With the collaboration of Al Waseet Institution for financial services, The FCCI organized a training session in the World Trade Center on "E- Trade in Financial Markets." Twenty participants from the chambers of commerce, federal and local authorities attended. Topics covered: trade in local and international financial markets and its benefits, technical analysis of the new Dubai Stock Index, expectations about future performance, in addition to the directions for opening free trade accounts for those interested.

This training is one of a series organized by the FCCI in an attempt to create and deepen awareness in the new financial markets concepts and terminologies.

In this occasion, His Excellency Abdullah Sultan Abdullah, Secretary General of the FCCI, said that training sessions represent one of the FCCI's primary objectives in the year 2007, based on the fact that training, quality and productivity constitute essential elements for competition among firms. In addition, he pointed out that the FCCI always seeks to instill its strategy to open on all economic sectors, and organize training sessions related to trade, industry, and finance.

Finally, he stressed the importance of this training session, its content and lecturers.

His Excellency Eng. Salah Ben Omeir Al Shamsi – president of the Federation of UAE Chambers of Commerce and Industry and president of Abu Dhabi Chamber of Commerce and Industry – discussed with Argentina's Ambassador to the United Arab Emirates, Robin Karo, prospects for enhancing economic relationships and increasing collaboration means between UAE and Argentinean businessmen and companies.

Al Shamsi stressed that the emphasis in the coming period will be on strengthening industrial cooperation and attracting further Argentinean industrial firms to invest in Abu Dhabi, especially those working in the oil and gas industries, food industries, chemical and therapeutic industries, while promising the full support of Abu Dhabi's chamber of commerce and industry.

In addition, he invited advanced technical knowledge Argentinean firms to establish joint ventures with UAE national firms and to assist in the transfer of this technology to these firms.

As for His Excellency the Ambassador, he invited Abu Dhabi's Chamber of Commerce to send a commercial delegation to Argentina to discuss the establishment of mutual investment projects between businessmen and investors from both Abu Dhabi and Argentina. Finally, he pointed out that the responsible authorities in both countries have agreed on establishing 14 flights per week from the UAE to Argentina (timings to be decided by the UAE soon).

The FCCI organized the second workshop for the GCC industrial committee, with the members' attendance.His Excellency Abdullah Sultan Abdullah, Secretary General of the FCCI, said that the industrial sector in the GCC countries, in its manufacturing and mining segments, ranks first among production and service sectors.

As for manufacturing industries, they increased from 35.1 billion Dirham in the year 2001 to 61.2 billion Dirham in the year 2005, with a growth rate of 74.4%.

The Secretary General added that the number of industrial firms in the UAE increased from 2334 firms in 2001 to 3294 in 2005 (growth of 41.1%). National, gulf, and foreign investments in these firms increased from 28.5 billion Dirham in 2001 to 68.2 billion Dirham in 2005 (growth of 139.3%).

In addition, he pointed out that the FCCI and the UAE chambers worked hard to improve this sector through various activities, such as conducting relevant events, training sessions, workshops, and fairs , like the "Made in the UAE" exhibition. The FCCI and the UAE chambers worked closely with ministries and the concerned authorities to found a federal authority for the development of national exports and another authority to empower the small and medium enterprises (SMEs). In addition, continuous efforts were made to alleviate from the obstacles faced by industrials.

He also stressed the importance of the GCC countries working as a team to find a fixed industrial strategy that clarifies the common basis and regulations to support this sector.

As for his Excellency Eng. Salah Al Thahiri, member of the Abu Dhabi Chamber of Commerce and Industry, and head of the industrial committee, he said that this workshop reflects the increasing importance of this sector in the GCC countries.

He added that the UAE has given, since its establishment, importance to the industrial operation as a means to benefit from natural resources and diversify national income. He stated that the UAE considers the industrial sector as a tool to achieve economic development through establishing industrial infrastructure, providing motivations, encouraging private sector initiatives, and persuading businessmen and investors to go through the industrial investment that will constitute part of the ambitions to face future challenges. He mentioned that studies prepared by the Abu Dhabi Chamber of Commerce indicate that industrial investments in this emirate will exceed 120 billion Dirham in the coming 5 years.

