DCCI discusses ways of improving economic relations with Saudi Arabia

Dubai Chamber of Commerce & Industry (DCCI) received on Monday a high-ranking trade delegation from Saudi Arabia whose members had the chance to meet major economic figures in Dubai, as well as a number of businessmen and investors to discuss new active ways to develop the bilateral trade relations and volumes between Saudi Arabia and Dubai, and to learn about the DCCI activities and services provided to the members and the business community.

H.E. Abdul Rahman Rashid Al Rashid, Chairman of the Chambers of Commerce and Industry of Saudi Arabia, headed the delegation which also included more than 50 businessmen, representatives of the Saudi Chambers of Commerce, traders and investors in the fields of construction and contracting, travel and tourism, telecommunications, manufacturing and others.

Al Tayer welcomed the Saudi delegate stressing the strong fraternal relations between the two countries. He underlined the significant role of such visits in supporting the bilateral trade ties and in introducing the investment opportunities which could be explored in both countries. He highlighted the strategic location of Dubai and its efforts in developing its economic potential through upgrading the emirate's infrastructure, setting up major economic projects and diversifying its sources of economy helping Dubai to turn into a regional and international business hub that attracted a large number of foreign capitals and investments and secured an access to markets of more than 1.8 billion consumers.

"Dubai is recognized with its free economy and open markets, as well as the support of Dubai Government to the economic sector and investors which attracted more than 1500 Saudi companies, 89 of which are 100% Saudi owned, to set up a branch in Dubai. Dubai's total non-oil trade, including the free zones, with Saudi Arabia increased by 40 % and reached AED 10.8 billion in 2005, with an indication to keep growing this year," said Al Tayer.

"The Saudi delegate's visit is a good opportunity to introduce businessmen to the investment opportunities available in Dubai, and a chance to conduct a business networking to help activate ways of commercial cooperation between the tow business communities," Al Tayer added.

H.E. Abdul Rahman Rashid Al Rashid, Chairman of the Saudi Chambers of Commerce and Industry, praised the strong relations between Saudi Arabia and the UAE, Dubai in particular, stressing the importance for the Saudi businessmen to open new channels of cooperation with their counterparts in Dubai to help improve the bilateral trade ties.

"Preserving developed trade and investment relations between the two countries became a necessity. Our statistics stated that the Saudi's non-oil exports to the UAE reached SR 18 billion in 2005, compared to SR 12 billion in 2004, whereas the Saudi's imports from the UAE in 2005 hit SR 5.9 billion, compared to SR 4.5 billion in 2004," said Al Rashid.

He pointed out that these figures are less than expected and more efforts should be paid to find more effectives ways to help enhance the bilateral trade relations between the two countries through making advantage of the investment opportunities available. He stressed the necessity of activating cooperation between the Board of Saudi Chambers of Commerce and Industry and the UAE Federation of Chambers of Commerce and Industry, adding that his visit would help set a practical mechanism to bring the mutual cooperation into effect and eliminate all obstacles that hinder the accomplishment of these goals.

Al Rashid highlighted the importance of joining efforts between the two governments in supporting the private sector perspectives to help develop the bilateral trade and investment relations, as well as increasing the number of meetings between the two business communities, holding exhibitions to introduce the exporting potential of both countries, benefiting from the available exporting financing programs, encouraging joint ventures and establishing integrated industries that basically depend on utilizing the production inputs available in both countries.

The DCCI conducted a presentation on the business investment opportunities in Dubai, followed by a documentary film on the DCCI and its recognized activities and services offered to the business community in Dubai as well as to its members whose number surged to over 81000 this year.

Mutual business meetings and discussions took place amongst the visiting Saudi businessmen and their counterparts of the DCCI members and businessmen where they discussed the possibility of setting up joint ventures in both countries.