Dubai, Nov. 26, 2005 (WAM) -- Obeid Humaid Al Tayer, Chairmanof the Dubai Chamber of Commerce & Industry (DCCI), yesterday receiveda trade delegation from the Isle of Man, headed by His Excellency AlexDownie, Minister of Trade and Industry, and more than 30 businessmen andeconomy experts.

Al Tayer welcomed the delegate stressing the strong trade relations betweenDubai and the Isle of Man. He briefed them about the economic developmentwhich Dubai is witnessing due to its strategic location on the trade marineroute between Al Basra South of Iraq, on the one side, and the Bombayin India on the other.

"Dubai is a cosmopolitan city that hosts people from 200 nationalities.

It is Dubai's vision that is always optimistic in spite of the difficulttimes we experienced in three Gulf wars. We are working hard to developour country's economy in all fields," said Al Tayer.

He pointed out that General Sheikh Mohammed bin Rashid Al Maktoum, DubaiCrown Prince and UAE Defence Minister, set up the Emirates Airline 20years ago, and thanks to his wise vision and faith in the capability ofDubai's economy, the company became famous and the Emirates' fleet ofplanes could be seen landing in most of the international airports. Henoted that Dubai also enjoys a series of luxurious hotels which accommodatethousands of tourists every year. "We are proud of being the organizersof world exhibitions and conferences that are held in Dubai, He added.

He said: "We have largely improved our financial and banking sectors andovercame other countries like Bahrain which achieved farther steps inthis field of business in the 1970s."Al Tayer noted that the UAE in general, Dubai in particular, has signed2 or 3 economic and trade agreements with the US and Australia, and thatthe UAE is in the preparation stage to sign the World Trade Organizationagreement, in addition to the agreement on the GCC countries level withthe European Union, which is still in the discussion stage.

Mr. Alex Downie, Minister of Trade and Industry in the Isle of Man, highlightedthe importance of his visit to the DCCI stressing the need to enhancethe trade relations between the government of their island with Dubaiand its related business community, in addition to finding new opportunitiesof investments in both countries.

He spoke about the Isle of Man which is located on a 572 square kilometersland overlooking the Ireland Sea in the heart of the British islands,inhabited by about 76,000 people. The island enjoys a nice weather andan attractive natural geographic location giving the island a luxuriouslife style and a political and economic stability.

"The island enjoys an open economy and a place which hosts many differentnationalities. The island has an active Muslims community and a mosque.

There is a clear resemblance between the Isle of Man and Dubai in manyterms, mainly the low taxes, with a maximum personal rate of income taxof 10 to 18%," said Mr. Downie.

He hailed the history of the Arab economy and trade when ships and dhowswere sailing to the coasts of Africa. He also highlighted the strategiclocation of the UAE, Dubai in particular, and its vital significance inthe world trade. He appreciated the contributions of His Highness SheikhMaktoum bin Rashid Al Maktoum, Member of the Supreme Council and Rulerof Dubai, and Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Princeand UAE Defence Minister, in the field of horse racing which take placein the Isle of Man.

"Large international companies have set up branches in the Isle of Mandue to its strong infrastructure and its developing economy. We have recentlysigned a Memorandum of Understanding with the Government of Dubai to enhancethe economic and trade relations between both sides," he added.

The members of the Isle of Man's delegation highlighted the low cost ofliving in the Isle of Man, comparing to the British capital and othercities such as Manchester, which helps in setting up businesses.

Mr. Downie also underlined the facilities which his government offersto the marine shipping lines which register its tankers and vessels thanksto the Isle of Man's laws that ensure protection to companies, businessmenand investors.