28 May 2015
RIYADH: Businessmen from the UAE unfolded a package of opportunities for Saudi investors at a seminar held in Riyadh.
"There are plenty of opportunities for Saudi investors in viable ventures in the UAE," said Mohammed Nasser Hamdan Al-Zaabi, director of trade promotion and investment of the UAE ministry of economy.
Quoting the ministry's statistics, Al-Zaabi said 32 Saudi companies are operating in the UAE in addition to 51 trade agencies aside from over 1,694 Saudi brands.
The bilateral trade accounted for AED80 billion in 2013, with the Kingdom ranking first having acquired around 30 percent of the total UAE nonoil trade in the Arab world.
Speaking about the program, Al-Zaabi said the seminar aims to focus on the investment and cooperation opportunities between the two countries and highlight the key offerings of Dubai entities to Saudi businesses and investors to further expand and strengthen the trade between the two sides.
The seminar was also meant to provide adequate information to the Saudi corporate sector about the ease of doing business in the UAE both are the largest economies and are in harmony with all economic, investment and political issues.
The seminar included a panel discussion on 'Doing business in the UAE: The need to know for Saudi Arabian Companies,' which was moderated by Samer Hamzeh, senior associate, Al Tamimi & Company, with the participation of Adeeb Al-Fifi, director of foreign trade and exports support, Mohamed Kamaly, deputy executive chairman of the Dubai Export Development Foundation, and Samer Hamzeh, senior associate of Al Tamimi & Company, Mohammad Al-Mashrekh, president of investment promotions in Sharjah Investment and Development Authority (Shurooq) and Saood Al-Khloofi, manager, Middle East and Africa Region, Jafza sales.
The seminar concluded with Naif Al-Rajhi Investment Company and the Union Properties Company in the UAE signing a partnership deal to establish a real estate investment and development company in Saudi Arabia.
Naif Al-Rajhi Investment Company President Al-Rajhi said: "It should be noted here that our partnership with Union Properties is only a step forward toward strategic partnership and alliances between the two countries, and knowledge sharing to increase the local and regional investment opportunities, thus achieving the seminar's overall objective of enhancing trade relations, which will be reflected positively in the national economy and enable us to develop expansion plans in the region."
Ahmad Khalaf Al-Marri, general manager of Union Properties, said: "We are keen to support and consolidate economic relations between thecae and the Kingdom, both being among the largest economies in the region. Our participation in this economic forum is an important addition to Union Properties, which enhances investment opportunities."
Al-Marri added that the cooperation with Naif Al-Rajhi Investment will contribute to the development of the Kingdom's real estate investment sector and it would also deepen mutual cooperation between the two countries.
Samer Qudah, partner and regional head of corporate structuring, Al Tamimi & Co: Corporate Law Firm, said: "We take pride in organizing this important event, which will further expand the bilateral relations between the most important economies in the region."
"The trade between Kingdom and the UAE is the largest among the GCC countries and is expected to grow further in various sectors considering the opportunities available in the UAE. They all are promising enough to attract Saudi investors," Qudah added.
© Arab News 2015