In addition, the mobile nature of aircraft assets makes them ideally suited for Islamic financing with its fundamental criterion that such investments be asset- based.  “Recently we’ve seen significant interest in developing products in order to finance aircraft using Shariah-compliant capital markets investments and we see this trend continuing. With increased demand for affordable alternatives for aircraft financing, we anticipate that these developments will likely accelerate over the next few years,” said Matthews.

More than 80 senior executives from the region’s financial sector were on hand for what was the company’s seventh annual conference focused on commercial aircraft industry developments and related financing market conditions.

In reporting on the region’s air travel market health, the Boeing executives said the Middle East continues to show very strong growth, with the region’s international carriers growing during 2010 at a rate of nearly 18 percent, more than double the world average.

“The region’s airlines have demonstrated great competitive skill.  They are very well managed and are growing successfully, so we are confident they will continue to prosper and attract financing for their deliveries,” said BCC executive Kostya Zolotusky, who presented on current market conditions and emerging industry trends.

Supporting the company’s message on the attractiveness of aircraft as investments, Boeing said world airlines overall are in their best financial conditions in many years despite continued global economic challenges and, for some Middle East countries, civil unrest.  “Their balance sheets are the healthiest they have been in history. Airlines around the world have been aggressively deleveraging and holding a lot of cash. It should make them less volatile businesses that are able to weather any storms or unexpected shocks better than they have historically” Zolotusky said.

Boeing’s latest long-term market outlook released in June projected a U.S. $4 trillion market for new aircraft over the next 20 years, with a significant increase in aircraft demand over that time.  Of those, the Middle East is expected to require 2,520 aircraft, worth about U.S. $450 billion.

Foreign investments grow 48.7% in total deal value year-on-year

Mr. Mohammed Asaria

Dubai - 22nd May, 2011: The ‘Investment in Iraq’ Summit recently concluded in Dubai and organized by Range Hospitality highlighted that Iraq has some of the most favorable foreign investment laws in the Middle East, making Iraq one of its most lucrative markets. The summit witnessed keen participation from over 100 decision makers, entrepreneurs and investors representing diverse business backgrounds. 

Key speakers at the event included Ibrahim Al Baghdadi, elected Chairman of the Iraqi National Businessmen Council and Board Member of the National Investment Council of Iraq; Mohammed Al Assam, Chairman and Managing Director, Dewan Architects and Engineers; Mohammed Asaria, Vice Chairman, Range Hospitality; Kyle Stelma, Managing Director, Emerging Markets, Dunia Frontier Consultants; Khaled Saqqaf, Head of Jordan and Iraq offices, Al Tamimi & Company and William Wakeham, Founder and principle shareholder in AAIB Insurance Brokers.

Elaborating on the potential of the region, Kyle Stelma said: “In 2010, foreign firms and investors reported US$ 42.668 billion in investments, service contracts and other commercial activities across Iraq — an estimated 48.7 percent increase in total deal value over the previous year (2009). More than 33 percent of total investment and foreign commercial is attributed to the real estate sector.”

Range Hospitality provided a project update on the Al Rawdatain Residences by Shaza. Mohammed Asaria, Vice Chairman of Range Hospitality, remarked: “Construction has commenced at the site in Karbala. We are on schedule to handover the project in 2013. Currently, we have signed firm contracts for over 60 percent of our inventory to a diverse mix of buyers. Furthermore, our construction cost is fully funded and we have passed this benefit to our buyers by offering them an attractive payment plan. Investors can now pay 10 percent upon reservation, 10 percent on ground breaking, 10 percent on completion of foundation and the balance upon handover.”

Moreover Mr. Asaria added, the unique fractional ownership proposition Mulkiya Intifa’a offers full security and flexibility to investors in the project.  

The summit held at DIFC Dubai brought together leading multinational companies operating in Iraq on one platform. Munaf Ali, Chief Executive Officer of Range Hospitality opened the seminar by providing an insight to religious hospitality and the investment dynamics in Iraq.

