The UAE-Lebanon First Investment Forum
discusses partnership opportunities between public and Private sector
Al Mansouri: Developing a clear road map
to consolidate our economic partnership in a fruitful and sustainable way
Shuqair: We look forward to a new era of common
Discussing cooperation in the fields of energy, banks, agriculture, food
security, real estate development, innovation, ICT and management of economic
Mutual trading between the two countries is US $2
billion, with a growing rate of 4.4%
US $7.3 billion is the UAE direct investments in
Signing two (2) Memorandums of Understanding (MoU) for mutual
investment opportunities and promoting economic and commercial bonds within the
federations of chambers of commerce and the federation of investors in both
December 5, 2018:
city of Abu Dhabi witnessed the start of UAE-Lebanon Investment Forum being held
and organized jointly by the Ministry of Economy and Abu Dhabi Chamber of
Commerce and Industry and in cooperation with the UAE Federation of Chambers of
Commerce and Industry and the Federation of Chambers of Commerce, Industry and
Agriculture in Lebanon.
Eng. Sultan bin Saeed Al Mansouri, the UAE Minister of Economy jointly opened
the forum with His Excellency Muhammad Shuqair, the Chairman of Economic
Authorities in Lebanon and the Chairman of the Federation of Chambers of
Commerce, Industry and Agriculture in Lebanon. His Excellency Hamad Saeed Al
Shamisi, the UAE Ambassador to Lebanon and His Excellency Fuad Dandan, the
Lebanese Ambassador to the UAE participated in the open.
Ebraheem Al Mahmood, ADCCI First Vice Chairman, His Excellency Muhammad Helal
Al Mheiri, ADCCI Director General, His Excellency Juma Al Kait, Assistant
Undersecretary - Foreign Trade Affairs at Ministry of Economy, His Excellency
Humaid bin Salem, Secretary General of the UAE Federation of Chambers of
Commerce and Industry, Mr. Jamal Al Jarwan, Secretary General of the UAE
International Investors Council, Mr. Jack Sarraf, the President of
Mediterranean Business Union, along with a group of representatives of government
and public institutions attended the conference.
conference previewed the important existing economic and trading fields and the
opportunities of partnerships offered before the private sector in the markets
of both countries including transportation, infrastructure, wholesale and
retail, real estate, hospitality and tourism, energy and biochemical.
conference, a joint working session on private-public sectors partnership was
held by UAE and Lebanese businessmen and investors where they shed light on the
most important investment projects being implemented in both countries and trade
and investment opportunities offered, as well as the facilities and incentives
presented to investors.
Memorandums of Understanding for mutual investment opportunities and
strengthening economic bonds between the two countries were signed. The first
one was signed by His Excellency Humaid bin Salem, Secretary General of the UAE
Federation of Chambers of Commerce and Industry and His Excellency Muhammad
Shuqair, the Chairman of Economic Authorities in Lebanon and the Chairman of
the Federation of Chambers of Commerce, Industry and Agriculture in Lebanon
while the second one was signed by Mr. Jamal Al Jarwan, Secretary General of
the UAE International Investors Council, Mr. Jack Sarraf, the President of
Mediterranean Business Union.
several bilateral meetings were held by UAE companies and their Lebanese
counterparts operating in the fields of energy, banks, agriculture, food
security, real estate development, innovation, ICT and management of economic
Excellency, the UAE Minister of Economy Eng. Sultan bin Saeed Al Mansouri
stressed that the UAE is keen on promoting and strengthening trade and economic
partnership with its fraternal country of Lebanon and increasing them to new
high levels translating the strong relationships between the two countries and
their mutual desire in promoting the bonds of common interest. HE also said
that the UAE-Lebanon Economic Forum marks an important opportunity to discuss
the forms of future cooperation and exploring trade and investment
opportunities to promote communication channels and establish the bases for a
fruitful and sustainable partnership between the two countries. He added that
our trading relationships create a fruitful base for heading towards a new era
of partnership where the mutual non-oil trading in 2017 reached almost US $2
billion, with an increase of 4.4% compared to 2016.
direct investment in Lebanon reached US $7.3billion in 2016 where the fields of
the UAE companies diversified amongst the fields of transportation,
infrastructure, wholesale and retail, real estate, hospitality and tourism,
energy and biochemical.
On the other
hand, more than 106 Lebanese companies registered to the Ministry of Economy
are currently operating in the UAE with a capital of US $1.5billion up to 2106
beside the other companies operating in the free zones of the UAE.
previewed the investment climate in the UAE and the incentives presented to
investors that coincide with the issuance of the new foreign direct investment
HE shed light
on the UAE 2021 vision for building a competitive and diversified economy based
on innovation as well as the UAE’s long journey of efforts to fulfil the
requirements of this vision which enabled the UAE to focus on innovation as a
pivotal drive for pushing its economy forward. He stressed that these sectors
are the pillars of investment and cooperation which encompass a lot of
potentials for broad future partnerships.
speech, His Excellency Mr. Muhammad Shuqair, the Chairman of Economic Authorities in Lebanon stressed
the importance of this investment forum which gathers a selection of
businessmen form the two fraternal countries and through which we look forward
to move to w new era of common cooperation at various levels.
