UAE and Malta commit to enhancing bilateral economic cooperation

ABU DHABI: Sultan bin Saeed Al Mansouri, U.A.E. Minister of Economy, has reaffirmed the importance of economic relations between the United Arab Emirates and the Republic of Malta during the visit of Dr. Christian Cardona, Malta’s Minister for Economy, Investment and Small Business to the U.A.E..

Al Mansouri received the visiting delegation at the Emirates Palace Hotel in Abu Dhabi. During the meeting, the two sides expressed interest in collaborating in small and medium enterprises and the renewable energy sectors to provide further impetus to bilateral economic development.

Commending the synergy achieved to date, Al Mansouri pointed out that the openness and flexibility of the two economies make them attractive foreign investment destinations.

The U.A.E. Minister reiterated the importance of allocating joint economic work teams and the establishment of joint ventures according to a time-bound framework for promoting bilateral investments.

Drawing parallels to the growth of tourism and economic sectors in both Malta and the U.A.E., Al Mansouri said the daily connectivity between the two countries has spurred notable tourist exchanges between both sides.

For his part, Dr. Christian Cardona admired the progress achieved by the U.A.E., especially in the services sector.

Expressing interest in learning from the U.A.E.’s experience in developing state-of-the-art ports and free zones, he conveyed his country’s desire to replicate the U.A.E.’s global benchmark in government performance.

Dr. Cardona said Malta is keen to acquire best international standards in shaping a knowledge-based economy, referring to the progress made by the U.A.E. in the higher education sector.

Al Mansouri invited the Republic of Malta to participate in the Annual Investment Meeting 2014 to be held during April in Dubai.

SOURCE: WAM

Loan refinance an affirmation of trust

ABU DHABI: The steadily increasing confidence in Dubai’s economy has received several import boosts in the past year, commented a U.A.E. daily. “New government plans for large projects have been accompanied by government-owned companies paying off their debts and achieving more respectable financial positions”, said Gulf News in its editorial today.

Further encouragement comes from this week’s news that the Abu Dhabi Department of Finance and the U.A.E. Central Bank have refinanced and extended their two large agreements with the Dubai Government, totaling $20 billion (AED 73.56 billion) in loans and bonds.

“The $20 billion package from Abu Dhabi and the U.A.E. Central Bank was an important factor in restoring financial security to the emirate and both local and international confidence in Dubai. The new terms are an indication of the country’s confidence in Dubai and that the government’s plans are on track to achieve success. The new arrangement will enable the Dubai Government to have more liquidity just as the emirate’s economy led by trade, tourism and property has started a major recovery.”, added the paper.

The rollover is expected to enable Dubai to continue to spend on infrastructure, leading up to the hosting of Expo 2020. Many of the projects that are designated for action to achieve the aims of Expo 2020 are also an integral part of Dubai and the U.A.E.’s long-term economic strategy. For example, the six runways of the massive new airport at Al Maktoum International close to Jebel Ali will be needed when Dubai becomes one of the world’s major international communications hubs in the next 50 years.

“The spend is now but the benefit for Dubai and the U.A.E. will last for centuries. This is why the refinancing is both an indication of confidence in the U.A.E. and a reaffirmation of trust in Dubai’s plans”, concluded the Dubai-based daily.

SOURCE: WAM