Project Qatar 2011 to provide strategic entry point to the competitive market

April 20, 2011

International and local business players are aggressively looking at pursuing opportunities arising out of the booming Qatari economy, which has chalked out elaborate infrastructural investment plans estimated at over USD 100 billion within the next 12 years. Apart from fast-tracking its rail, road and sea infrastructure projects in view of its hosting of the 2022 World Cup, Qatar has planned mega projects in almost all sectors - be it hospitality, education, science, art or entertainment.

The upcoming Project Qatar 2011, the leading International Trade Exhibition for Construction Technology, Building Materials, Equipment and Environmental Technology, running from May 2 to 5, 2011, at the Doha Exhibition Center, will act as a strategic entry point for those keen on tapping into this flourishing economy. More than 1,700 regional and international exhibitors have already confirmed their participation at the upcoming edition of the event, which will bring together leading players from the fast-paced global construction sector, especially the GCC region.

“The Qatari economy was not only able to show resilience to the global economic downturn, it continued to provide enormous opportunities as the government went ahead with its infrastructure investment plans in line with its National Vision 2030. Getting the rights to host the 2022 World Cup has further expanded the scope and quantum of investments. It is an apt time to tap into these opportunities and Project Qatar 2011 is an ideal platform to those who want to be a part of this growth story,” said Michel Gebrael, Project Manager, Project Qatar 2011.

Among the key investments that Qatar has planned include a USD 13 billion new international airport by 2013, USD 20 billion towards road and highway projects, approximately USD 40 billion for the ambitious Doha Metro project, USD 4 billion for constructing nine stadiums and renovating three existing ones in preparation for the 2022 World Cup, and the bridge between Qatar and Bahrain, touted as the world’s longest bridge over the sea.

Being held under the patronage of H.E. Sheikh Hamad bin Jassem bin Jabor Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, Project Qatar 2011 has emerged as the key annual networking event for companies and individuals operating across all construction sectors, including architects, engineers, interior designers, project owners, contractors, manufacturers, planners and distributors.

The organizers of Project Qatar will be holding a press conference on April 25, 2011, at the W Hotel in the presence of ambassadors, country officials, trade commissions and industry professionals, to outline details of this edition of the event and highlight its significance to Qatar.

First SCA-licensed financial advisory & analysis firm delivers simplified yet comprehensive equity research

April 3, 2011

Al Ramz Securities, one of the UAE’s leading brokerage houses, aims to enhance circulation and investment decision-making across the UAE’s capital markets through the advanced capabilities of its Research Department. The department uses scientific and investment tools to provide easy-to-read and yet extensively-prepared results and recommendations.

Al Ramz was the first brokerage company in the UAE to obtain a license to provide financial consultancy and analysis services from the Emirates Securities and Commodities Authority (SCA). Among the main priorities of Al Ramz as a pioneer in the field is to maintain a highly-qualified team of experts in financial and economic analysis, investment management and securities evaluation reporting. The group is equipped with the latest tools and systems needed to analyze events affecting the securities market and obtain updated economic and financial data from local, regional and international sources.

“Our industry-leading ability to provide timely and reliable market data is anchored on our pool of industry veterans and the state-of-the-art tools and scientific methods we use. Today’s volatile global markets leave little room for errors, delays or misinterpretations, so our Research Department makes sure that the information and recommendations we provide are accurate, comprehensible and relevant,” said Abdel Hadi Al Sa’di, COO, Al Ramz Securities.

Al Ramz’s Research Department is led by Mr. Talal Touqan, who has over a decade of experience in heading equity research and analysis, investment management, and financial asset management. Its expert team of investment analysts includes Mr. Jamal Adbel-Jabbar, one of the first to pass the financial analyst licensing qualification exams required by SCA, and Ms. Maria Elena Ponceca, a specialist in quantitative analysis with an in-depth experience in banking credit research and stock exchange market studies across Asia.

