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The Corporate Group (TCG) and other national consultancy firms signs MoUs with Ministry of Foreign Affairs to promote foreign investment

06 May, 2018

The Ministry of Foreign Affairs and International Cooperation has signed Memorandums of Understanding, MoU, with several national consultancy firms, with the aim of strengthening their cooperation and supporting the flow of foreign investment to the country.

The signing of the MoUs took place today at the ministry’s office in Dubai, and the list of consultancy firms included the Corporate Group, Dubai Consultancy, the "OnTime" Group and Nexus Business Services.

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, highlighted the importance of building national strategic partnerships, to improve the country’s investment environment and enable UAE investors to further create economic partnership with other countries, as well as to attract more foreign investment to the UAE, based on the growing relations between the UAE and other countries.

Sheikh Abdullah said that the UAE is characterised by an active and flourishing economic and business environment, which is attracting foreign direct investment, FDI. The country also succeeded in strengthening its stature as an international destination for finance and business, in line with the UAE Vision 2021, which aims to promote overall innovation in priority sectors to ensure the country’s future, as well as to make innovation, research, science and technology the key pillars of a productive and competitive knowledge-based economy, which is driven by entrepreneurs in a stimulating business environment and encourages active partnerships between the government and private sectors, he added.

The MoUs were signed by Mohammed Sharaf, Assistant Minister of Foreign Affairs and International Cooperation for Economic and Trade Affairs, and the CEO’s of the relevant firms. The signing was attended by Ahmad bin Ghannam, Executive Director of the Abu Dhabi Investment Office; Fahad Al Gergawi, CEO of the Dubai Investment Development Agency; Marwan Al Sarkal, CEO of the Sharjah Investment and Development Authority, Shurooq; Mohammed Al Musharakh, Director of the Sharjah Foreign Direct Investment Office, and Sharief Al Awadhi, Director-General of the Fujairah Free Zone Authority.

The signing of the MoUs is part of the ministry’s efforts to create a framework for cooperation between its economic sector and the country’s missions abroad with the relevant firms, with the aim of developing a strategy to improve the country’s economic environment.

Sharaf said that the signing the MoUs is part of the ministry’s desire to strengthen the country’s economic environment and attract FDI, in line with its goals and strategies to strengthen its international stature and become a leading destination for businessmen and capital.

He added that the ministry is working to improve its international relations, to support the growth of the UAE business sector and help the country’s development sectors to implement their investment projects around the world. The signing of the MoUs also aims to promote the partnerships between the ministry and the relevant firms, which will help to develop the bilateral relations between the UAE and other countries and attract foreign investors, he further added.

Sharaf affirmed that the UAE has a leading economic stature in the region and is a promising environment that encourages investment, according to international competitiveness indexes and the reports of organisations that specialise in measuring national economic performance. The UAE is also a strategic commercial centre that offers foreign investors the opportunity to enter the region’s markets and the freedom to transfer money and profits, as well as an effective legal system, legislation and unbiased courts to protect their foreign capital, and low custom tariffs ranging from between 0 to 5 percent on all goods.

According to the MoUs, the ministry will facilitate cooperation between UAE embassies and the national consultancy firms, in accordance with the country’s strategic goals while the firms will cooperate with the ministry in attracting foreign capital, through introducing investment opportunities from around the country to attract investors, according to the country’s investment needs, as well as offering them comprehensive support, under the framework of federal laws related to facilitating investments and meeting the requirements of relevant national authorities. The firms must also encourage small and medium-sized companies to invest in the country, in line with the UAE Vision 2021.

 

Source: CBS & MOFA