Dubai and Spain to consolidate business ties

Dubai: Dubai Chamber of Commerce and Industry director-general Hamad Buamim and Salvador Santos Campo, president of the Madrid Chamber of Commerce and Industry, signed a memorandum of understanding on Thursday.

The agreement consolidates economic relations between the two nations and sets framework for cooperation with the pros-pect of joint ventures, equity investment with better coordination among business communities.

A lot to offer

Buamim said the agreement will strengthen ties in the construction sector as Dubai's real estate is a focus for all Spanish companies in terms of partnership.

He added that Dubai offers much more in engineering, tourism and trade.

As there are no current direct flights to any city in Spain from Dubai, Bu Amim proposed to change this situation to enhance trade and tourism.

Campo said that King Juan Carlos will soon visit Dubai along with a prominent business delegation of their country to take the ties with the emirate to the next level.

Spain was ranked 36th on a list of Dubai's direct trade with other countries in 2007 while a total of 287 certificates of origin with a total value of Dh51 million were issued by the Dubai Chamber last year.