IoM Forges Stronger Commercial Ties With UAE
Monday, October 24, 2011
Important business relationships were enhanced on a recent visit to Dubai and
Abu Dhabi by the Isle of Man's Department of Economic Development.
Colin Kniveton, Chief Executive of the Department attended key meetings in the United Arab Emirates, with the Dubai Economic Department, the
UAE Insurance Authority and the UAE Central Bank. He was received by Sami Dhaen
Al Qamzi, Director-General of the Department of Economic Development Government
of Dubai, and discussions included how levels of cooperation between both countries
could be enhanced.
Greg Ellison, Chief Executive Officer of Boston Group Ltd and John Batty, Head
of Pensions at BW Oakfield accompanied Kniveton to various meetings with UAE finance sector companies with the aim of opening up new business opportunities.
Colin Kniveton paid tribute to the economic model created by the UAE and said
that the welcoming economic and investment policies of the UAE provided many
incentives for foreign companies to establish themselves in the Middle East.
Kniveton highlighted the significance to the Isle of Man economy of several
Isle of Man companies that are already based in the UAE and the aspirations
of others who wish to obtain licenses to extend their business activities in
Those companies already established in Dubai are thriving and provide significant
economic benefits to both the UAE and the Isle of Man, he said.
The Director General of the Dubai Department of Economic Development Sami
Dhaen Al Qamzi welcomed the visit by Kniveton and said they would encourage
Isle of Man companies looking to establish a presence in the UAE and assured
them of all possible cooperation in this regard.
Welcoming the positive meetings, Allan Bell, Chief Minister and Minister for
Economic Development, said: "I am pleased that the visit went well, the UAE is an important country
with which to further develop business relationships, and I am encouraged by
the positive reaction to the Isle of Man by the UAE authorities."
Concluding Kniveton said the meetings were highly productive: "We have
identified the Middle East as being a key area for economic development, and
I look forward to a positive and prosperous working relationship between both
countries going forward.”