The main tasks of Al Ramz’s Research Department are to analyze the overall performance of the securities market, compile reports on the internal and industry performance of market-indexed companies, evaluate global economic data and investment trends, and prepare statistical forecasts for decision-making purposes. Al Ramz plans to publish various reports from the department in both Arabic and English.

Abu Dhabi based Al Ramz Securities was founded in 1998 prior to the establishment of the Abu Dhabi Securities Exchange (ADX), Dubai Financial Markets (DFM), and Nasdaq Dubai; the company is currently a member of all three exchanges.  Al Ramz consistently ranks among the top brokerages in terms of market share on ADX and DFM. The company serves retail and institutional clients through branches in Abu Dhabi, Dubai, Al Ain.

New freighter to provide dedicated daily connection between Europe & the UAE

Martyn Wright

Jeddah, Kingdom of Saudia, 29 March 2011,. A Boeing 767 freighter representing a six-figure investment to boost logistics services in the Kingdom of Saudi Arabia (KSA) has been launched.  The freighter will service the KSA through the connection between Europe and the UAE. The aircraft provides a daily connection between Dubai and the European air hub in Liege, Belgium and is expected to benefit the Middle East, according to TNT Express. 

From Europe, another dedicated freighter will link Middle East shipments to North America via New York. These connections will enable faster transit times, improved costs, and better control and monitoring of shipments.

Martyn Wright, Managing Director, TNT SAB Express, Saudi Arabia, said, “TNT is committed to continue actively investing in the Middle East and the new Middle East-Europe freighter service is part of our expansion plan across the region. We are looking forward to leverage our presence in the region and further spread our air and road network so as to facilitate a better link for our clients to Europe and the US.

TNT’s freight volumes between Europe and the Middle East grew by over 30 per cent in 2010. The inaugural landing of TNT’s Boeing 767 freighter at Dubai’s International Airport was a complementary step in enhancing the company’s connectivity in the Middle East. TNT has been investing in improvements to its handling facilities in Dubai, Jebel Ali and its TNT Middle East Road Network.

The growth of TNT’s Middle East operations is being fueled by customers from the hi-tech, automotive and retail sectors that are moving increasingly larger volumes of material. The new daily freighter service will address demand by increasing capacity between Europe and the Middle East to up to 50 tons per flight. The steady recovery witnessed throughout the Middle East last year from the challenging business conditions of 2009 gave TNT the confidence to take this aggressive step.

Dubai, 30 January 2011: Gulf Merchant Bank Limited (GMB) has participated in the “Salon Halieutis” trade show, held this week in Agadir in the Kingdom of Morocco, under the Royal Patronage of His Majesty King Mohammed VI and at the initiative of the Ministry of Agriculture and Marine Fisheries.

At the event, Mr. Nabil Maaloul, Chairman and CEO of GMB announced the signature of an initial aquaculture project in the Kingdom of Morocco and the intention to launch a private equity fund focused on investment in the aquaculture industry, mainly in the Kingdom.

GMB is working in collaboration with the Ministry of Agriculture and Marine Fisheries and with the National Halieutic Research Institute (INRH) in Morocco, the scientific body in charge of the rationalization of the management and development of the fisheries and aquaculture resources.

GMB has incorporated a new vehicle in Morocco, Mediterranean Aquaculture Company S.A. (MAC).

The first concession acquired through MAC is focused on the farming, transformation and commercialization of shellfish; mussels are the primary focus, but production of oysters as well as scallops is underway.

MAC operates in the northern Moroccan territorial waters in M’diq Bay at the Mediterranean Sea, and planning to export to the European markets where demand for fresh products continues to grow. The concession is over 400 hectares, allowing increased scales of production, and following the necessary investment production is expected to be approximately 9,000 tonnes of shellfish per annum.

