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UAE and Syria set up a joint holding company

posted on 05/11/2002: 588 views

The UAE and Syria yesterday signed an agreement on the establishment of a UAE-Syrian Holding Company that would be based in Damascus. The agreement signed on the UAE side by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Information and Culture and head the UAE side of the UAE-Syrian Committee, also included to explore the possibility of setting up a UAE-Syrian Bank. Signing on the Syrian side was Dr. Mohammed Hussein, Deputy Prime Minister for Economic Affairs and head of the Syrian side of the Joint Committee. The agreement called for the exemption of all customs duties and taxes on national commodities between the two countries with effect from First January 2003.

The two sides also signed a loan agreement of Dh73.4 million on an electricity project aimed at providing electricity to the villages and residential areas of Halab province. Other co-operation memorandums were also signed on various fields including exhibitions, telecommunications and information technology, media, health, agriculture and education. In a statement after the signing ceremony, Sheikh Abdullah described the relations between the UAE and Syria as "distinguished and exemplary." He said that the two countries had strong ties thanks to the efforts of H.H. Sheikh Zayed bin Sultan Al Nahyan and late Syrian President Hafiz Al Assad. For his part, Hussein said that the signing of the agreement was the crowning moment of the efforts exerted by the two countries' leaders in bolstering economic co-operation between Syria and the UAE. (The Emirates News Agency, WAM)


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