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Abu Dhabi Department of Economic Development  and NBAD Joins Hands to support Businesses

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Abu Dhabi Department of Economic Development  and NBAD Joins Hands to support Businesses

Tuesday, June 28, 2011
The Department of Economic Development - Abu Dhabi (DED) and the  National Bank of Abu Dhabi (NBAD) signed yastersay  a cooperation agreement to produce strategic studies and plans that would stimulate business environment in the Emirate.This partnership would lead to greater cooperation between DED and NBAD in joint economic activities, exchange of experience, and organizing conferences and forums to achieve economic goals.The agreement is inline with interest of the Department of Economic Development in supporting businesses and projects in the Emirate of Abu Dhabi. Its aim is to provide a benchmark and guidance in accomplishing the objectives of Abu Dhabi Economic Vision 2030. DED selected NBAD as its partner in this project because of the Bank’s significant and leading role in Abu Dhabi’s economy and  for having the best specialized banking operations tools for projects.NBAD is also strategically committed to supporting Abu Dhabi 2030 Vision and has been a willing partner with Abu Dhabi government to develop tactics for its realization.The collaboration aims to produce studies on development strategies, systems, financing programs and projects that would make Abu Dhabi an attractive business-friendly locale with qualified regulations, transparency and sustainability.The agreement was signed by HE Mohammed Omar Abdullah, Undersecretary of DED; and Saif Ali Al Shehhi, the Senior General Manager of the Domestic Banking Division of NBAD.”This agreement is inline with the aims of the DED to establish  close cooperation with  its strategic partners, including NBAD,  towards the creation of an advanced investment environment, by proposing legislation  for regulating economic activity, preparation of studies and setting strategies for activating the role of the private sector,” said Mr. Abdullah. “Our objective is to attract investors, encourage investment, utilise cross-promotion venues, seminars and conferences on both local and federal levels.” Mr. Al Shehhi stressed the NBAD's commitment to advance economic development in the UAE and the Emirate of Abu Dhabi, in particular, and to help to achieve sustainable development and make Abu Dhabi leading regional and global player.“NBAD is part of Abu Dhabi's fabrics- we believe our successes are linked. To this end, NBAD is committed to supporting Abu Dhabi Vision 2030,” Mr. Al Shehhi said. “We welcome this strategic partnership with DED because it compliments our different synergies to help us toward achieving our common objective of boosting Abu Dhabi’s profile and business environment.”Haitham AlRefaie, the Head of Business Banking Group at NBAD, said: “Establishing business indicators and developing strategies would improve the business environment and Abu Dhabi’s global competitiveness, which are the essential elements in realising the dreams of Abu Dhabi Vision 2030.” DED and NBAD will coordinate their efforts and utilise their strengths, expertise and material capabilities to harness the best of their resources for achievement of strategic objectives and addressing current challenges.According to the agreement signed between DED and NBAD, the two parties agreed on cooperation and coordination in the field of economic studies through access to mutual plans, annual programs, studies and research.  The agreement embodies establishing direct communication channels to promote studies and publications, exchanging economic indicators and statistical information within the competence of each party.In the area of policies and strategies, the agreement provides for working jointly in strategic planning and identifying areas of cooperation to serve the mutual goals of DED and NBAD. It envisaging developing mechanisms and policies to attract international investors by supporting direct investment, establishing strategic plans, promotional programs, competitiveness indicators, disclosure transparency and provision of required data and information from various governmental and private agencies.In the same context, DED and NBAD agreed to work for the consolidation of relations between international investors and their local counterparts, to promote exports. The agreement also  covers joint cooperation in information technology and exchange of experiences in the application of international standards. It calls for cooperation between DED and NBAD to support the development of e-services and cooperation in website development on both sides. The agreement included joint cooperation in the exchange of best practices and joint participation in initiatives of corporate sustainability and social responsibility activities.  The agreement also called for exchange of experiences and expertise in areas of benchmarking, for various activities and practices, performance indicators and results within the framework of operation management on both sides.
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