Dominican Republic President commends TECOM Investments as vision for 21st century

Abdullatif Almulla, Group CEO of TECOM Investments, received President Reyna's entourage that also included his Secretary of State Lic. Eddy Martinex Manzueta.

Discussions focused on collaboration in knowledge-based projects.

Almulla was joined by other TECOM officials - Malek Sultan Al Malek, Executive Director, Dubai Internet City, Ismail Al Naqi, Executive Director Dubai Outsource Zone and Abdulla Mohaisin, Director - Business Development, Dubai Media City.

Following a brief presentation of TECOM and its brands, President Reyna said:

"TECOM Investments is truly driven by a vision for the 21st century and has successfully resulted in high visibility for Dubai around the world. The various entities of business cluster are highly impressive and world class. We discussed some projects of mutual benefit and our formal invitation has been accepted. We look forward to receiving the TECOM delegation in the first quarter of 2009 to discuss the modalities of taking these projects forward."

Manzueta said: "We have the technology, we have the people and we have the connections but we need a joint venture to take us forward. The international demand for software is enormous so we need more space and are planning to build a software park. A joint venture with TECOM will prove profitable for both of us.

"We currently have a new bill pending on a new fiscal scheme for film making in the Dominican Republic. We have the location and the business interest to take this forward and the large number of US celebrities visiting us will help promote this country as a film making destination. A joint venture would create great value."

Dubai and the Dominican Republic share a business model that encourages business growth through free zones.

The Dominican Republic's 50 free zones also offer similar benefits such as 100% exemption from corporate and personal tax and 100% foreign ownership.

Commenting on the visit, Abdullatif Almulla said: "We are delighted to be able to announce these tangible outcomes. TECOM Investments is keen to work in partnership with the Dominican Republic and we envisage a wealth of fruitful opportunities to be realized thanks to our discussions."

Al Naqi presented an overview of TECOM Investments to the high level delegation, which included the history of Dubai and its economy, TECOM's role in building the momentum of Dubai, and an overview of its parent company Dubai Holding.

President Reyna showed particular interest in Dubai's programmes to promote future leaders and shared a discussion on education and training issues with Almulla.

TECOM Investments places great importance on the role of learning in its efforts to build Dubai as a knowledge-based economy.