26 October 2009
The agreement was reached on Sunday during talks between a visiting UAE delegation led by Abdul Aziz Al Ghurair, Speaker of the Federal National Council, or FNC, and Dr Mahmoud Al Abrash, Speaker of the Syrian People’s Council and Finance Minister Mohammed Al Hussein.
Both parties called for a meeting of top government officials to iron out the differences and facilitate businesses to tap into investment opportunities.
Al Ghurair urged the Syrian finance ministry to play a greater role in broadening the base of investment to cover small and medium enterprises.
‘’The UAE citizens are suffering from long arduous routine for getting licences for projects in Syria which could span 6 to 8 years. The UAE citizens are also facing the routine in registering ownership of properties,’’ he said, calling for joint action to encourage UAE nationals to invest in Syria and implement joint agreements.
Syrian minister of finance said the country’s President Bashar Al Assad has directed that hindrances in the progress of UAE-Syria relations be removed. “I was entrusted along with the minister of justice to draft a new legislation on foreign ownership,” he said.
He said that he would meet with the UAE officials in Abu Dhabi on November 10 to iron out snags.
‘’We will not allow to keep agreements just ink on papers. We welcome UAE banks in Syria. We will work to streamline procedures to facilitate flow of more UAE capital to Syria.’’ he said.
He invited the UAE real estate developers to build low-cost housing projects and help solve the woes of shanty towns in Syria.
The two speakers of the UAE and Syrian houses agreed on the need for supporting the UAE’s right to its three islands of Greater Tunb, Lesser Tunb and Abu Musa.
Al Abrash said Syria was keen to back the UAE just right to its islands.
