Abu Dhabi Chamber Discusses Economic Cooperation with Kazakh Companies

Attended by Sheikh Suroor Bin Mohammed Al Nahyan, a meeting was held between officials from the Abu Dhabi Chamber of Commerce and Industry headed by His Excellency Ibrahim Al-Mahmoud, 1st Deputy Chairman of the Abu Dhabi Chamber, and a Kazakh economic delegation headed by His Excellency Rakhim Oshakbayev, Vice-Minister of Investments and Development, and attended by Nurali Aliyev, Deputy Mayor of Astana City, and Khairat Lama Sharif, Kazakh Ambassador to the UAE.

His Excellency Dr. Al-Taher Musbeh Al-Kindi, 2nd Deputy Chairman of the Abu Dhabi Chamber, a number of Abu Dhabi Chamber Board Members, His Excellency Mohammed Helal Al-Muhairi, Director General of the Abu Dhabi Chamber, and His Excellency Helal Mohammed Al-Hameli, Deputy Director General of the Abu Dhabi Chamber, attended the meeting along with representatives of more than 80 Emirati and Kazakh companies.

His Excellency Ibrahim Al-Mahmoud, 1st Deputy Chairman of the Abu Dhabi Chamber, delivered a speech at the beginning of the meeting in which he welcomed the Kazakh Vice Minister of Investment and Development and the accompanying delegation, hoping it would contribute to boosting economic and investment cooperation relations between companies, businessmen and investors in both countries.

Al-Mahmoud added that under the directions of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the Abu Dhabi Chamber of Commerce and Industry is spending hard efforts to develop economic cooperation with all its friends and to bridge economic and investment relations that would bring welfare and prosperity to all.

The Deputy Chairman emphasized that the Chamber is focusing its efforts to enhance economic cooperation between companies and businessmen in the Emirate of Abu Dhabi with their Kazakh counterparts. We are confident that there are huge potential for such cooperation considering the natural and industrial capabilities of both countries.

Al-Mahmoud noted that “the UAE and Kazakhstan share strong and distinguished relations which are reflected on the high level of trade exchange and economic and investment cooperation. Emirati investment figures in Kazakhstan rose considerably over the past few year when a number of the biggest Emirati companies initiated huge investment projects in your country including Abu Dhabi Plaza Complex and the establishment of Al-Hilal Bank in Kazakhstan. The Emirati investments in Kazakhstan also included the establishment of Al-Falah Fund as a joint project between Mubadalah and IPIC with a capital of $500million, as well as other vital projects.”

He added: “Such projects and investments would have a huge impact on pushing cooperation relations between the two countries forward and will contribute to increasing trade exchange through encouraging investments in both countries.”

He pointed out that the Abu Dhabi Chamber looks forward to inform businessmen in Abu Dhabi with the available investment opportunities in Kazakhstan in detail and the procedures and facilities related to encouraging Emirati investors to enter new investments and sectors in Kazakhstan.

For his part, His Excellency Rakhim Oshakbayev, Vice-Minister of Investments and Development, said that investment cooperation relation between the two countries witnessed a wide leap forward from 2005 until 2013, noting that Emirati investments in Kazakhstan exceeded $1.8 billion; whereas Kazakh investments in the UAE exceeded $500 million. He pointed out that the increase in the volume of joint investments will help the two countries in building strategic economic partnership. He invited businessmen and investors in the UAE to boost their investments in his country, especially in the agricultural sector, transportation. Infrastructure, heavy industries and oil and gas.

Oshakbayev added that the Kazakh economic delegation, which includes representatives of 40 Kazakh companies, looks forward to form new economic partnerships with Emirati companies and those which operate in the Emirate of Abu Dhabi and the UAE.

He extended an invitation to the officials in the Abu Dhabi Chamber to visit Kazakhstan and take part in the Astana Economic Forum 2016 which will be held during the first half of 2016 in the Kazakh capital Astana.

On his part His Excellency Nurali Aliyev, Deputy Mayor of Astana city, emphasized on the strength of relations between the two countries, noting that the door is open to expand this relationship between companies and businessmen, especially in the sectors which the plans of the Kazakh government and the UAE focus on.

His Excellency Khairat Lama Sharif, Kazakh Ambassador to the UAE, extended his thanks and appreciation to the Abu Dhabi Chamber for its active role in pushing the economic and investment cooperation between the two countries forwards and its awareness in elevating these economic relations to the highest levels.

The Kazakh Ambassador said that Astana City will host the international Expo 2017 which is the same year that Abu Dhabi Plaza Towers in Astana will be inaugurated. The Abu Dhabi Plaza is an important Emirati investment in Kazakhstan and will be the highest skyscraper in Central Asia.