“The support from the Government of Morocco for the Salon Halieutis Trade Show indicates the commitment in the Kingdom to attracting investment in the aquaculture industry. We see significant opportunity, with the ideal environment for large-scale production, historic under-investment and under-utilisation of resources and the growing European market leading to continuing increased demand. Therefore we are delighted to be working with the Government and key organizations such as INRH, in helping to rejuvenate the aquaculture industry. It has the potential to generate significant employment and support GDP growth,” said Nabil Maaloul, Chairman and CEO of GMB.

Mrs Zakia Driouich, Director in charge of the Marine Fisheries and Aquaculture, added “We are delighted about working with Gulf Merchant Bank as we seek to attract investment in the aquaculture industry. The fundamentals are in place and by working with the private sector we see an opportunity for significant growth over the coming years in line with “Halieutis”, the new Government of Morocco strategic plan for aquaculture”.

Gulf Merchant Bank Limited is a Dubai-based investment bank regulated by the Dubai Financial Services Authority (DFSA) offering a number of flexible and innovative products to institutional investors, corporations and high net-worth individuals through its services which include corporate finance advisory, capital markets advisory, fund management and private client services.

- OVER 20,000 JOB ENTRANTS & EMPLOYEES TARGETED BY END-2009 -

27 June 2010, Manama:  The Chief Executive of Bahrain’s Economic Development Board (EDB) today commended Tamkeen after the organisation announced its investment in human capital had targeted over 20,000 job entrants and employees by end-2009.

Shaikh Mohammed bin Essa Al Khalifa’s comments follow the publication of Tamkeen’s Annual Report, which shows its private sector support programmes had supported 3,212 enterprises by the close of the year.  Some 27,560 job entrants and employees have been targeted for specialised training through its human capital development programmes.  And thousands more have benefited through a number of approved enterprise and career development programmes.

He said: “The large number of beneficiaries enrolled in Tamkeen’s programmes reflects its commitment to enabling a prosperous future for Bahrain and important role in achieving the ambitions of Vision 2030.  This investment in human resources – and in cultivating the growth of the private sector – is crucial for the Kingdom’s continued and sustainable economic growth.”

The EDB – which is leading Bahrain’s Vision 2030 and creating the right climate to attract foreign investment – launched labour market reforms in 2004 under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB.  This has led to the establishment of Tamkeen  to equip Bahrain’s highly-skilled young workforce with the relevant skills to enable them to seek better opportunities to elevate the national living standards in line with Bahrain’s Vision 2030.

Since 2007, Tamkeen has helped to enable the private sector and empower people, talent, careers, systems and cultures.  The organisation has supported initiatives aimed at improving the labour and capital productivity of Bahraini businesses.  And through programmes to help Bahrainis advance professionally, it is helping to ensure that an even greater number of the Kingdom’s growing and increasingly diverse national workforce become the employees of choice for international businesses locating in Bahrain as the gateway to the trillion dollar Gulf market.

H.E. the Minister of State for Foreign Affairs and Tamkeen’s Chairman Dr. Nezar bin Sadiq Al Baharna added:  “Our alignment to the Kingdom’s Economic Vision 2030 cements our goals and signifies the important role that we play in its realisation.  Our mission now is to empower Bahrainis according to market requirements and build enterprise capabilities in order to contribute to the expansion of the national economy.  A skilled workforce and an empowered private sector is another added value to all the other attractions for investing in Bahrain”

An estimated 100,000 young people will join the Bahrain workforce over the next 10 years.  Among them will be an ever increasing number of university graduates and women seeking highly skilled positions.  The Kingdom’s business sector is already supported by the most productive, well-educated and highly skilled national workforce in the GCC, a key factor in attracting multinational companies.

Bahrain has consistently invested in education and skills-attainment in line with the requirements of international business.  Tamkeen’s own 2010-2014 Strategy aims to ensure the Kingdom’s human capital is more productive, effective and responsive for a more competitive private sector.

