UAE Ministry of Economy to attend Palestine Investment Conference 2008 in Bethlehem

The UAE delegation will comprise various representatives from the public and private sectors, including H.E. Abdullah Sultan Abdullah, Secretary General of the Federation of UAE Chambers of Commerce and Industry; H.E. Hussein Mohammed Al Mahmoudi, Director General, Sharjah Chamber of Commerce and Industry; H.E. Abdullah Saeed Al Thani, Member, Dubai Chamber of Commerce and Industry; H.E. Otaiba Bin Saeed Al Otaiba, Board Member, Abu Dhabi Chamber of Commerce and Industry; and Mr. Ahmed Mohammed Al-Awadi, Executive Director for Mergers and Acquisitions, Etisalat.

H.E. Alshihhi emphasized the active role of the UAE in the landmark conference at both government and private sector levels, underscoring the country's commitment to promoting and supporting continued investments, economic cooperation, and trade between the UAE and Palestine.

He added that the UAE will seek better ways to establish joint ventures that will mutually benefit both countries.

H.E. Alshihhi pointed out that the Palestine Investment Conference is of major significance, since it will enjoy broad international participation and the support of prominent figures from government and private sectors; he further explained that the conference will influence the creation of a favorable investment climate, rapid economic growth, and sustainable development for the host country. He noted that the event will introduce various specific Palestinian investment opportunities to the Middle Eastern region and energize Palestine as an important and competitive Arab economy.

The Undersecretary also drew attention to the various promising sectors in Palestine, emphasizing the importance of fully exploring their investment opportunities, their potential for regional and international investors; and their effects on the domestic economic situation amidst a challenging political environment.

H.E. Alshihhi commented that Palestine can capitalize on its highly skilled and capable workforce, which is a key component for attracting investments; and a resilient private sector, which has managed to withstand adverse business conditions and achieve success at the local, regional, and international fronts. H.E. Alshihhi also explained that the Conference will jumpstart a more productive Palestinian private sector , which is the main engine of the national economy, and expressed his hope that the event will lead to significant improvements in the socioeconomic conditions of Palestinian territories.

The Undersecretary emphasized that the UAE's participation in the conference affirms the country's commitment to supporting Palestine's development process and the eagerness of the Emirates' private sector to expand investments to regional and international projects. He recounted the UAE's history of financial assistance to Palestine, which reached around USD 808 million from 1994 to 2006; saying that the UAE leadership has never hesitated to extend moral and financial support to the Palestinian people in their quest for sustainable development.

"The Palestine Investment Conference will encourage the removal of trade barriers that prevent productive private sector cooperation within and outside of Palestine; it will play a major role in increasing Palestinian participation in regional and international joint investments," said H.E. Alshihhi.

The value of investments in the occupied Arab territories is estimated at %1.5bn; Palestine currently supports approximately 38,000 businessmen, who represent the entire national private sector.

The Conference organizers note that Palestine's economic sectors have the potential to absorb more foreign investments, especially in manufacturing; this segment experienced a considerable downslide as the Palestinian Authority imports $2.2bn worth of manufactured products from Israel annually.

The domestic tourism industry is emerging as a promising growth area for the Palestinian economy, as around a million tourists visited the country in 2007 despite the acute shortage of hotel rooms; around 3,000 rooms only are available, far below the demand for 10,000 rooms by 2010.

Palestine's mid-range housing sector needs to grow by around 40 thousand units annually; the country has thus recently signed agreements with international organizations to develop 30,000 homes for low- and middle-income families, costing up to $5.2bn.