Middle East business information

It was attended by HE Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, HE Dr. Mohammed Al-Hussein, Syrian Minister of Finance, HE Mohammad Ahmad Abd Al Aziz Al Shehhi, Director General of the UAE Ministry of Economy and members of the Joint Committee.

HE Obaid Humaid Al Tayer commended the growth in investment, trade and economic relations between the two countries. He also praised the rapid development of these relations after the establishment of the Joint Committee in 2001; a process carried out by the competent authorities after due diligence. HE Al Tayer confirmed the strong desire between UAE and Syria for better bilateral relations and expressed his hope that joint cooperation in new areas would benefit both countries in various sectors.

The final meeting discussed steps to encourage Emirati investments in Syria's real estate sector by modifying its Law No. 11 for the year 2008, which deals with property rights of non-Syrians. The meeting also discussed the need to modify Syrian Ministry of Economy and Trade's Article 2 of Decree No. 1999 regarding tax on ceramic products to make it consistent with the bilateral free trade agreement and the principles and provisions of Greater Arab Free Trade Convention.

HE Dr. Mohammed Al Hussein, Syrian Minister of Finance, praised the efforts of the UAE - Syrian Joint Committee to strengthen economic relations, and stressed the need for more joint agreements and projects. HE Al Hussein also promised to take necessary measures regarding the two Syrian Laws discussed. He confirmed the strong investment opportunity in Emirati and Syrian economies that could be availed of in various sectors that would be positive for the interests of both countries.

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, concluded:

"We have passed through a period of unprecedented financial crisis, which has deeply impacted the global economy and especially the economies of developing countries. I urge countries to intensify cooperation and coordination of efforts to mitigate its impact. I am sure that such meetings continue to further strengthen mutual bonds between our two countries. This process will be activated by the committee's follow-up and implementation from our meeting's recommendations."

UAE and Syria signed seven agreements at the meeting. These included cooperation in air transportation and two memoranda of understanding in environmental protection and social development. In addition, a number of executive programs for cultural and scientific cooperation in higher education, scientific research and cultural fields were signed. The two sides also agreed to cooperate in the education and tourism sectors.