GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Government, Legal and Humanity

 
  Share

Abu Dhabi, October 12, 2017: Under the slogan ‘Together … Forever,' the UAE-Saudi Business Forum was held yesterday (Wednesday, October 11, 2017) in Abu Dhabi under the patronage of His Excellency H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy and H.E. Dr. Majid Al Qasabi, Minister of Commerce and Investment in KSA. The event saw the participation of more than 1,000 officials, investors and entrepreneurs coming from the two countries.

The forum, which was held at the Emirates Palace Hotel, included three sessions that covered key discussions on the national transformation plans under UAE Vision 2021 and KSA Vision 2030; industrial integration and the role of women in the economy. The forum also discussed key ways on how to enhance cooperation across eight main sectors, including industry, tourism, oil, aviation, construction, financial services, food stuff, gold, jewelry, medicines and medical equipment.

The forum was attended by H.E. Saif Mohamed Al Hajeri, Chairman of Abu Dhabi Department of Economic Development; H.E. Mohammed Ahmed bin Abdul Aziz Al Shehi, Undersecretary of the Ministry of Economy for Economic Affairs; H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry;  H.E. Khalifa Salem Al Mansouri, Undersecretary of Abu Dhabi Department of Economic Development, along with a number of UAE senior officials and a Saudi delegation composed of more than 160 officials from several government agencies and the private sector.

The forum is part of the joint retreat called ‘Khalwat Al Azm,.' The outcomes of the event are aimed at enhancing trade, economic and investment cooperation, strengthening ties and opening new investment channels to promote diversification of sources of income, attracting value added investments and increasing the volume of non-oil exports.

The forum was organized by the Ministry of Economy, Abu Dhabi Department of Economic Development-and Abu Dhabi Chamber of Commerce and Industry in cooperation with the Higher Corporation for Specialized Economic Zones (ZonesCorp).

The UAE-Saudi Business Forum was opened with a welcoming speech given by H.E. Saif Mohamed Al Hajeri, emphasizing that the forum is part of the distinguished relations between the two countries. In his speech, he lauded the efforts of the Saudi-UAE Coordination Council, which represents an exceptional example of the serious cooperation between both countries.

Al Hajeri also announced that Abu Dhabi Department of Economic Development has taken a number of measures and procedures that are focused on further enabling Saudi investors in Abu Dhabi--including the provision for all facilities and exemptions covered in the ‘Tajer Abu Dhabi' and ‘Industry Pioneers' initiatives.

H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, delivered the opening speech wherein he expressed his pride of the sincere brotherhood between the UAE and KSA, which represents a unique example of cooperation at the Gulf and Arab levels, openly demonstrated by the continuing efforts to enhance stability and growth of the region.

H.E. Al Mansoori pointed out that the bilateral relations between UAE and KSA are still witnessing continuous development and growth, driven by the firm will and sincere determination of the leaderships of the two countries--led by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and the Custodian of the Two Holy Mosques, H.H. King Salman bin Abdulaziz Al Saud--to advance cooperation and synergy between the two countries across various fields of development.

H.E. said: “The UAE–Saudi Business Forum is a vital platform for further achieving greater economic, trade and investment cooperation, based on a joint strategy that focuses on investing in the development prospects and capabilities of the UAE and KSA, which are the two largest Arab economies, as well as benefiting from their huge commercial and investment potentials.”

H.E. pointed out that the trade and investment figures and indicators reflect the depth of the strong ties between the UAE and KSA. He also noted that the KSA is the fourth largest trading partner of the UAE and its first largest Arab partner in 2016. The non-oil trade between the two nations witnessed a significant jump of 30 per cent over the past six years, from around AED 55 billion in 2011 to more than AED 71.5 billion in 2016.

H.E. added: “The political and economic challenges that we face require greater coordination to develop new approaches towards cooperation in the coming period with a wide participation of the private sector from both sides. The forum contributes to strengthening economic integration and exploring promising development opportunities and projects, as well as exchanging experiences and building new partnerships between the business communities in the UAE and KSA.”

Al Mansoori highlighted the UAE's efforts to develop a flexible, open and highly productive economic model and to diversify its economic base, noting that today, the non-oil sectors contribute more than 70 per cent to the UAE's GDP. This further strengthens the foundation of the country's transition to the post-oil era in line with Vision 2021 that aims to build a diversified, sustainable and competitive economy based on knowledge and technology.

“The UAE has focused its attention on strengthening the role of innovation in the development process and has worked through the National Innovation Strategy to catalyze innovative investments in seven key sectors namely renewable energy, transportation, health, education, technology, water and space,” H.E. Al Mansoori added.

The Minister also highlighted the UAE's top priority sectors in the UAE including industries, small and medium-sized enterprises(SMEs), tourism, foreign trade, real estate, financial and logistic services, as well as emerging sectors such as the Islamic economy - all of which are of common interest with KSA and thus considered as key areas for future cooperation.

In the framework of (Khlwat Al Azm), H.E. the Minister also emphasized the importance of cooperation in civil aviation, lauding the deliverables of the sessions related to air transport that was held recently in Dubai and concluded with the development of a framework establishing a Common Aviation Market between both countries to address challenges and increase investment opportunities, as well as build partnership agreements in the logistics, airline and airports segment.

