UAE, Lebanon establish joint business council to boost trade and investment
New council will connect private sectors and promote investment and joint ventures
Dubai: A joint UAE-Lebanon Business Council will be established to strengthen private-sector ties, promote investment opportunities and support new commercial partnerships between companies in the two countries.
A memorandum of understanding was signed to establish the council during the UAE-Lebanon Business Forum in Beirut on Sunday. The agreement was signed by Abdallah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), and Mohamed Choucair, Chairman of the Federation of the Chambers of Commerce, Industry and Agriculture in Lebanon.
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The council will provide an institutional platform for businesses to exchange market intelligence and expertise, identify investment opportunities and develop strategic partnerships and joint ventures.
The forum brought together senior government and business leaders to explore ways to expand bilateral trade and investment and identify high-potential sectors in both markets.
Four memoranda of understanding covering key economic areas were signed during the forum, reflecting efforts by both sides to turn potential opportunities into commercially viable projects.
Al Owais said strengthening the UAE-Lebanon economic partnership required greater business-to-business cooperation, increased trade and investment flows and new opportunities for the private sector.
Discussions focused on facilitating market access and business operations, encouraging two-way investment and using the competitive advantages of both economies to expand private-sector cooperation.
Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI, said strong participation by business leaders and investors reflected growing private-sector interest in opportunities in Lebanon, particularly in priority and growth sectors.
“The establishment of the UAE-Lebanon Joint Business Council will provide a structured platform for strengthening engagement between investors and entrepreneurs and promoting available investment opportunities in both countries,” Al Shamsi said.
He said the council would help identify high-potential sectors and build a stronger pipeline of business partnerships, investment projects and commercial ventures between UAE and Lebanese companies.
