Business & Money | Monday 8 June, 2015 2:34 pm |

The Ministry of Economy in United Arab Emirates organized a business seminar on 25 May 2015, attended by Jebel Ali Free Zone (Jafza), and number of other government entities.

The business seminar presented the need to know for Saudi Companies for doing business in the United Arab Emirates, being the largest Arab economies and are in harmony with all Economic, Investment & Political issues. The latest statistics from the Ministry of Economy, United Arab Emirates, revealed that 32 Saudi companies are operating in the United Arab Emirates in addition to 51 trade agency and more 1694 Saudi brand; on the other hand the bilateral trade between the two countrues recorded AED 80 billion in 2013, and the Kingdom is ranked first by acquiring around 30% of the total United Arab Emirates non oil trade with the Arabic Countries.

The seminar included a panel discussion “Doing Business in the United Arab Emirates: The need to know for Saudi Arabian Companies”, moderated by Mr. Samer Hamzeh, Senior Associate, Al Tamimi & Company, and with the participation of Dr. Adeeb Al Fifi, Director of foreign trade and exports support, and Mohamed Kamaly, Deputy Executive Chairman of the Dubai Export Development foundation, and Samer Hamzeh, Senior Associate, Al Tamimi & Company, Mr. Mohammad AL Mashrekh the president of investment promotions in Sharjah Investment and Development Authority (Shurooq) and Saood AlKhloofi, manager, Middle East and Africa Region, Jafza sales
The Seminar was successfully culminated, by the signing ceremony of the partnership between Nayef Al Rajhi Investment Company and The Union Properties Company in UAE, to establish an Real Estate investment and development Company in Saudi Arabia.

From His side, Mr. Mohammed Nasser Hamdan Al Zaabi, Director of Trade Promotion & Investment, Ministry of Economy (UAE), commented “This event enhances the investment and cooperation opportunities between the 2 countries, and aims at highlighting the key offerings of Dubai entities to Saudi businesses and investors in order to further increase and strengthen bilateral trade between the two sides”

Mr. Naif Al Rajhi- President, Naif AL Rajhi Investments Company, said: “It should be noted here that our partnership with union properties is only a step forward towards strategic partnership and alliances between the two countries, and knowledge sharing to increase the local and regional investment opportunities, Thus achieving the seminar’s objective of enhancing trade relations, which will be reflected positively on the national economy and allow us to develop expansion plans in the region.”

Ahmad Khalaf AL Marri, General Manager, Union Properties, said: “We are keen to support and consolidate economic relations between the UAE and the Kingdom, both being one of 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, “Signing this agreement with Naief Al Rajhi investment will contribute to the evolution and development of the real estate investment sector in Saudi Arabia. It also aims to deepen mutual cooperation between the two countries.”

Samer Qudah, Partner, and Regional Head of Corporate Structuring, Al Tamimi & Co: Corporate Law Firm said, “We are proud in organizing this important event which increases the economic relation between the most important economies in the region.”

Al Qudah continued, “The bilateral trade between Kingdom Of Saudi Arabia and United Arab of Emirates is the largest among the GCC countries, and it is expected to grow further in various sectors in the highlights of the promising opportunities available at the UAE that is most likely attract the Saudi Capital.”