MC

The forum witnessed the signing of three agreements, including entrepreneurship, agricultural investment and governance. Three working sessions were held for the National Transformation Plans in light of the Kingdom’s Vision 2030 and the UAE Vision 2021, also for the industrial integration between both sides and the role of women in the economy. The forum also discussed ways to enhance cooperation in 8 vital sectors, including industry, tourism, petroleum, aviation, building & construction, financial services, foodstuffs, gold & jewelry, drugs and medical equipment. 

H.E. the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, stressed in his speech the importance of the forum as a step towards enhancing and strengthening the bilateral relations and for more constructive cooperation in the vital sectors of the two brotherly countries, especially in the field of economic, trade and investment. H.E. pointed out that it had been agreed to hold this forum every two years, provided that its mechanism and agendas to be developed and updated in accordance with the economic, trade and investment circumstances and developments.

His Excellency stressed the important role played by the business sector in both countries in line and harmony with the Kingdom’s Vision 2030 and the UAE Vision 2021, which focused on opening up wider areas for the business sector, to be an important partner in economy and to do all efforts and endeavors to facilitate its business and to encourage it to grow and to be one of the largest economies in the world and to become as well a vital factor for employment and to be more over a source of prosperity and welfare for the homeland and all peoples.

H. E. Dr. Al Qasabi also highlighted the importance of institutionalizing the Forum's activities and maximizing the utilization of this forum, and to be held every two years. This would contribute to achieving and fulfilling its objectives for developing the cooperation and coordination among businessmen in both countries, as well as to find solutions to overcome the challenges that may arise and limit the development of Saudi-UAE trade and investment exchange.

During the forum, the UAE side announced that it will provide facilities to Saudi investors through a number of measures and procedures aiming at enabling the Saudi investor to establish investment projects in the Emirate of Abu Dhabi.

These procedures make the Saudi investor avail of all the facilities and exemptions included in Abu Dhabi Trader Initiative and the initiative of the Pioneers of Industry, most of which the cancellation of the condition for a leasing contract. The Saudi investor was also exempted from the fees of Abu Dhabi Chamber of Commerce. Besides providing 100.000 m2 for the Saudi investors for a free leasing period for three years. This is related to the lands belonging to the Corporation of Specialized Economic Zones, on which the Saudi investors would start up their enterprises.

In addition, Abu Dhabi Sea Ports also provided the Saudi investor with several investment incentives in Khalifa Industrial City (KIZAD), including discounts of up to 15% of the value of renting warehouses, industrial lands, offices and work stations. More over Abu Dhabi Economic Investment Office created a special window for the Saudi investor to facilitate and practice his business. 

It is worth mentioning that this forum comes as a result of "Khalwat Al Azm" (Meeting of Determination) outcomes between the Kingdom and the UAE for enhancing trade, economic and investment cooperation, as well as for strengthening and promoting trade ties between both sides, also to open new channels of investment, aiming at enhancing the diversification of income sources, attracting value added investments to the economy and increasing the volume of non-oil exports.