Following its series of meetings and visits which were attended by 100 businessmen, investors and representatives from leading private sector companies and government entities embarked with infrastructure and development projects in Qatar, Abu Dhabi commercial and industrial delegation who was in Doha concluded today a successful mission that resulted in signing preliminary partnerships and agreements.
Dr. Adeeb Al-Afifi, Director of Foreign Trade and Export Support at DED, the Head of the delegation, stated that the UAE is inspired to establish a diversified and multi-sourced economy by creating strategic partnership with the private sector, empowering it to be the core supporter for a sustainable and balanced economic development.
“Abu Dhabi’s Economic Vision 2030 is the roadmap for the Emirate’s economic development as it aims to diversify income resources, build knowledge-based economy. DED is providing services for exporters’ sector which will help optimize local products to the regional and international markets. Servicing trade delegations for exporters is one of the world-class practices in export developing and an integral factor to achieve exporters’ aspirations”, he said.
Al Afifi highlighted that the visit helped cement the joint relations, especially the economic ties, which will be positively reflected in boosting commercial exchanges, given that Qatar is one of the key ten commercial partners for Abu Dhabi in non oil exports and imports, topping the list of exporters in 2009.
According to him, such visits opened up windows of opportunities for Qatari companies and businessmen to set up commercial and investment ties with their peers companies operating in Abu Dhabi, especially in building, development, construction materials, contracting, electric cables, decoration, furniture, and metal industry sectors.
“The visiting delegation expressed their deep pleasure for the fruitful visit which was crowned by signing partnerships and agreements to establish joint investment projects with Qatari businessmen who highly consider importing UAE-made products whilst meeting the needs of the local market there”, he explained.
Stressing how Qatar is one of the key trade partners to Abu Dhabi and the leading export market for the UAE products, which are expected to grow in the foreseen future, Al Afifi said, “Economic and commercial relations between Abu Dhabi and Qatar are geared up to a more prosperous future. In 2010 Abu Dhabi’s imports from Qatar totaled AED 1.786.764 billion, re-export AED 1.760.152 billion, and exports AED 650,452 as per figures issued by Abu Dhabi’s Customs last year.” Commercial trading between Abu Dhabi and Qatar encompasses construction materials, ceramics, animal products, foods, beverages, mineral products, plastics, rubber, wood, shoes, leather, gemstones, pearls, audio-visual equipment, textiles, gifts, and various industrial machines.
In 2010, the trading exchange for construction, stones, and ceramic materials between Qatar and Abu Dhabi exceeded AED 251.140 millions, out of which AED 13.467 million for imports, AED 10 million for re-exports, and AED 227.718 million for exports to Qatar.
Al Afifi added, “Opportunities to develop business relations between Qatar and Abu Dhabi are promising, covering a wide spectrum of sectors such as industry, trade, tourism, real estate, petrochemicals and gas. The visit helped gain insights on Qatar market’s needs, available investment opportunities, as well as get closer know-how on rules and procedures regulating exportations in Qatar.” “Specialized reports and studies confirm the importance of the Qatari market as foreign investment and attraction hub, with the Qatar GDP exceeding 18% of growth rate last year owing to noticeable increase of gas production that is expected to steadily go up this year. Consumer prices there went down by 1.9% by 2010 with real estate prices forecasted to sharply go up, driven by the mega development projects. Besides, Qatar comes as the second GCC, following KSA, in attracting foreign investments, which accounted for US$ 35.5 billion in 2009”.
Following its successful bid to host Football World Cup 2022, Qatar is embarking on mega infrastructure and development projects that provide leading experienced companies from the region and Abu Dhabi opportunities to create long-term strategic partnerships.
“Qatar is investing US$ 129 billion to address the needs of World Cup 2022 event by embarking on mega development projects in highways, rails, metro worth of $ 25 billion, reconstructing Doha International Airport at the cost of $10 billion, building a deep water port at the cost of $7 billion, Al Bahrain Bridge ($4 billion), in addition to allocating $3 billion to building seven cities, 12 football fields, renovating 3 fields, and building 140 hotels”, he explained.
Al Afifi expressed his gratitude to the Qatari Foreign Ministry and the UAE Embassy in Doha, as well as the Qatari Embassy in Abu Dhabi for their support and help to arrange this trip.