ADCCI address South African business community

Chairman of the Abu Dhabi Chamber of Commerce and Industry His Excellency Engineer Salah Salem bin Omeir Al Shamsi addressing the African Businessmen and financial experts at a dinners session hosted by South African Ambassador His Excellency Dikgang Moopeloa in Dubai on Monday.

THE Al Shamsi was addressing the African business community at a dinner reception hosted by the South African Ambassador His Excellency Dikgang Moopeloa, in Dubai on Monday prior to the Arab African Investment, Banking and Business Summit, which is beginning in Dubai tomorrow.

He said that the summit would provide an important opportunity for businessmen and investors from the UAE and the African continent to know each other and as well as to get acquainted with the investment and business opportunities available on both sides.

He hoed that the summit would give an insight into the requirements and opportunities in Africa where businessmen and investors from the UAE can play important roles.

HE Al Shamsi gave a general outline on the highly favourable investment climate in the UAE in general and Abu Dhabi in particular and called on the investors, especially from South Africa, to take advantage of the situation and reap benefits.

"We have a very stable political system and government and peaceful atmosphere. All the necessary and most modern infrastructure is in place in our economy, which is free from tax, both at the individual as well as corporate level," HE Al Shamsi pointed out.

He said that Abu Dhabi and other Emirates had announced scores of projects in the real estate, tourism and industrial sectors worth billions of dirhams.

The Emirate of Abu Dhabi would undertake projects worth 600 billion dollars in the next five years, of which 320 billion had been allocated to construction sector, 120 billion for development of tourism and tourism facilities, 35 billion for power and water projects and 80 billion for oil and gas sector, HE Al Shamsi said.

He also said that the Saadiyat Island based tourism project will attract an investment of Dh. 100 billion in three phases.

The flow of foreign direct investment will double in the coming years following the establishment of industrial zones and 30 industrial clusters, where metallurgical, chemical, petro-chemical, food processing, building material and automobile units would be set up.

Countries in the African continent, particularly South Africa, can cooperate with the UAE in food processing, mineral resources development and tourism, where they had achieved expertise, HE Al Shamsi said.

He said the trade relations between the Africa and the UAE had been developing very fast in a short period of time. It was now time for Africa to develop a strategic partnership in the economic development programmes lunched by the UAE in general and Abu Dhabi in particular, he concluded.

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