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Ministry of Economy hosts first Investment Forum

Dubai, June 29, 2010: His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, inaugurated the first Investment Forum under the name "Investment Forum and Integrated roles "organized by the Ministry and DP World , in Dubai.

Mr Al Mansoori said that the Ministry is working towards further strengthening the investment environment of the UAE through convenient legislations and regulations.

The objective of the Forum was to exchange views and ideas to strengthen investments through strategic partnerships and by leveraging the principles of the knowledge-economy.

Mr Al Mansouri said: "The event highlights the focus of the Ministry to build strategic partnerships with local government institutions to improve the investment environment and national economy in line with Vision 2021 to make the UAE among the best nations in the world. The UAE offers strong investment opportunities supported by a fully developed infrastructure, and a secure and stable environment."

"The Ministry of Economy has outlined many laws to cope with the global economic changes including the Law on Foreign Investment. The Ministry is also working on other laws to ensure an appropriate climate for further regional and international investments," he added.

His Excellency stressed that the global economic challenges affected investments all over the world with investors facing huge risks due to the lack of clarity clear vision about the future.

"The impact of the crisis was limited in the Gulf region and the UAE, in particular, due to the excellent investment atmosphere, and convenient laws, and business policies. This has enabled the UAE to generate investments of US69 billion," he added.

Mr Al Mansoori said: "The diversification of economy in the UAE has allowed other business sectors to emerge as key contributors to the GDP. The contribution of non oil sectors to the GDP was 71% in 2009 compared to 66.5% in 2008. Focusing on other sectors such as tourism and financial services enhanced the position of the UAE in terms of foreign investments, especially during 2005 - 2009. Foreign trade during the same period as about AED 2000 billion including imports of AED1000 billion, exports of AED 207 billion and re - exports of AED 630 billion".

HE Sultan Ahmed Bin Sulayem, Chairman, DP World , said: "Promoting the flow of Foreign Direct Investment into the UAE is a frontline task that demands exceptional levels of cooperation, coordination and concerted action at every level. Together, our ministries, government departments and public and private sector establishments can create the right environment for the next generation of investors who will bring long term value to our economy."

On his part, HE Mohamed Hasan Al Qemzi, CEO, Higher Corporation for Specialized Economic Zones (ZonesCorp), highlighted the importance of joint efforts of the UAE federal government, local governments and the related economic institutions to encourage foreign investments. He said: "The open economic policies adopted by the UAE, and its contribution in harmonizing and integrating the roles played by local governments to create a knowledge-based and diversified economy in an ideal business environment, are some of the key incentives that helped attracting foreign investments to the country." "Providing integrated infrastructure, adopting best international practices, improving proper legislations and offering various facilities and services to investors have helped them establish successful businesses in the country which significantly contributed to supporting the national economy and enhancing the country's position regionally and globally as an attractive destination for investment."

- Ends -

For further information, please contact:
Nedal Al Asaad / Nizar Aridi
ASDA'A Burson-Marsteller
Tel: (+971 4) 334 4550
Fax: (+971 4) 334 4556
E-mail: n.aridi@asdaa.com

© Press Release 2010