UAE-Lebanon sign deal to set up council |
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With UAE investments in Lebanon already totalling more than Dh1 billion, and bilateral trade and investments on the upswing, economic relations between the two countries are set for to get a major boost, said the head of a UAE commercial delegation to Lebanon.
Salah Salem bin Omair Al Shamsi, Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Abu Dhabi Chamber of Commerce and Industry, told Emirates Business that UAE investments in Lebanon are concentrated mainly in the real estate sector.
The UAE delegation, which is visiting Lebanon, will explore new investment opportunities in the country, especially in the industrial, agricultural and transport sectors.
"The UAE side yesterday visited the Association of Lebanese IndustrialistsAssociation of Lebanese Industrialists
and Chambers of Commerce, Industry and Agriculture of Beirut and Mount LebanonChambers of Commerce, Industry and Agriculture of Beirut and Mount Lebanon.They also held a meeting with Lebanese Finance Minister Mohammed Shath, as well as meeting other Lebanese ministers to explore investment opportunities," Al Shamsi said.
"Our aim behind the visit is the consolidation of commercial relations between the UAE and Lebanon and enhancement of co-ordination between businessmen in the two countries.
"An agreement to establish a UAE-Lebanese Business Council was signed on Monday. Such a council is important as the UAE is experiencing an economic boom, which requires the participation of Arab and non-Arab businessmen and investors," he said.
The council will comprises 20 members, 10 from each country. It will meet in the UAE and Lebanon by rotation.
The move will boost bilateral relations.
Each side will help the other in the organisation of forums, workshops and conferences by commercial and economic houses to exchange views and best practice and monitor market trends.
By Abdel Hai Mohamad
© Emirates Business 24/7 2008
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