GCC succeeded in diversification in the plastics industry, says German trade fair organizer Messe Dusseldorf GmbH

Dubai, UAE, 1 June, 2010: German trade fair organizer Messe Dusseldorf GmbH has said that the region’s response to ‘K 2010’, the largest international trade fair for the plastics and rubber industry, taking place from October 27 to November 3, 2010 in Dusseldorf, Germany, is more than 4 times bigger in terms of display area. 

This was revealed at a press conference hosted by Messe Dusseldorf in Dubai today (Tuesday, June, 1, 2010). The German company said that GCC states, especially the UAE, have succeeded in diversifying its economy by investing heavily in the plastics industry.

The company said the UAE plastics industry growth was fueled by industrial modernization initiatives spearheaded by the GCC governments. The Gulf region is also reducing its dependence on imports to plastics by enhancing local manufacturing, and is heading towards the direction of self sufficiency in the near future.

“UAE exhibitors will present their products over an exhibition space of 549 sq. m. compared to 129 sq. m. in 2007. The 242,000 trade visitors who attended the event three years ago came from nearly 100 countries. 57% of them were from outside Germany, among them about 700 experts from the UAE. As a key player in the plastics and rubber industry in the Gulf region, Dubai is an essential stop for us to announce the trade fair and discuss potential opportunities,” said Ludwig Koenig, Director, Messe Duesseldorf GmbH.

According to the recent Dubai Export Development Corporation 2009 report, the plastics industry is one of the leading manufacturing sectors in Dubai, with around 90 industrial establishments in operation, producing products like bottle and containers, pipes and fittings, bags, doors and windows, caps and lids, foils and utensils. It is estimated that the value of plastic annual production in Dubai is around AED 1.3 billion. This estimate is based on exports of AED 976 million with the assumption that 75% of the production is exported.

The plastics industry is one of the high value added industries in Dubai contributing 50% of its production value in net value added components. Outsourced services like design and manufacturing services make 9% of the production value.

The plastics industry in Dubai has many positive factors capable of driving its continuous growth. These factors include the low cost of transport of some products and the availability of the raw materials from the GCC.

Ulrich Reifenhaeuser, Chairman of the K 2010 Exhibitors’ Committee, added: “The GCC is heading towards reaching a stage where there is self sufficiency in the production of plastics for the region’s domestic use.

Satish Khanna, General Manager of Al Fajer Information & Services, the regional partner of Messe Dusseldorf underscored the significance of the plastics sector saying that the proof of the growth of this sector is the larger UAE participation in K 2010 and the increasing demand of participants at the 10th edition of Arab Plast to be held from 8 to 11 January.

Khanna added: “Plastics industry now accounts for 10.6% of the total manufacturing in GCC, of which 4% investment is plastics and petrochemicals.”

The employment in plastics and rubber makes up 4% of the total employment in manufacturing in the Gulf, according to Gulf Organisation for Industrial Consulting (GOIC). The total number of plastics industries in the UAE is 505 units, with an investment of $732 million as per GOIC statistics.
 
“Despite the unsettled global economy, companies from all continents have high hopes for K 2010. This is clearly reflected in the registration figures: all 19 available trade fair halls are fully booked, and not a single company of note is absent from the list of exhibitors. About 3,000 companies will be present at the flagship trade fair,” added Reifenhaeuser.

At the Dusseldorf exhibition grounds, the leading suppliers will be presenting their products and solutions in many areas including raw materials, auxiliaries, semi-finished products, technical parts, reinforced plastics products, and machinery as well as equipment for the plastics and rubber industry.

Also present at the press conference was Craig Halgreen, Vice President Global Communications, Borouge Pte Ltd.

K 2010 Dusseldorf is the world’s most important contact forum, not just for the entire plastics and rubber industry, but also for visitors from the major user segments. No other trade fair offers such opportunities for experts in the automotive, packaging, electrical engineering, electronics and communications industries, the construction sector, medical technology and aerospace to learn about the latest plastics and rubber applications and experience the technical innovations of a dynamic sector.

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.