Dubai Chamber receives Dutch Minister for Foreign Trade, announces opening of Dutch Investment Office

The Dutch delegation included H.E. Jochum Siebren Haakma, Director of the Netherlands Foreign Investment Authority (NFIA), and a number of top officials from the Dutch Ministry of Economic Affairs and the Ministry of Foreign Trade, along with H.E. Brat Twaalfhoven, Consul General of the Netherlands in Dubai.

During the meeting, Al Tayer highlighted the leading position Dubai has gained on the world economic map, and its key role as an outstanding regional and international hub for business and investment in the Middle East.

He pointed out the crucial role played by Dubai Chamber in boosting the economic and investment potentials of Dubai, and in supporting the local business community with quality services and introducing the investment opportunities available worldwide to help them improve their external commercial ties and enhance their international trade practices.

The meeting was also attended by a number of the members of Dubai Council of Economic Affairs, members of the Executive Committee of Dubai Chamber's Board of Directors, Dubai Chamber's Director General and heads of departments, as well as representatives of the major economic entities and commercial organizations in Dubai such as Jebel Ali Free Zone Authority (Jafza), Dubai International Financial Center (DIFC), DP World, Dubai Holding and Emaar.

In his welcoming speech, Al Tayer stressed Dubai's position as one of the world's fastest cities in economy development thanks to its open economic policy and the efficiency of the emirate's ambitious strategic plans adopted by the visionary leadership which will help put the country among the advanced countries and the most attractive centers for foreign investments.

He pointed out that Dubai's economic importance is attributed to its income diversification policy which enables it to be an international business hub that offers an access to markets of more than 2 billion consumers. He gave hints about the encouraging incentives for foreign investors which helped in creating an ideal business environment that succeeded in attracting a large number of foreign investments to the region.

"One of Dubai's attractive incentives of investment is that it does not impose any taxes on investors, in addition to the government support and other facilities available for foreign investors. That has largely helped in increasing Dubai's foreign non-oil trade by 9% to reach AED 523 billion ($ 143 billion) in 2006, compared to AED 480 billion ($130 billion) in 2005," said Al Tayer.

The Chairman of Dubai Chamber briefed the Dutch delegation about the Chamber's mission and objectives in supporting the business community and its members whose number has surged to 90,000. He talked about the quality services and facilities the Chamber provides its members to help them improve their businesses, enhance their contacts with overseas counterparts, boost their competitiveness and help them explore and benefit from the investment opportunities available worldwide.

"Dubai's direct non-oil trade with the Netherlands reached AED 3.2 billion ($880 million) in 2006, and we believe this visit would enhance our bilateral trade volumes, benefiting from the efforts paid by the Dutch Business Council which was established in the UAE in 1997, and its cooperation with Dubai Chamber and other commercial organizations in the UAE, to help promote Dutch products and attract more Dutch investments to the region," Al Tayer said, adding that there are 207 Dutch companies operating in Dubai 32 of which are fully owned by Dutch businessmen.

H.E. Frank Heemskerk, Dutch Minister for Foreign Trade, expressed his government's interest in strengthening the economic and investment relations with Dubai and enhancing bilateral trade with Dubai business community, which prompted the Dutch government officials to open a Dutch Investment Office in Dubai to play its role in sustaining the bilateral relations between both countries and to promote the Dutch products and investment opportunities, in coordination with the Consulate General of the Netherlands in Dubai and Dubai Chamber.

"Opening a Dutch Investment Office in Dubai is an important step towards boosting the economic and trade ties between the Netherlands and the UAE on one hand, and between the Netherlands and other GCC countries on the other. The main mission of the new office will be to encourage direct and joint investments in both countries, exploring and making advantage of the available opportunities of investment in the Netherlands and the UAE and strengthening the bilateral trade ties,"

said Heemskerk.

Following a presentation on Dubai Chamber's activities and services to local business community, the Dutch Minister for Foreign Trade delivered a presentation on "How to Do Business in the Netherlands" in which he introduced the Dubai business community to the economic development process in the Netherlands and the favorite sectors of development, in addition to the facilities offered by the Dutch government to local and foreign investors.

H.E. Jochum Siebren Haakma, Director of the Netherlands Foreign Investment Authority (NFIA), conducted another presentation in which he stressed the aspects of present cooperation in investment between the Netherlands and the UAE. He also highlighted the importance of opening a Dutch Investment Office in Dubai and its anticipated role in strengthening ties between the Dutch business community and its counterpart in Dubai in terms of establishing investment opportunities in both countries.

On May 8, the UAE signed with the Netherlands a mutual agreement to avoid double taxation.

The Netherlands is famed with its natural resources such as natural gas and oil. The country's GDP reached $ 662.8 bullion in 2006, recording a GDP annual rate of growth by 3%. Services sector represent 73.6% of the Netherlands' GDP, while the industry sector represents 24.4% and agriculture sector by 2.1%.

The Netherlands is the world's ninth largest exporting country and the fifth largest source of direct investments. It is also one of the world's largest agricultural exporters in value terms. The Dutch economy is heavily reliant on foreign trade, mainly the services sector. The Netherlands ranks the sixth position among the latest global rankings for the best business environments.