UAE-British Business Council holds 4th meeting in Manchester

London, May 22, 2013 (WAM) : The UAE-British Business Council 4th meeting, co-chaired by Nasser Ahmed Alsuwaidi, Chairman of the Abu Dhabi Department of Economic Development, Lord Marland, Chairman of UK Trade '&' Investment's Business Ambassadors' Group '&' Minister of the Department of Energy '&' Climate Change of the UK, and Samir Brikho, Chief Executive of AMEC and Head of the British group in the UAE-British Business Council, in presence of Council members from both sides, opened in Manchester yesterday. The meeting discussed many topics on its agenda, notably the activation of teams from the two sides in fields of energy, education, health, infrastructure, business and finance, and SMEs. In his opening speech, Nasser Alsuwaidi said: "Our Council is holding its fourth meeting today and addresses with great ambition many common issues which form the essential foundation for the furtherance and development of economic relations between the two friendly countries in various sectors and strategic areas". Alsuwaidi noted that the Council's 4th meeting in the commercial and industrial city of Manchester enhances efforts to focus on creating more opportunities for investment and joint cooperation between the two sides in many strategic sectors, adding that all this is in line with major goals of the Council to boost bilateral trade volume between the two countries in goods and services from the current level of £ 7.5 billion to £12 billion by 2015. The Chairman of Abu Dhabi Department of Economic Development stressed the keenness of the UAE to create a solid and sustainable partnership with the United Kingdom, and to benefit from UK experience to enhancing the role of SMEs, to which the working groups of the Council attaches great importance, besides the major fields including energy, industry, education, health and defence, which are pivotal to the development of partnership relations between the two countries. The Council meeting focused on the implementation of the outcomes of the previous meetings of the Joint Economic Committee between the two countries, which emphasised the importance of activating and developing SMEs, strengthening the role of multinational corporations and proposing innovative areas of economic and commercial cooperation to benefit both countries; in addition to opportunities for British and Emirati companies to jointly tap third markets. The UAE-British Business Council, which operates under the umbrella of the Joint Economic Committee of the two countries, personifies the aspirations of the Governments of the two countries to create real interaction and consolidation between the private sector in the UAE and the UK, through the provision of the appropriate platforms for implementation of investment development projects beneficial to both sides. The Council meeting was aimed at shaping the outcome of the meetings of the seven joint working groups in areas of education and training, defence and security, energy, financial services, health, infrastructure, and small and medium-sized enterprises and business incubators, which achieved significant progress through ideas and visions suitable for a wide range of practical application, to reflect common objectives and begin implementation of the truly key pillar partnership of the private sector. Nasser Alsuwaidi said that the fourth meeting of the Council was important, as the Council convened today to explore the visions shared by joint teams, which marked a starting point for solid cooperation between the two countries. He stressed that joint decisions were important to take a new path towards launching a package of joint investment projects in many sectors. Alsuwaidi noted that the UAE now stands as an important economic centre in the Middle East, and that the IMF expects the growth of real GDP to range between 3.1% and 3.6% by the end of this year, as the Financial Times FDI Report 2012 stated that the UAE attracted the largest number of investment projects in the Middle East and Africa last year. Alsuwaidi added that a law issued by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, regarding the tax and customs free Abu Dhabi World Market at the Al-Maryah Island Free Zone, is a great opportunity to redirect British investments towards important sectors, where market licensed institutions practice many activities, including financial and banking services. Nasser Alsuwaidi noted that the recent visit of his Highness Sheikh Khalifa bin Zayed Al Nahyan to the United Kingdom at the kind invitation of the Her Majesty Queen Elizabeth II, yielded historic results that would contribute to the strengthening and development of the historical relations between the two countries. "This historic visit of his Highness provided the solid ground and the right environment for the UAE-British Business Council meeting yesterday, in particular the President's meeting with British Prime Minister David Cameron, since its agenda was the focus of the two Governments" Alsuwaidi