H.E. Hussain J. Al Nowais's four-day visit highlights growing partnership between Abu Dhabi and Singapore

During talks today with Senior Minister Goh Chok Tong and H.E. Saeed Al Zaabi, Chargé d'Affaires of the UAE Embassy in Singapore, Al Nowais said that Abu Dhabi remains "the ideal investment destination for the international business community."

He went on to say that "Abu Dhabi has the competitive advantage to become a specialized industrial hub, both regionally and on an international scale."

"We offer one of the most attractive environments for foreign investment, with a strategic geographic location, a secure and politically-stable environment, advanced logistical infrastructure and a liberal trade environment," Al Nowais said.

Al Nowais underlined Abu Dhabi's economic stability and robust banking system. He highlighted that, under the directive of H.H. President Sheikh Khalifa bin Zayed Al Nahyan, the government was quick to manage the recent credit crisis, ensuring minimal repercussions to the national economy. He said, "In the face of the global economic slowdown, we are still set to achieve satisfactory growth rates for this year and the years to come."

Leading a delegation of prominent Abu Dhabi-based companies, including ADBIC and ZonesCorp, Al Nowais praised Singapore for its exemplary achievements across a number of sectors, saying that Abu Dhabi was looking to benefit and draw from Singapore's extensive knowledge and expertise in the development of specialized economic zones, industrial cities, basic industries and other sectors.

Al Nowais and the delegation also met with the Minister of State for Trade and Industry, Mr. Lee Yi Shyan, discussing opportunities for further partnership in upcoming public and private sector initiatives in a number of industries.

During the meeting with the Minister, Al Nowais described Abu Dhabi as the gateway for Singaporean products and services to the GCC, Arab, African and CIS markets. He added, "In turn, we hope that Singapore will serve as our gateway to East Asia."

Mr. Lee Yi Shyan praised Abu Dhabi, saying that with its strategic intent to build a sustainable, diversified economy, and reducing its reliance on oil and gas, it has fast become a unique economic model both regionally and internationally.

At the invitation of the Middle East Institute in Singapore, Al Nowais went on to address an audience of over 150 business investors, sharing the major developments currently changing the physical and economic landscape of Abu Dhabi. He explained that "Abu Dhabi is currently investing heavily in building a world-class integrated infrastructure and best-in-class connectivity to accommodate the growth within the region, and to service export markets." He discussed the development of several large-scale infrastructure projects in Abu Dhabi, including the development of Khalifa Port and Industrial Zone, industrial zones in Taweelah, and the expansion of the Abu Dhabi International Airport.

Al Nowais also mentioned the compelling investment opportunities in Abu Dhabi's real estate and hospitality sectors, including the upcoming Yas, Saadiyat and Al Reem Islands.

"Abu Dhabi and Singapore share a policy of open trade and a vision for a growing and dynamic modern economy," said Al Nowais. "The valuable headway towards cooperation already made by our two governments has most recently led to a sharp increase in the number of joint projects and achievements across an unprecedented number of sectors."

Al Nowais touched on the Abu Dhabi-Singapore Joint Forum established last year, through which areas of cooperation expanded to include initiatives, such as the joint venture between Mubadala and Singapore's CapitaLand, Borouge's new Asia-Pacific office in Singapore, and the alliance between ADWEA and Singapore's SembCorp to build a power and desalination plant in Abu Dhabi.

"With a vital and dynamic partnership between us already in place, we see Singapore as a key player in helping to shape the face of ongoing and future projects in Abu Dhabi," concluded Al Nowais.