Finally, he explained that the Abu Dhabi Chamber of Commerce and Industry finds it crucial to stress on gathering the private sector's skills and capabilities and employ them efficiently in the industrial sector.

In the presence of Dr. Rawda Al Mutawaa, head of the Emirates Businesswomen Council, president of the executive committee of Abu Dhabi Businesswomen Council and second vice-president Abu Dhabi Chamber of Commerce and Industry, a meeting was held between Engineer Salah Al Shamsi, president of the Federation of UAE Chambers of Commerce and Industry and president of Abu Dhabi Chamber of Commerce and Industry, and His Excellency Dr. Mohammed Abou Hmour ex-minister of finance and president of the high authority for privatization in Jordan. Dr. Abou Hmour is visiting the UAE with a Jordanian delegation to market the privatization program, after visits to Bahrain and Saudi Arabia.

During the meeting, the Jordanian privatization program was introduced, along with the investment opportunities it provides for UAE businessmen and firms.

Al Shamsi declared the desire of many UAE firms and businessmen to invest in Jordan. In addition, he offered the support of the Federation of UAE Chambers of Commerce and Industry and OF the Abu Dhabi Chamber of Commerce and Industry to assist Jordanian businessmen and investors wishing to invest in the UAE, and in Abu Dhabi specifically.

As for Dr. Abou Hmour, he stated that the Jordanian government will raise 74% of the Royal Jordanian Company for privatization for the Jordanian, Arabic, and foreign private sectors. He declared that of non-Jordanian investors' shares should not exceed 49%, while Jordanian investors' shares will be 25%.

Abou Hmour added that the investment atmosphere in Jordan is suitable for investors as they can invest 100%, as per the law, and move their money freely. He stressed that the Jordanian economy's performance is perfect, as a result of restructuring the national economy, and it is expected to have a growth rate of 6% (in fixed prices) for 2006, with an inflation of 6.25%. Inflation is expected to decrease to 5% in 2007 with an economic growth rate of 5 % (in fixed prices).

Abu Dhabi's gross domestic product (GDP) has risen up to 367 billion Dirham in 2006 and it is expected to grow by 8.2% by the end of 2007. In addition, it is anticipated to keep growing for the following years by a minimum average of 13%, with a probability that it reaches 584 billion Dirham in 2010. Abu Dhabi's GDP growth in 2006 is a result of the stability in the oil price increase, as stated by Engineer Salah Bin Omeir Al Shamsi, president of the Federation of UAE Chambers of Commerce and Industry and president of Abu Dhabi Chamber of Commerce and Industry. For instance, oil barrel average price was about 64.5 Dollars in 2006 and it is expected to remain constant in 2007.

His Excellency declared to the press that Abu Dhabi's economic performance reports indicate that crude oil production in this emirate anticipates a great pull of investments to further develop this sector, not less than 80 billion Dirham. This will lead to raise average production to meet the increasing global demand for crude oil and oil products in the years to come. Al Shamsi added that Abu Dhabi's economy has been witnessing noticeable advancement in 2006 and it is expected that this development persists in 2007, due to the prudent management of His Highness president of the United Arab Emirate and his heir apparent. This wise leadership is embedded in the strong economic system that relies heavily on the collaboration between the private and the public sectors, the development of industrial cities and news centers, the improvement of the tourism sector, the enhancement of rules, regulations and facilities, in addition to the development in infrastructure, education and the adoption of the Emiratisation.

As for the non-oil sectors, Al Shamsi said that non-oil sectors will sustain their growth with an average not less than 18% annually. Non-oil sectors accounted for 138 billion Dirham of the GDP in 2006 and are expected to amount 163 billion Dirham in 2007 and to continue their increase to reach 263 billion Dirham in 2010. This growth comes as a result of the huge investments in non-oil sectors.

