JEDDAH, 14 May 2007 — Prospects for new investments and joint cooperation to boost mutual economic ties were in focus at a meeting between the Jeddah Chamber of Commerce and Industry (JCCI) and a visiting delegation of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) here yesterday.
JCCI Chairman Saleh Al-Turki welcomed the delegation headed by ADCCI President Salah Salem ibn Omeir Al-Shamsi. “The scope of investment across the Kingdom is vast, especially in the context of the booming economy and ongoing plans to establish new economic and mega cities,” Al-Turki said.
Al-Shamsi said the Kingdom was UAE’s most important neighbor and the objective of the mission was to discuss further joint cooperation in all fields for mutual benefits.
Abu Dhabi is witnessing an accelerated pace of economic development process. Over the next five years, it will implement multibillion dinar projects in the construction and building sector, for advancement of tourism and tourist infrastructure, and for power and water, as well as petroleum, gas and industrial sectors.
A proposal for a cooperation agreement to improve joint investment and trade, especially in the steel sector, also figured in the discussion. Some of the local business leaders gave an overview of their investments in the Gulf. They included JCCI Vice Chairman Mazen Batterjee, Saudi German Hospitals Group President Sobhi Batterjee and Ghazi Binzagr of the Binzagr Group. A Savola representative highlighted its diversified field of activities including edible oils and sugar, and Hyper Panda outlets. “We have also won the Euromoney award for best shopping development,” he said.
A member of the ADCCI said the UAE was among the first in the region to promote public-private partnership projects. “The scope for partnerships is immense, even in the education sector,” he said.
Both sides also discussed common labor issues and arbitration laws. The meeting discussed bolstering the ties among the companies and establishments operating in Abu Dhabi and the Kingdom.
It also discussed ways to establish partnerships between the two sides to contribute to the implementation of building and real estate projects in Abu Dhabi.
The visiting delegation represented the ADCCI’s arbitration committee, industrial committee, real estate committee, trade committee and tourism committee. Economic and service sectors, as well as in insurance, ship building, energy, and communications were among the areas represented.
Abu Dhabi has unveiled plans to develop Saadiyat Island into a world-class tourist destination by attracting about AED100 billion in three phases, through public-private partnership. “And soon the capital city will boast the 83-story Sky Tower,” a visiting delegate said.
In view of the establishment of new industrial zones and 30 industrial clusters coupled with the new property ownership law, the flow of funds in the form of foreign direct investment will double in the next few years. The newly announced 30 industrial clusters will include mineral, chemical and petrochemicals, food processing industries, construction and building materials, oil and gas services and automobiles.
