UAE explores cooperation and investment opportunities with Jersey

United Arab Emirates, July 15, 2020

LONDON, 14th July, 2020 (WAM) -- The UAE Embassy in London, in cooperation with the Ministry of Economy, has discussed cooperation and investment opportunities with the Government of Jersey via webinar.

The Jersey delegation was headed by Senator Ian Gorst, Minister for External Relations, while the UAE delegation was chaired by Mansour Abdullah Belhoul, UAE Ambassador to the UK.

In his remarks, Belhoul explained the precautionary measures taken by the UAE since the start of the COVID-19 pandemic and its actions to boost the economy, as well as the new structure of the UAE Government and the country’s interest in the digital economy and technological inventions.

He also spoke about the UAE’s Mars probe, Hope, which will launch this week, which Belhoul said was a unique example of the vision of the UAE’s leadership to build the capacities of young people, including their scientific skills.

Gorst addressed the economic challenges faced by all countries caused by the coronavirus pandemic, noting that his government was boosting the local economy, and establishing partnerships with the UAE.

Gorst thanked the UAE for supporting companies in Jersey that wish to invest in the UAE, while praising the Hope project and the UAE’s efforts in space exploration.

The webinar also focussed on financial services, the digital economy, and the food and beverage sector, with industry representatives from both countries participating in the discussions.

Participants included Arif Amiri, CEO of the Dubai International Financial Centre, DIFC, Richard Teng, CEO of the Abu Dhabi Global Market, and Marwan Zarouni, CEO of the Dubai Blockchain Centre, who explained the role of this key sector and the initiatives and strategies that aim to find future opportunities for digital transformation based on Blockchain technology.

Saleh Lootah, Chairman of the Food Industries Working Group, spoke about the UAE’s food industries sector and the incentives provided to investors in this area.

Both governments also announced a range of initiatives, including starting negotiations on an agreement to protect and encourage investment.

The UAE Embassy in the UK and the Ministry of Economy, in cooperation with the Government of Jersey, has created a communication portal for companies from both sides to support and facilitate their entry to the Emirati market. Some 12 companies from Jersey expressed their desire to hold bilateral meetings with institutions in the UAE.

In March 2020, an association for Jersey’s community in the UAE was created and has a strong online presence.

The UAE and Jersey have strong financial ties, with the headquarters of Jersey Finance in the Middle East located at the Dubai International Finance Centre, while 26 financial services companies from Jersey also operate in the UAE. More than 40 companies from Jersey conduct business in the UAE and perform regular visits to the country.