He also urged Saudi investors to explore the huge development opportunities within the UAE business environment and capitalize on its promising facilities, highlighting the UAE's commitment to put in place these platforms and incentives that would help them achieve success and sustainability which is of mutual interests. He stated that the common denominators between the UAE Vision 2021 and KSA Vision 2030 provide an inspiring platform for an effective and fruitful cooperation between both countries.

H.E. Dr. Majid Al Qasabi, Saudi Minister of Commerce and Investment, also underscored that the forum is a step towards cementing the bilateral relations and strong cooperation between the two close allies in key sectors, particularly in economy, trade and investments. He further noted that both countries have agreed to hold the forum every two years after the mechanics and agenda are set, consistent with economic, commercial and investment interests and with the business sector as vital partner in economic growth and development in line with the visions of both countries.

H.E Dr. Majid also proposed that efforts should be made to institutionalize the forum's agenda in support of its envisioned contribution to improve bilateral relations and collaboration between the business leaders of both countries, as well as seek solutions needed to overcome challenges that could hinder the effectiveness of the Saudi-Emirati trade and investment links.

H.E. Mohammed Thani Murshed Ghannam Al Rumaithi, Chairman of the UAE Federation of Chambers of Commerce and Industry and Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI), said in a statement that the forum represents an outstanding opportunity for UAE and Saudi businessmen and investors to explore the national and economic transformation initiative of both countries. He also said that industries, construction, oil and gas, financial services, food products, medical supplies, and renewable energy come at the top of the most promising areas of cooperation between both countries. 

On the sidelines of the opening session, three agreements and MOUs were also signed to enhance cooperation between the two countries. The first MOU was signed by both the UAE Minister of Economy and the Saudi Minister of Commerce and Investment regarding strengthening cooperation and partnership in the field of entrepreneurship. The second MOU was signed by both the Saudi Agricultural and Livestock Investment Company (SALIK) and Al Dahra Holding to promote cooperation in agricultural investments, while the third MOU was signed between Hawkamah - the Institute for Corporate Governance and the Saudi Governance Center.



Posted by : GoDubai Editorial Team
Viewed 6246 times
Posted on : Thursday, October 12, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : DAFZA to become the first Freezone in the World transforming its Infrastructure into Cloud
Next Story : Ministry of Health & Prevention observes World Obesity Day
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Express Your Signature Style
The Memovox Adventure
Cerruti 1881 Infinite Love
OMEGA's second "Speedy Tuesday" sells in 01:53.17
Manero Peripheral (43 Mm) Classic Watchmaking Meets State -of-the - Art Technology
Olivia Burton Watercolour Florals
Ulysse Nardin Salutes Us Navy With Limited Edition Executive Skeleton Tourbillon
Ferrari takes the “Red Dot: Best of the Best” design award for the fourth year r...
New short indie movie ‘The Peril' is a wake-up call to parents about internet sa...
Beat the heat with mini dresses
Innovative Chronofighter Superlight Carbon is replete with Graham's formidable m...
Marchon Eyewear and G-III Apparel Group Sign Exclusive Global Licensing Agreemen...
DKNY Fall 2018
Oh, Sweetie Lipcolour!
Tissot T-Race Cycling An adrenaline-fuelled ride
Travel Light with Beauty Essentials from Glambeaute.com
Jaeger-Lecoultre Main Sponsor of the 75th International Film Festival of La Bie...
Enjoy an all-day breakfast at Sophie's Café
Dubai Camel Racing Club Honours Al Tayer Motors
Open Dairies by Parmigiano Reggiano Consortium: A gastronomical event for touris...
Inspired by legends, worn by new heroes, PUMA FOOTBALL brings you the AC MILAN 2...
DHL Express drives energy efficient solutions with new electric vehicles in Dubai
Go Down Memory Lane with Fashion Trends from the '90s
Dubai Creek Harbour Project Celebrates 5 Million Man Hours with Zero Lost Time A...
Enjoy DSS 2018 Offers at Parah
Outstanding Guide programme launched by Sharjah Museums Authority
Launch of PINAR Water - Turkey
Sighting Immediate Hiring of UAE Nationals, Union Coop Organizes Exclusive Recru...
Summer Love by Mouawad
Abu Dhabi Airports Celebrates Success at CIPS Middle East Supply Management Awards
Cromia Offers Amazing Discounts during DSS
2XL launches luxurious Louna sofa set in velvet
Dubai Business Women Council witnesses 28.3% growth in total membership during f...
Tommy Hilfiger Dressed Up Collections
New hope for patients as world's first and only approved therapy to treat two ty...
Mobile Fiesta at Jumbo Electronics this DSS 2018
DS Podium Chronograph - Sporty as ever, now with PrecidriveTM
HP Collaborates with Abu Dhabi's Danat Al Emarat Hospital to Re-invent Patients'...
Huawei's New Range of Artificial Intelligent Smartphones Set to Change Your Self...
Finnair launches off-airport baggage collection and check-in service in London w...
Ferrari's turbo-charged V8 is voted the best engine of the last 20 years
Experts urge residents to recognize early signs of Heart Disease
Take your mobile gaming to the next level
Martin on a Mission as He Claims Sixth Spot for UAE Team Emirates in Stage Five ...
A new time machine – Time Machine 3 (TM3) by Florian Schlumpf, now available at ...
PCFC and GDRFA helped 511 employees tie the knot over last 7 years
dnata celebrates 25 years of international growth
Confidence in Follower Counts
Gulf region's automation industry on track for double digit growth
Al-Futtaim and PVR signs a Memorandum of Understanding to establish a Joint Ve...