He added that
the accelerating development and the economic alliances in the world force us
to take necessary steps to promote cooperation within a clear vision based on
practical grounds of existing opportunities and the capability of beneficial
investment for both countries.
Lebanon are fully aware of the size of transformations and challenges. Given
that, the Lebanese Government has put an integrated investment program for
developing infrastructure. This program includes 240 infrastructure projects.
More significantly, it compels Lebanon to make comprehensive reforms which
would guarantee enhancing the competitiveness of our economy, the efficiency of
our services, transparency, integrity and accountability,” added Mr. Shuqair.
Shuqair stressed that there are many encouraging factors for investors. One of
which is the Lebanese Parliament has issued the partnership law between private
and public sectors besides the Lebanese political leadership’s desire to
legislate a number of laws for promoting and updating the legislations
concerned with various economic activities like the law of encouraging
investment and customs law. He also pointed out to a number of sectors like oil
and gas and the current preparations to launch processes of excavation on the
He said that
the agenda of the forum was carefully prepared to include a lot of economic
matters which we should embark on dealing with soon affirming that there are many auspicious
opportunities, projects and capabilities where we should jointly work on to
enhance the success that the economic partnership between the two countries has
achieved so far.
remarks, the President of Mediterranean Business Union, Mr. Jack Sarraf said that Lebanon is heading towards
an era distinguished by the promotion of economy through establishing
investment in big projects particularly the infrastructure projects. Some of
which are the projects of expanding the airports and opening new roads that
link the south to the north and projects of processing wastes along with oil
and gas production projects.
He added that
these projects are nominated to start the next few months based on what has
been stipulated in the conference of supporting Lebanon held in Paris a month
ago under the name “Cedr 1”. He said that the economic boom is attributed to
two things: First, financial managerial and legislative reforms. Second,
establishing the law of public-private partnership.
said that one of the positive steps is establishing the Lebanese Investors
Association which has started creating a web of Lebanese businessmen and
business ladies as well as creating a data base about investment in Lebanon in
addition to establishing investment funds for financing and executing
infrastructure projects with the public and private sector projects. “The first
investment fund was established in reality by Lebanese investors in Lebanon and
abroad,” added Mr. Sarraf.
called for establishing joint investment funds for Emerati and Lebanese
investors in parallel with what Lebanon is waiting for of soft loans up to US
$12 billion for these projects which would achieve an economic boom profitable
for all stakeholders.
that the Lebanese government continues to improve the investment climate,
hierarchical, financial and public reforms, enhancing the country’s capability
to attract the biggest number of investors, committing to transparency in
attracting offers, combating corruption and adopting the international
of Understanding (MoU) was signed between the Federation of UAE Chambers of
Commerce and Industry and its Lebanese counterpart to promote investment and business
opportunities in UAE and Lebanon.
Based on this
MoU, the two countries exchange the information related to economic development
to achieve mor cooperation and expanding commercial and industrial
opportunities between the concerned organizations institutions in the two
countries according to their legislations. The two countries are also keen on
providing the necessary support and facilitation to attract more economic
The other MoU
was signed between the UAE Council of International Investors and the Lebanese
Investors Association for the purpose of encouraging and promoting commercial
and economic cooperation as well as technological transformation and economic
and commercial activities through establishing effective communication between
the concerned companies of the two parties.
conference activities, a joint business session was held about public-private
partnership and previewing Cedr 1 Project. Mr. Nadeem Al Mulla, Consultant of
Lebanese Prime Minister and Mr. Ziyad AL Hayek, Secretary General of High
Privatization and Partnership Council in Lebanon and Mr. Hind Al Youha, Board
Director of the Investment Department in the Ministry of Economy and Mr.
Muhammad Al Housani from Abu Dhabi Investment Office.
The Forum was
concluded by holding a number of specialized bilateral meetings for the UAE
institutions and corporations and their Lebanese counterparts in the fields of
petroleum, gas, energy, agricultural expenses, food security, real estate
development, innovation, ICT and economic cities.
Lebanese part, Eng. Wisam Althahabi, Authority Member of Lebanese Oil
Management, Mr. Saad Al Azhari Director General of BLOM Bank, Mr. Rafael
Dababneh, Chairman of Agricultural Committee at Federation of Chambers of
Commerce, Industry and Agriculture in Lebanon, Mr. Marone Al Helew, Chairman of
Lebanese Contractors Bar, Eng. Marone Al Shammas, Director General of Bertec
& Digital Park Group, Mr. Kameel Mkarzal, Chairman of Lebanese Knowledge
Committee and Mrs. Raya Al Hasan, Cahirwoman of Private Economic Zone in