Dubai and Portugal to further strengthen bilateral trade ties

His words came during the Portugal Seminar jointly organised by Dubai Chamber and Portugal Trade & Investment Agency-AICEP at the Chamber premises on Thursday. The Portuguese delegation included around 50 business heads and company officials representing a diversity of sectors including agro-foods, finance, energy, pharmaceutical, textile, tourism, industry and telecommunications.

The Portuguese Minister of Foreign Affairs cited Portugal's three-point bilateral legal framework including the convention to avoid double taxation, the bilateral agreement to promote and protect investments and the agreement on economic cooperation.

He also highlighted his country's strategic location as a door to Europe and a platform for Africa, Americas and the Middle East, high quality logistics, road airport and seaport infrastructures, government's commitment to businesses as well as the Golden Residence Permit Programme with full access to European countries in the Schengen area for non-EU investors.

"Portugal is fostering an export driven economy as our exports to the UAE grew by 11% and we are looking forward to a substantial rise after the conclusion of the free-trade agreement between the European Union and the GCC as well as the implementation of avoidance of double taxation between our GCC trading partners," said H.E. Portas.

In his welcome address, H.E. Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber stated that the arrival of this large Portuguese business delegation will open up new channels of cooperation for the two sides while leading to consolidation of bilateral trade ties between their respective countries' investors.

H.E. Al Ghurair assured the visiting delegation of Dubai Chamber's commitment to provide all the support and facilities to the development of Portuguese businesses in the emirate which he said has witnessed strong growth throughout the year.

He urged the visiting business leaders to benefit from the flourishing economic sectors such as trade, tourism, logistics, financial and related services.

Citing Dubai Chamber members' exports and re-exports in the first 11 months of the year, H.E. Al Ghurair stated that these figures reached a record high of AED 244 billion witnessing a 8.5% year-on-year growth. He said the emirate serves different markets of the world including BRIC countries, GCC, Asia and Africa and can help Portuguese businesses expand their trade activities to these regions.

"At present, there are 28 Portuguese companies among Dubai Chamber's membership and we would like to see this increase and I would also like to call upon the Portuguese business community to increase their presence in the emirate," said H.E. Al Ghurair.

He added that though Dubai's Emirates airline flies daily to Lisbon, still, addition of further destinations would help drive growth in trade and tourism and bring the two business communities closer together.

H.E. Al Ghurair invited Portuguese companies to participate in Dubai's over 200 major international exhibitions held annually in the emirate. "Participation in these events would help Portuguese businesses get closer to the opportunities in these markets, using Dubai as a base. And the city, with its excellent infrastructure and modern facilities, is the ideal gateway to new business opportunities," he added.

On the sidelines of the seminar, Urbanos Group, the majority shareholder of Groundforce Portugal, signed an agreement with Shuaa Captial appointing them as the Middle East Financial Advisor for the Portuguese company.

The agreement was signed by H.H. Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital and Mr. Alfredo Caimiro, owner of Urbanos and Chairman of Groundforce Portugal.

H.H. Sheikh Maktoum said that the total value of trade between Portugal and the UAE in 2011 totalled over Dhs700 and is expected to double in the 24 month period ending in 2013.

He also informed that Dubai provides the springboard for emerging international companies to find their foothold in the region.