H.E. Sheikha Lubna meets Swedish Minister of Financial Markets and Local Gov't, visits Stockholm Stock Exchange

They examined the state of their economic, trade and investment ties and suggested strategies to further promote mutual growth amidst currently challenging global economic conditions.

Both parties exchanged information and views on international efforts to address the effects of the global financial crisis during a meeting which was also attended by Sheikha Najla Mohammed Al Qasimi, UAE Ambassador to Sweden and H.E. Eng. Salah Salem Bin Omeir Al Shamsi, Chairman of the Federation of Chambers of Commerce and Industry and Chairman of the Abu Dhabi Chamber of Commerce and Industry. They agreed on the importance of consolidating international efforts to combat the global crisis through the cooperation of all countries, and discussed the upcoming visit of the Swedish official to the UAE within the month.

H.E. Sheikha Lubna Al Qasimi reviewed economic developments in the UAE and the level of growth achieved by its economy. She emphasized the current investment opportunities within the domestic markets in various sectors as well as the facilities provided by the government to the local and foreign business communities.

The Minister highlighted the continuous efforts of the UAE to enhance environmental protection in order to achieve sustainable growth and also discussed the activities of Masdar, the Abu Dhabi Future Energy Company. Her Excellency pointed out the country's efforts to diversify its sources of renewable energy, which she stressed will be vital for the growth of eco-friendly energy programs. She spoke of Masdar's efforts to build a carbon-free city with the goal of developing innovative solutions for renewable, alternative and sustainable energy in addition to promoting sustainable development.

For his part, H.E. Eng. Salah Al Shamsi delivered a brief presentation on the UAE's efforts to address the possible consequences of the global financial crisis. He specifically outlined national initiatives being undertaken to provide the necessary liquidity to banks so that they may continue to perform their financial duties and stimulate economic activity, and also referred to the government's protection of bank deposits.

His Excellency stressed the importance of joint cooperation and the exchange of experiences between the two countries in particular and among all the nations of the world in general in combating the current financial crisis. He explained that the economic and financial conditions of the UAE and Sweden are excellent and able to withstand the effects of the crisis.

The Swedish Minister in turn expressed his country's eagerness to strengthen relations with the UAE. He praised the Emirates' strong economy and the effectiveness of national strategies being employed to control any negative effects of the global financial crisis, which are similar to those being carried out in Sweden.

Minister Odell hosted a lunch to honor H.E. Sheikha Lubna Al Qasimi and her delegation, which was attended by a number of businessmen, investors and senior Swedish.

H.E. Sheikha Lubna Al Qasimi and her delegation also visited the headquarters of Stockholm Stock Exchange, also called NASDAQ OMX. The stock exchange currently serves 3,900 companies in 50 countries, including the UAE, across the five continents. The Dubai International Financial Centre owns a large share of the Swedish exchange.

Erik Thedeen, President of NASDAQ OMX, gave an overview of the activities of the exchange, its listed companies and the technologies it provides abroad. NASDAQ OMX is a major provider of technology and technical solutions to 60 of the most important international stock exchanges and financial markets in the world.