ABU DHABI, twenty first September, 2023 (WAM) — The Ministry of Finance (MoF) in collaboration with the World Financial institution Group’s Multilateral Funding Assure Company (MIGA) held two workshops on the Chambers of Commerce headquarters in Dubai and Abu Dhabi. Dabi.
The workshops, which had been organized as a part of the ministry’s efforts to enhance the enterprise surroundings within the UAE, introduced collectively authorities officers, businessmen and buyers from the UAE’s non-public sector.
MIGA introduced its complete suite of monetary services, together with the insurance coverage options and ensures it provides to enhance lending to businessmen and lenders, thereby facilitating enterprise creation in rising economies. Considerations concerning worth and funding merchandise, and the optimum capital obtained from monetary establishments on the lowest potential price, had been additionally addressed.
The workshop included a session titled ‘Purposes of Modern Merchandise: Industrial Finance Merchandise and the Newest Sustainable Vitality Options’.
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, expressed his gratitude for MIGA’s efforts to lift consciousness of the alternatives to determine firms in nations with rising economies. He highlighted their key position in supporting the enlargement of the UAE’s non-public sector overseas by introducing alternatives and offering entry to research and knowledge on sorts of ensures in opposition to losses because of non-commercial dangers to draw businessmen encourage getting into nations with rising economies, and studying about new market alternatives, equivalent to high-risk or low-income nations.
He additionally praised MIGA’s efforts to help small companies, promote complete and sustainable financial improvement, present tens of millions with entry to the web, create 1000’s of jobs and obtain important reductions in carbon emissions by means of the initiatives it has supported .
He mentioned: “Chambers of Commerce play an important position in strengthening companies, selling commerce, facilitating enlargement and contributing to financial development. The collaboration with MIGA will pave the way in which for a long-term and fruitful partnership, particularly contemplating the essential position the chambers play in supporting the UAE’s enlargement overseas.”
Ethiopis Tafara, World Financial institution Group Vice President, Chief Threat, Authorized and Sustainability Officer and Partnerships for MIGA, mentioned: “The workshops in Abu Dhabi and Dubai helped us higher perceive the wants of the non-public sector and the way these efforts will be facilitated to enter rising markets. We want to work with and supply ensures to the non-public sector within the UAE, which makes an vital contribution to the nations of the South the place businessmen productively settle. We at all times try to help sustainable improvement initiatives in our associate nations.”
Ahmed Khalifa Al Qubaisi, CEO of Abu Dhabi Chamber of Commerce and Trade, mentioned: “The workshop performs an important position in selling enterprise and Abu Dhabi’s funding and financial panorama, thereby selling enterprise development , specifically Emirati firms seeking to spend money on rising markets.”
“Organizing the ‘MIGA Selling FDI’ workshop displays the significance of investing in growing nations, which contributes to strengthening financial ties and supporting financial development at native and worldwide ranges. The workshop is a part of the Chamber’s dedication to help enterprise members, improve their market consciousness and inform them concerning the alternatives and instruments to drive companies ahead and the potential challenges they might face.”
“This transfer is in keeping with the emirate’s efforts to advertise investments in rising markets. As such, the Abu Dhabi Fund for Growth’s investments totaled over AED 189 billion on the finish of December 2022, with 104 nations benefiting, based on the 2022 Annual Report. This demonstrates the nation’s forward-looking imaginative and prescient, which strengthens its place to play a task within the improvement of the nation underlines. mannequin for supporting complete improvement,” he added.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Dubai Chambers is dedicated to supporting native companies and strengthening strategic partnerships between the private and non-private sectors. I want to thank the Ministry of Finance and MIGA for organizing this workshop, which can enable us to share information and work collectively to attain our frequent objectives. By doing this, we is not going to solely enhance Dubai’s dynamic enterprise surroundings, but in addition contribute to the longer term prosperity of communities in rising markets around the globe.”
Within the two workshops, MIGA shared case research from its initiatives within the Center East, North Africa and Sub-Saharan Africa, together with native nationwide vitality networks and off-grid renewable vitality initiatives. Initiatives had been additionally mentioned in new operational services in industries depending on agricultural uncooked supplies, water infrastructure, communications, resorts and tourism, in nations equivalent to Senegal, the Democratic Republic of Congo, Liberia, Iraq, Egypt, Jordan and Ethiopia. .
A dialogue then occurred on the important thing alternatives and challenges dealing with the event of enterprise targets for the following 5 years within the vitality, communications, roads, water, and monetary and banking sectors. The dialog continued on the alternatives in rising markets, and the significance of formulating enterprise selections based mostly on what was beforehand mentioned, in addition to the important thing dangers and constraints confronted when growing or working initiatives.
This was adopted by a dialogue on the options that MIGA provides to mitigate the dangers of personal investments in rising markets, the perfect strategies for threat mitigation, along with a comparability between these strategies in several elements of the world. The dialogue additionally highlighted the significance of truthful sharing of dangers and advantages between governments and businesspeople, and classes from public-private partnerships, past local weather motion financing.