said. Lord Marland said that political and economic relations between his country and the UAE have become stronger, in view of the development of joint trade and investment relations between the two sides, adding that the United Kingdom applauds the progress of the UAE's achievements at all levels, especially in economy and trade, as the UAE stands as models for development and growth among the states of the Middle East region. Samir Brikho, Chief Executive of AMEC, Head of the British Group in the UAE-British Business Council, delivered a speech in which he stressed the importance of the seven joint working groups in many different areas and sectors, and hailed their role in promoting economic cooperation and investment between the two countries. The Council meeting also focused on the importance of activating the role of SMEs and business incubators, where the Emirati side explained the need for British experience to develop this important sector in the UAE, lauding the role of the Khalifa Fund for Enterprise Development and the Mohammed bin Rashid Establishment for Young Entrepreneurs, which both contribute to the growth and development of these projects at the State level. The UAE participants in the meeting were Abdulrahman Al Ghurair, Chairman of Dubai Chamber and First Deputy chairman of the Council, Ahmed Mohammed Al Madfaa, Chairman of Sharjah Chamber of Commerce and Industry and Council's Second Vice-Chairman, Mohammed Thani Al Rumaithi, Chairman of the Abu Dhabi Chamber, Mohamed Hassan Al Qemzi, CEO of the Higher Corporation for Specialised Economic Zones, Fahad Saeed Al Raqbani, Director General of the Abu Dhabi Council for Economic Development, Dr. Saif Sultan Al-Nassiri, Business Manager, Director General of the Abu Dhabi National Oil Company ADNOC, Raja Easa Al Gurg, Executive Director of Easa Al Gurg Group, Marwan Faraj bin Hamoodah, member of the Board of Directors of bin Hamoodah Group, and Suhail Aqeel Al-Banna, Senior Vice President of Government Affairs, Dubai World Ports. During the meeting, the two sides put emphasis on the education and health sectors, and the role of education and joint health teams in strengthening cooperation, benefiting from accumulated experience through the launching of training courses and specialised institutions. It was agreed to hold the fifth meeting of the Council in the UAE, with the participation of representatives of small and medium-sized enterprises of the two countries, to participate by organising a joint trade mission to a third country. The Council continued its work agenda within the meetings of the Joint Economic Committee between the United Kingdom and U.A.E, revising past meetings, notably in investment and trade, and the roles and participation in areas of business community, technical cooperation, information exchange and visas, and follow-up mechanisms with focus on the seven priority sectors for the next phase. The British side served a dinner in honour of visiting UAE delegation, which was attended by Howard Bernstein - Chief Executive of Manchester City Council, who lauded the UAE- British Business Council's role in strengthening bilateral relations between the two countries in the economic field, expressing confidence that the Council would achieve positive results that will benefit the economic relations between the two countries, especially in promoting trade and economic partnerships. The members of the delegation of the United Arab Emirates and British sides on the sidelines of the fourth meeting, watched the Manchester City vs Norwich City football match at Etihad Stadium in the final round of the Premier League. Statistics show that trade between the UAE and Britain continued to increase as the total trade between the two countries reached ?10 billion (Dh59.57 billion) in 2011, an increase of 21% compared to 2010. The two nations aim to achieve a target of bilateral trade of ?12 billion (Dh 71.49 billion) by 2015. The total number of British companies operating in the UAE has now reached 4,000, with 779 commercial agencies and 4762 British brands, investing in the UAE cover areas of Islamic banking services, exhibitions, conferences, energy, electricity, water desalination, air transport of passengers and goods, gas production, hotels, restaurants, travel, tourism, high technology, information technology and management, planning, supervision and wholesale of telecommunication products, logistic services, cargo transportation services, real estate, aircraft structures and components, industry pottery, ceramics, leisure sectors, sports and money exchange, and the retail sector. The most important UAE companies investing in United Kingdom include ADNOC, ENOC, Abu Dhabi Commercial Bank (ADCB), Dana Gas Wells, Masdar, the Abu Dhabi Investment Company, Abu Dhabi Exhibition Centre (ADNEC), Abu Dhabi Investment Authority (ADIA), Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Hotels (ADNH), Abu Dhabi National Insurance Company (ADNIC), Abu Dhabi Tourism Authority (ADTA) and many others. – Emirates News Agency, WAM