Dafza-Saudi entity deal to help drive FDI in region

Dubai / Emirates Business

The Dubai Airport Freezone Authority (DAFZA) has revealed the signing of a strategic Memorandum of Understanding (MoU) with the Kingdom of Saudi Arabia’s (KSA) Economic Cities Authority (ECA) that is aimed towards developing proposals and suggestions that can help drive in more potential foreign investments to the Gulf region. The MoU was signed by H.E Dr Mohammed Al Zarooni, Director General of DAFZA, and Muhanud Hilal, Secretary-General, ECA, in a formal signing ceremony held at King Abdullah Economic City.
According to DAFZA, the MoU is aimed towards creating and reinforcing key understanding between DAFZA and ECA – facilitating a smooth exchange of expertise and experience while also collaborating on joint high value projects and investment opportunities. HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, DAFZA, expressed full trust and confidence in this signed agreement. He emphasized on the importance of the strong ties between the UAE and the KSA, which is made even stronger because of their common economic visions and rich historical and geographical similarities.
He also praised the strong support given by the countries’ leaders, HH Sheikh Khalifa bin Zayed Al Nahyan, President of UAE and HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, and Ruler of Dubai, and Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. His Highness pointed out that through close coordination, consultation and cooperation in various fields and at all levels, DAFZA is working on consolidating relations and maintaining full economic harmony in the interests of the region and economic development.
The DAFZA Chairman noted the agreement would focus on significant value-adding initiatives to support FDI flows in the region from UAE and KSA, which goes in line with UAE Vision 2021 and Dubai Plan 2021 to lead the global competitiveness indicators and raise the attracvtivess of the national economy to the investors.
HH Sheikh Ahmed further noted that integrative and economic harmonization between the two countries could result in strengthened joint efforts to achieve the economic potentials of the region and support the KSA’s vision 2030 of promoting the competitiveness of its economy.
HE Dr Mohammed Al Zarooni, said, “Economic collaboration is a key factor to success, taking note that the strength of UAE-Saudi relations is a key priority of the leaders of the two countries.”