Board of Council of UAE Companies Investing Abroad Holds Second Meeting

Members Examine Budget, Structure of Council and Path Forward

Dubai-UAE: January 10, 2014 - The Board of Council of UAE Companies Investing Abroad has concluded its second meeting chaired by His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, at the Ministry's Headquarters in Dubai.

The meeting was attended by members of the Council's Board of Directors and discussed administrative issues including the Council's budget. Additionally, the potential for developing a mechanism that raises awareness about the Council's activities was also examined. The meeting additionally proposed the selection of an executive director and vice chairman for the Council.

The members agreed unanimously on membership fees and the constitution of a budget. The meeting also explored innovative ways to streamline coordination among member companies for promoting foreign investments to the UAE and helping national companies achieve a dominant economic presence in global markets.

His Excellency Sultan Al Mansouri reiterated the vital role played by the Council of UAE Companies Investing Abroad in supporting the work of local companies in foreign markets.

During the meeting, the Minister said: 'The Council was established primarily to promote economic diversification policies given the expansion and growth witnessed in the private sector. UAE companies investing abroad have achieved remarkable success in a relatively short span of time. Their performance reflects the country's enabling environment and transparent trade policies that have contributed to enhancing the UAE's international reputation, despite the strong competition in the field of foreign direct investment.”

He added: “The Council is committed to promoting economic development in the UAE. We coordinate with the Ministry of Foreign Affairs and the Ministry of Finance to support the UAE's investments abroad either through the signing of agreements or by offering diplomatic support or working collaboratively to form joint committees to help with policy decisions.'

Al Mansouri pointed out that the Council will eventually pave the way for the establishment of a coalition of major UAE companies investing in key foreign markets across economic sectors as part of its mandate to drive investments of such companies in the designated markets. He also underlined the need to boost efforts to increase investments in emerging markets and overcome the initial challenges faced. Promoting the economic presence of the country abroad and consolidating its position on the global investment landscape are the other major objectives of the Council.

Members of the Board of the Council of UAE Companies Investing Abroad include the Ministry of Economy, Ministry of Foreign Affairs, Ministry of Finance, Abu Dhabi National Energy Company ‘TAQA', Emirates Telecommunications Corporation ‘Etisalat', Emaar Properties, Dubai Ports World, Burooj Marketing, Thani Investments, Invest AD - the Abu Dhabi Investment Company, Mubadala Development, Majid Al Futtaim Group, Al-Futtaim Group, and Al Fahim Group.

At the conclusion of the meeting, members agreed that the next meeting would take place within a month, at which the Council's executive director and vice chair would be selected and the general budget allocated.