Global financial crisis highlights the investment opportunities available in small and medium enterprises (SMEs), renewable energy and Islamic banking sectors
New laws to enhance investment environment and competitiveness
Al Mansouri lauds the Chamber’s role of business advocacy
Strengthening partnership with the country’s private sector, stimulating the business community, boosting competitiveness and enhancing investment opportunities in the UAE were high on the agenda of HE Eng Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, who attended the Dubai Chamber of Commerce & Industry Networking Suhoor held on Tuesday evening as a keynote speaker.
The event, which is part of the Dubai Chamber’s commitment to represent, support and protect the interests of the business community in Dubai was attended by HE Majed Al Shamsi, 1st Vice Chairman, HE Hisham Al Shirawi, 2nd Vice Chairman, HE Eng Hamad Buamim, Director General, Dubai Chamber; Council Generals, Councilors, heads of business groups, a host of VIP guests representing the business community in Dubai and members of the local and regional media.
Acknowledging the role of the Dubai Chamber in representing the business community of Dubai, HE Sultan Bin Saeed Al Mansouri maintained that a number of new initiatives will be announced soon in a bid to stimulate the business environment, encourage foreign investments and enhance
competitiveness.
Al Mansouri pointed out that the global financial crisis has brought into focus the investment opportunities available in small and medium enterprises
(SMEs), the renewable energy sector and Islamic banking, areas that are destined to play major roles in the economic development of the country. He further stressed that the Ministry of Economy has set up the first UAE Forum for SMEs to enhance the contribution of the sector that can prove a major player in the country’s GDP, particularly in the current economic situation.
He said the global trend is moving towards the adoption of alternative energy solutions and sustainable growth which the UAE Government has adopted wholeheartedly by hosting the headquarters of the International Renewable Energy Agency (IRENA) at Masdar City in Abu Dhabi. This initiative comes in line with the strategic objectives of the country’s wise leadership to achieve the 7% of renewable energy sources as the country controls 10% of global oil reserves.
The financial crisis has also highlighted the importance of Islamic banking that focuses on the adoption of strong corporate governance procedures and a high level of transparency in the financial sector. Al Mansouri revealed that the growth of Islamic banks is not limited to the UAE only; but at the global level there are today more than 300 Islamic banks spread over 90 countries around the world with an annual growth ranging from 10% to 15%.
“In its quest to protect and encourage the investment environment, the Government has initiated a draft law on foreign investment and is working on another draft law on competitive business environment to enhance the performance of businesses in the Emirate,” said Al Mansouri adding, “The Ministry is also keen to develop the performance of the industrial sector and is aware of its impact on the economy, especially after investments reached AED2.3bn in 2009 over only AED1.92 billion in 2008.”
Added Al Mansouri, “The Ministry has worked on a new industry law that aims to develop and support the industrial sector in the UAE and to enable it to deal with all economic variables. The new law, which is in its final stages, will contribute in regulating the sector and encourages the setting up of industrial projects including SMEs. The law is designed to encourage national industries and to enhance its quality. It will also encourage industrial integration which will encourage science research in addition to protecting the environment and applying corporate governance to the industrial projects
in the country.”