Al Shamsi attributed the huge investments and development of all of Abu Dhabi's sectors to the attractive investment milieu of this emirate. As for future plans, he stated that the value of development projects amounted 923 billion Dirham and expectations for further growth are anticipated: 500 billion Dirham for building and construction, 200 billion Dirham for tourism, 34 billion Dirham for water and electricity, 80 billion Dirham for oil and gas, and 12 Dirham for industry.

The Planning and Economic Authority in Abu Dhabi announced its participation in three economic forums that will be held in the first half of 2007 in Japan, Germany, and South Korea:

1. The UAE – Japan Economic Forum, 24 till 26 April, 2007, Tokyo – Japan

2. The UAE – Germany Economic Forum, 8 till 10 May, 2007, Frankfurt – Germany

3. Investment Opportunities Forum between UAE and Korea, 7 till 9 June, Seoul – Korea

The forums will be organized jointly by the Federation of UAE Chambers of Commerce and Industry and INDEX, the specialized firm in organizing exhibitions. The announcement was made during a media conference in the Planning and Economic Authority premises. Among the attendants were Eng. Salah Ben Omeir Al Shamsi, president of the Federation of UAE Chambers of Commerce and Industry and president of Abu Dhabi Chamber of Commerce and Industry –Mr. Ahmad al Gaizi, Head of the economic department in the FCCI – Japan's Ambassador to the UAE His Excellency Takoma Hatano – Yoshio Minaji, General Manager of the Japanese External Trade Organization (JETRO) – Oliver Okza, Vice-President of the German embassy delegation – Dr. Yurgen Fredreich, official representative of the Commerce and Industry Dubai office – in addition to Mr. Yung Tchul Yon, Manager of the Korean Trade Investment Promotion Agency (KOTRA). During this conference, Dr. Nasser Saif Al Mansouri, assistant deputy of technical affairs at the Planning and Economic Authority, stressed that these forums have two objectives:

1. Defining investment opportunities in the UAE in general, and in Abu Dhabi in specific
2. Inviting businessmen and investors in South Korea, Japan, and Germany to invest in the UAE

He pointed out that the lately held forums in Singapore and London were successful in terms of defining the investments characteristics available to foreign investors and the economic boom that the UAE is witnessing. The representative of the Planning and Economic Authority clarified that these forums provide a prospect for UAE companies to introduce themselves internationally as well as to search for investment or foreign partnering opportunities that will assist them to grow globally. He added that Abu Dhabi's economy is growing on fast pace and it is tending to become diversified, not just relying on oil. As for Mr. Al Shamsi, he invited corporations to participate in these forums as they provide opportunities for global exposure. Japan's Ambassador to the UAE, said that the time is suitable for strengthening economic relationships between both countries, especially that the Japanese business community is curious to know more about investment opportunities in the UAE. He mentioned that there are approximately 200 Japanese firms operating in the UAE and the number is increasing. The Vice-President of the German embassy delegation, on his side, emphasized that the commercial relationships between the UAE and Germany have been growing increasingly lately and that these forums provide insights for businessmen in both countries about the investment opportunities available for them. He pointed out that that trade volume between UAE and Germany was about 6.5 billion Dollars in 2006(approximately 23.85 billion Dirham). As for the trade volume between the UAE and Korea, as mentioned by the manager of the Korean Trade Investment Promotion Agency, it reached 15 billion Dollars in 2006 (app. 55.05 billion Dirham).

UAE investments in Korea have increased noticeably to attain 9 billion Dollars lately (app. 33.03 billion Dirham). Mr. Abdul Salam Al Madani, manager of Index corporation for organizing exhibitions, stressed that these forums receive official support from the ministry of economy and ministry of finance and industry, from all chambers of commerce and industry in the UAE, in addition to Abu Dhabi and Jebel Ali free zones and all tourism authorities in the nation and the embassies of the UAE in Tokyo, Seoul, and Berlin. He cited that the UAE-German forum that was held for the past three years have resulted in deals worth 1.9 billion Euros. As for the joint UAE-Korea forum, it will be held for the first time in Korea. Japan's Ambassador to the UAE expected that the trade volume between the two countries will reach 41 billion Dollars (app. 150.46 billion Dirham) divided as 35 billion Dollar (app. 128.4 billion Dirham) for UAE exports to Korea including oil exports in majority, and 6 billion Dollar (app. 22.02 billion Dirham) for UAE imports from Korea. He added that the UAE is Japan's primary trade partner in the region.

