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Abu Dhabi invites Houston for business partnership

posted on 27/10/2002: 695 views

Abu Dhabi was on the threshold of rapid economic development and was on the move to start several industrial units in various sectors and industrialists from Houston, Texas, could take advantage of the situation by setting up joint ventures in the fields they are specialised, said President of the Federation of the UAE Chambers of Commerce and Industry today. Saeed Saif Bin Jabr Al Suwaidi, also Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI), made his call while addressing a business delegation from Houston, Texas, led by the Mayor of Huston Mr. Lee Brown.

Al Suwaidi said Abu Dhabi and Houston had several things in common, ranging from oil to environmental protection and hence both the cities could become partners of economic development for their mutual benefit. 'Abu Dhabi was the second largest economy in the GCC and it possessed several positive and favourable factors and businessmen from Huston could take advantage of this and start joint ventures with local counterparts,' he said. Abu Dhabi, he added, was engaged in the work of setting up three industrial zones, the first of which would be opened very soon.

These industrial zones would have all the facilities for quickly starting any industrial unit. 'Abu Dhabi had all the modern infrastructure, an open economy with full freedom to repatriate capital and profits and did not have any personal or corporate income tax. It also had a very low customs and that too only on selected few items. Machinery and raw material for investment did not attract any customs tariff,' he said.

Brown said that Texas and Abu Dhabi had several things in common including the weather. ' It was one of the largest oil centres in the world and could co-operate with Abu Dhabi in harnessing oil and gas,' he said. 'As in Abu Dhabi, Huston was also trying to reduce the dependence on oil, and the city which was depending on oil for 80 per cent of its energy needs, has successfully cut down its role to 50 per cent through its diversification plans, Brown said.

Its high technology industries, space research, since the Johnson Space Centre based in Texas, one of the best healthcare systems in the world and a very efficient transportation system. It also had well advanced educational institutions and educational work force. With all these advantages, Texas could co-operate with Abu Dhabi by establishing development projects in all these areas, he said. He appealed to the Chamber officials to send a business delegation to Texas to ascertain these facts. Suwaidi accepted this invitation and said that the visit could be made some time next year. (The Emirates News Agency, WAM)


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