The Isle of Man and Dubai Departments of Economic Development have announced the signing of a Memorandum of Understanding (MoU) aimed at promoting closer business, economic and trade relations between the two countries.
Colin Kniveton, Chief Executive of the Department of Economic Development, visited Dubai last week and held a wide range of discussions concerning international relations with his counterpart His Excellency Sami Gamzi, the Director General of the Dubai Department of Economic Development (DDED). The meeting was also attended by international lawyer, Dr. Mansour Malik and senior officials of the Dubai Government including H.E Mr. Khalid Alkasim, Deputy Director General of the DDED; H.E Mr. Ali Ibrahim Deputy Director General as well as Mr. Fahd Gargawi, the Chief Executive Officer of the Foreign Investment Office.
Mr. Kniveton had previously visited Dubai in October 2011 and attended key meetings with the DDED to discuss how levels of co-operation between both countries could be enhanced. On that visit he had paid tribute to the economic model created by the United Arab Emirates (UAE) and stated that the open door economic and investment policies of the UAE provided many incentives to foreign companies wanting to establish themselves in the Middle East. The significance to the Isle of Man economy of several Isle of Man companies that are already based in Dubai was also highlighted along with the aspirations of other companies that are seeking to obtain licenses to extend their business activities in the region.
John Shimmin MHK, Minister for the Isle of Man Department of Economic Development said:
'The Memorandum of Understanding involves the exchange of business information and expertise and I am confident that it will further strengthen the economic and business links to the Isle of Man bringing tangible benefits to both our countries.'
Colin Kniveton Chief Executive, Department of Economic Development said:
'The signing of the Memorandum of Understanding will provide an excellent foundation for Isle of Man companies to build relationships with UAE businesses. It will further boost the Island’s profile as a good place to live, work and do business and firms helping to attract investment.'