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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 the region.

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.