With more than 1,000 government officials, investors, business leaders, and entrepreneurs in attendance, the UAE capital Abu Dhabi hosted the Saudi-Emirati Business Forum yesterday under the slogan “Together – Forever,” in the presence of His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Investment, and His Excellency Engineer Sultan Al-Mansouri, UAE Minister of Economy.
Three Agreements Signed at the Forum
The forum witnessed the signing of three agreements covering entrepreneurship, agricultural investment, and governance. Three working sessions were also held on national transformation plans in light of the Kingdom’s Vision 2030 and the UAE’s Vision 2021, industrial integration between the two countries, and the role of women in the economy. The forum also explored ways to enhance cooperation in eight vital sectors, including industry, tourism, oil, aviation, construction, financial services, food, gold and jewelry, pharmaceuticals, and medical equipment.
In his speech during the forum, His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Investment, emphasized the importance of the forum as a step toward strengthening bilateral ties and fostering constructive cooperation in vital sectors of importance to the two brotherly countries, particularly in the economic, trade, and investment fields, noting that an agreement had been reached to hold this forum every two years, with its mechanisms and agendas to be developed in line with economic, trade, and investment developments.
His Excellency emphasized the leading role played by the business sector in both countries, in line with the Kingdom’s Vision 2030 and the UAE’s Vision 2021, which focused on opening up broader opportunities for the business sector to serve as a key partner in facilitating its operations and encouragingits growth, enabling it to become one of the world’s largest economies and a driver of employment and a source of national prosperity and well-being for all.
His Excellency highlighted the importance of the forum’s work, the need to maximize its benefits, and the fact that it is held every two years, which will contribute to achieving its goals of developing cooperation and coordination between business leaders in both countries and working to find effective solutions to overcome the challenges that may hinder the development of Saudi-Emirati trade and investment.
A Package of Incentives for Saudi Investors
During the forum, the UAE side announced the introduction of incentives for Saudi investors through a series of measures and procedures aimed at empowering Saudi investors wishing to establish investment projects in the Emirate of Abu Dhabi.
These measures provide Saudi investors with all the incentives and exemptions included in the Abu Dhabi Trader Initiative and the Industry Pioneers Initiative, the most significant of which is the waiver of the lease agreement requirement. Saudi investors are also exempt from Abu Dhabi Chamber of Commerce membership fees, and 100,000 square meters of land were made available to Saudi investors for a three-year lease grace period on plots owned by the Al-Olia Authority for Specialized Economic Zones, where Saudi investors can establish their projects.
Abu Dhabi Ports has also offered Saudi investors several investment incentives in Khalifa Industrial Zone Abu Dhabi (Kizad), including discounts of up to 15% on the rent for warehouses, industrial land, offices, and workstations, The Abu Dhabi Economic Investment Office has also established a dedicated window for the Saudi investor to facilitate business establishment and operations.
It is worth noting that the forum is one of the outcomes of the “Khulwa Al-Azim” summit between the Kingdom and the UAE, aimed at strengthening trade, economic, and investment cooperation; consolidating ties; and opening new investment channels designed to promote the diversification of income sources, attract value-added investments to the economy, and increase the volume of non-oil exports.