Trade growth between the two countries was 31.6% in 2005 (30.1 billion Dollars in 2005 as compared to 22.9 billion Dollars in 2004, or app. 110.4 billion Dirham in 2005 as compared to app. 24.04 billion Dirham in 2004). On another note, he added that UAE exports to Japan reached 25.3 billion Dollar in 2005 (app. 92.85 billion Dirham) whereas imports from Japan to the UAE accounted for 4.86 billion Dollars (app. 17.87 billion Dirham). Finally, Japan's Ambassador to the UAE emphasized that the free trade agreement articles between the Gulf Cooperation Council countries and Japan are to be finalized during the year 2007, stressing that the previous period has been witnessing the closing of the discussion on the majority of the clauses, with both parties working on creating authentic partnership.

Detailed discussions were held at the premises of Abu Dhabi's chamber of commerce and industry between Eng. Salah Bin Omeir Al Shamsi – president of the Federation of UAE Chambers of Commerce and Industry, President of Abu Dhabi Chamber of Commerce and industry – and Her Excellency Paula Lehtomäki – Finland's Minister for Foreign Trade and Development – and the accompanying delegation. Discussions revolved around economic issues concerning both countries and that would enhance trade between Abu Dhabi and Finland and create strategic partnership between them.

Al Shamsi mentioned that Abu Dhabi has witnessed noticeable economic advancement lately and has achieved successful improvements in various domains. Based on the Emirate's corporations data, and as per the announced plans and projects, the Emirate of Abu Dhabi will invest 700 billions Dirham in various areas in the following five years, of which 320billion will be invested in the building and construction sector, 120 billion in the tourism and tourist infrastructure sectors, 35 billion in the water and electricity sector, 80 billion in the petroleum and gas sector, and 60billion Dirham in the industrial sector. He added that Abu Dhabi has announced several plans for the development and construction of Al Saadiyat Island so that it becomes an international tourist site, with investments reaching 100 billion Dirham divided into three stages, in collaboration between the private and public sectors.

Al Shamsi pointed out that the specialized authority for economic territories is establishing 30 industrial compounds (minerals, chemicals, petrochemicals, oil, gas, food, construction materials) and that if the legislation of property ownership is considered, foreign investment is expected to increase. In addition, he stressed that the Emirate of Abu Dhabi is concerned about securing all facilities and means to attract foreign direct investment through 100% proprietorship in Abu Dhabi Industrial City 1 and Abu Dhabi Industrial City 2. These two industrial cities, managed by "Al Manateq Institution," have attracted several billions of Dollars worth of investments. There exists also an industrial city in Al Ain, in addition to Baynouna petrochemical compound, a compound for oil and gas services, in addition to a cars compound. Al Shamsi stated that the investment projects and the specialized industrial cities represent great opportunities for Finnish investments in Abu Dhabi and for Finnish firms to consolidate their cooperation with UAE firms to execute planned projects in the years to come. Furthermore, he invited public and private Finnish firms and businessmen to invest in Abu Dhabi, while promising the full support of Abu Dhabi's chamber of commerce and industry.

As for Her Excellency Paula Lehtomäki, she mentioned that Finland's exports to the UAE have increased noticeably in the last years, especially telecommunication supplies and equipments and paper products exports. She pointed out that chief collaboration domains centralize in construction and contracting, academic services, health services and environmental technology. In addition, Finland's Minister for foreign trade and development offered an overview on the Finnish economic development, clarifying that her country has scored one of the highest economic growth rates in the European Union, reaching 5.9% in 2006. This reflects the extent to which the Finnish economy is booming and the opportunities it offers to increase investment cooperation between Finnish an UAE firms.