Abu Dhabi Department of Economic Development (DED) today signed a memorandum of understanding and a partnership agreement with Dubai Economic Department for joint cooperation. The ceremony was attended by HE Omar Mohammed Abdullah, DED undersecretary, and HE Sami Dhaen Al Qamzi,Director General of Dubai Economic Department, and senior representative from both Departments.
The MoU covers eight aspects of cooperation: e-work, joint economic studies of mutual interest, inspection, monitoring and commercial protection, international relations (investments and exports), quality, excellence and training, strategic planning, business events and activities, as well as cooperation in legislation.
The legislative cooperation of both Departments is the highlight of the agreement as it captures proposing, drafting and implementing of the federal laws that encompass the consumer protection, commercial cheating and other yet to issue laws, coordinating and cooperating with regards to legislations governing the commercial licensing of companies and corporations, commercial name disputes, free zones and procedures to open new branches outsides those zones. Besides, the agreement covers essence of cooperation with regards to locally formed companies in the UAE between locals and expatriates at an ownership rate of 51% and 49% respectively.
Commenting of the MoU, HE Omar Mohammed Abdullah said, “What we have reached today is a culmination of work and efforts by a number of specialized committees to come up with a strategic partnership that embodies the inspiration of our wise Leadership that calls for optimal cooperation amongst local entities.”
“The new comprehensive agreement covers all aspects of potential cooperation, thereby cementing both parties’ endevours to provide best of breed services to businessmen in the country whether in commercial licensing, export growth or investment attraction while helping optimizing legislations and e-work environment. Furthermore, the MoU will boost the monitoring role of both entities in commercial protection, expand scope of consumer protection to include Abu Dhabi and Dubai, and fuel our endevours for quality and joint research programmes in economic studies”, he added.
His Excellency called work teams from both sides to make maximum benefits from this agreement by translating it into tangible milestones in favour of the Country and business and commercial industries.
HE Sami Dhaen Al Qamzi highlighted the commitment of Dubai Economic Department to provide multiple, comprehensive and proactive services in line with the work needs that address the interests of investors and businessmen. “The MoU bears witness to the commitment of official entities to join forces and work in tandem to attain the strategic vision of raising the profile of the UAE as the preferred investment destination. We are so pleased to work with Abu Dhabi Department of Economic Development to achieve quality services for the end users.”
A joint committee has been set up to follow up the mechanism and procedures related to implementing the MoU a month after it was inked. This will see both parties holding periodic meetings every three months to assess and amend the agreement once deemed necessary.