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Abu Dhabi Department Of Economic Development And United Kingdom Trade And Investment Authority Sign MOU |
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The Department of Economic Development (DED), Abu Dhabi and United Kingdom Trade and Investment Authority (UKTI), have signed a Memorandum of Understanding (MoU) on developing the emerging technological and trade opportunities. The agreement was signed by Nasser Ahmed Al Suwaidi, Chairman DED, and British Lord Mervyn Davies, Minister of state for Trade, Investment and Small Business in London. The signing ceremony was attended by H.E Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, Abdul Rahman Ghanim Al Mutaiwee, UAE Ambassador to UK and a number of officials from both sides. Al Suwaidi declared the memorandum an important step to enhance relations between Abu Dhabi and the UKTI to provide opportunities of cooperation and joint investment in various fields in both countries. He also urged businessmen in both countries to benefit from the memorandum and activate it by entering into economic partnerships through a strategy of action that includes promotion and establishment of joint investments and take advantage of investment opportunities and economic information on both sides. They agreed that the British Ministry will provide assistance to the DED to create a strategic partnership to achieve international and regional growth within the resources available to the program through international deals, which include assistance to identify technological and trade opportunities commensurate with the areas of interest to the department. The parties also agreed that the UKTI periodically provide requested information to the DED on the flow of transactions identified by the program, especially in the Gulf region, facilitate the process of definition of the owners and designers of transactions, and proposing potential managers or organizations with experience can communicate with the DED to assist in identifying suitable candidates to manage the flow of transactions if necessary to do so. The memorandum includes studying the creation of a team to sign deals to help make its flow able to be invested and attract investments to it with being able to access to the extensive global network. It also includes providing access to resources beyond the ongoing global purchase of the UKTI. According to the agreement, cooperation is to be conducted with any requests issued by the regulatory authorities, in addition to urging the parties concerned to abide by the various related systems, particularly those relating to the transparency of funding sources and the systems of "know your customer" and cooperating with the program to implement outstanding projects. The Memorandum specifies acknowledging the UKTI continuously and approving for it to announce to the public on the transactions with the DED, whereas the Minister is to obtain approval from the Department before making any announcement. The DED is keen to make efforts to comply with the general principles regarding the implementation of the memorandum as long as it is not inconsistent with the public order or the rules of the UAE and not to discriminate on the basis of race, color, creed, religion, gender or age or any other basis. The terms of the memorandum become effective as of the date of signing it by both parties and continue in force until terminated by either party by sending written notice to the other party one month before the date of termination. |
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