The Ministry of Finance, in collaboration with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group, held two workshops at the headquarters of the Dubai and Abu Dhabi Chambers of Commerce.
The workshops, which were organized as part of the Ministry’s efforts to improve the business environment in the UAE, brought together government officials, entrepreneurs and investors from the UAE private sector.
CRUMB presented its comprehensive set of financial products and services, including the insurance and guarantee solutions it offers to enhance credit to entrepreneurs and lenders to facilitate business creation in emerging economies. He also addressed concerns about value and investment products, and optimal capital obtained from financial institutions at the lowest possible cost.
The workshop included a session titled ‘Innovative Product Applications: Trade Finance Products and the Latest Renewable Energy Solutions’.
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, He expressed gratitude for MIGA’s efforts to raise awareness about opportunities to establish businesses in countries with emerging economies. He highlighted its key role in supporting the expansion of the UAE private sector abroad by introducing opportunities and providing access to studies and information on types of guarantees against losses resulting from non-commercial risks to encourage entrepreneurs to enter countries with emerging economies and learn about new market opportunities, such as high-risk or low-income countries.
He also praised MIGA’s efforts to support small businesses, promote comprehensive and sustainable economic development, enable millions of people to access the Internet, create thousands of employment opportunities and achieve significant reductions in carbon emissions through projects you helped.
“Chambers of Commerce play critical roles in empowering businesses, promoting trade, facilitating expansion and contributing to economic growth. The collaboration with MIGA will pave the way for a fruitful long-term partnership, especially considering the crucial role the chambers play in supporting overseas expansion from the UAE.”
Ethiopis Tafara, Vice President, Chief Risk Officer, Legal and Sustainability Affairs and Partnerships at MIGA of the World Bank Groupsaying,
“The workshops in Abu Dhabi and Dubai helped us gather a better understanding of the needs of the private sector and how to facilitate their efforts to enter emerging markets. We look forward to cooperating and offering assurances to the UAE private sector, which has become a major contributor to Southern countries where entrepreneurs are establishing themselves productively. Our goal is always to support sustainable development initiatives in our partner countries.”
Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industrysaying,
“The workshop plays a vital role in advancing the business community as well as Abu Dhabi’s economic and investment landscape, thereby promoting the growth of businesses, particularly Emirati companies seeking to invest in emerging markets.”
“The organization of the ‘MIGA Promotion of FDI’ workshop reflects the importance of investing in developing countries, which contributes to strengthening economic relations and supporting economic growth at the local and international level. The workshop comes as part of the Chamber’s commitment to supporting members of the business community, increasing their awareness of the market and informing them about the opportunities and tools to advance businesses and the potential challenges they may face.”
“This step coincides with the Emirate’s efforts to promote investment in emerging markets. As such, Abu Dhabi Development Fund investments amounted to more than AED 189 billion as of the end of December 2022, benefiting 104 countries, according to its 2022 annual report. This demonstrates the country’s forward-looking vision, which establishes its position as a model actor in support of comprehensive development.”
Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chambers, commented,
“Dubai Chambers is committed to supporting the local business community and strengthening strategic partnerships between the public and private sectors. I would like to thank the Ministry of Finance and MIGA for organizing this workshop, which allows us to share knowledge and work together to achieve our common goals. By doing so, we are not only enhancing Dubai’s dynamic business environment, but also contributing to the future prosperity of communities in emerging markets around the world.”
At the two workshops, MIGA shared case studies from its projects in the Middle East, North Africa and Sub-Saharan Africa, including local national energy networks and off-grid renewable energy projects. Projects were also discussed in new operational facilities in industries that depend on agricultural raw materials, water infrastructure, communications, hotels and tourism, in countries such as Senegal, the Democratic Republic of the Congo, Liberia, Iraq, Egypt, Jordan and Ethiopia. .
The main opportunities and challenges facing the development of business objectives for the next five years in the energy, communications, roads, water, and financial and banking sectors were then discussed. The conversation continued to discuss opportunities in emerging markets, and the importance of formulating business decisions based on what was previously discussed, as well as the main risks and constraints faced when developing or operating projects.
This was followed by a talk on the solutions MIGA offers to mitigate the risks of private investment in emerging markets, the best risk mitigation methods, along with a comparison between those methods in different regions of the world. The dialogue also addressed the importance of a fair distribution of risks and benefits between governments and entrepreneurs, and the lessons of public-private partnerships, in addition to financing climate action.
News source: Emirates News Agency