Abu Dhabi Chamber signs three agreements to drive economic growth
Agreements to support investment in vital sectors
The Abu Dhabi Chamber of Commerce and Industry has signed Memoranda of Understanding (MoUs) with Emirates Development Bank, Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), and Arab Authority for Agricultural Investment and Development (AAAID), it was announced on Thursday.
The three MoUs, signed during the Abu Dhabi International Food Exhibition, are a part of the chamber’s efforts to drive economic growth in the emirate and support investment in vital sectors.
“These agreements begin a new phase of cooperation with leading entities. The agreements will strengthen the contribution of private companies to vital sectors, enable them to launch unique projects, and provide them with the necessary guidance on a local and regional level,” said Mohamed Helal Al Mheiri, Director-General of Abu Dhabi Chamber.
As part of their MoU, the chamber and EDB will cooperate in highlighting the available investment opportunities in the manufacturing, advanced technology, healthcare, and food security sectors. The bank will also provide financing and support options for members of the chamber to support the financing of the industrial strategy in the UAE. It will also provide an electronic platform that offers free training courses for members of the chamber on how to develop business strategies and plans, from establishing their business to proposing innovative solutions to meet the challenges they might face.
The ADAFSA partnership will support the government’s efforts in accelerating the growth of the agricultural sector, raising its contribution to the national GDP, and stimulating investment in the sector. The agreement enhances cooperation in finding solutions to current challenges, developing economic policies and legislations related to the agricultural sector, and improving food security, as well as exchanging information, experiences, and data related to investors. The two parties will launch awareness campaigns about available investment opportunities and promote the agricultural sector in the emirate of Abu Dhabi to attract more private companies to invest in the sector.
The agreement with AAAID will see the two parties work together to establish integrated agricultural projects that aim to achieve food security in the UAE and the Arab world. The two parties will work on preparing feasibility studies for agricultural projects, introducing available investment opportunities in the agricultural sector, and benefitting from the extensive and diverse expertise that AAAID possesses in the plant and animal production sector and agricultural industries.