Abu Dhabi Chamber signs 3 agreements to drive economic growth

ABU DHABI, 8th December, 2022 (WAM) -- As part of its participation in the first edition of the Abu Dhabi International Food Exhibition (ADIFE), the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed three Memoranda of Understanding (MoUs) with local and regional parties, including the Emirates Development Bank, Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), and Arab Authority for Agricultural Investment and Development (AAAID).

The MoUs are a part of the chamber’s efforts to drive economic growth in Abu Dhabi and support investment in vital sectors.

Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber, and Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber, and representatives from the Emirates Development Bank, ADAFSA, and AAAID, attended the signing ceremony.

Al Mheiri said, “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.”

“The chamber’s ensures supporting private companies from different sectors and scales, providing them with the necessary guidance and requirements to launch their business and achieve operational success, particularly for SMEs which play a key role in driving the Emirate’s economic development,” he added.

As part of its continuous efforts to support start-ups and SMEs that operate in various sectors, the Abu Dhabi Chamber signed a partnership agreement with the Emirates Development Bank, where the two parties 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 chamber also signed a partnership agreement with ADAFSA to 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. Under the terms of the agreement, 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.

In addition, the chamber signed a cooperation agreement with the AAAID to 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. They are a major contributor in supporting efforts to achieve food security in all Arab countries.

Abu Dhabi Chamber’s participation at Abu Dhabi International Food Exhibition aims to raise the private sector’s awareness of the chamber’s innovative services, which support private companies and enable them to achieve their commercial objectives, as well as enhance the competitiveness of the Emirate of Abu Dhabi on the regional and international levels in the food and beverage, and hospitality sectors.