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| Economy |
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| Growing
ties with UAE |
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BILATERAL
relations between Malaysia and the UAE are
on an excellent track thanks to the personal
guidance and involvement of late Shaikh
Zayed bin Sultan Al Nahyan and continued
by the President, His Highness Shaikh Khalifa
bin Zayed Al Nahyan. This was stated by
Dato’ Mubin Razali, Ambassador of
Malaysia to the UAE, in an exclusive interview
with Khaleej Times in Abu Dhabi.
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Dato’ Mubin Razali
Malaysian Ambassador to the UAE
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Ties have been growing in mutual confidence and genuine
relationship since both countries established diplomatic
relations in 1983. Both countries are working together
more closely than ever.
“With many of the same interests and objectives,
Malaysia and the UAE are working together beyond the
traditional areas of politics and trade. Our ties
have strengthened across the board, including business,
finance, health, education and tourism. The highlight
of our bilateral relations was the state visit by
their Majesties the King and Queen of Malaysia to
the UAE from September 17 – 20, 2006. This
was the first ever state visit by a Malaysian monarch,”
the ambassador pointed out.
Over the years, bilateral relations have been strong
particularly in trade and commerce. Both countries
had signed five bilateral agreements as a legal framework
to further develop and enhance relations. The agreements
are – Trade Agreement (1972), Economic and Technical
Cooperation Agreement (1975), Investment Guarantee
Agreement (1991), Air Services Agreement (1993) and
Avoidance of Double Taxation Agreement (1995).
“Both countries share common aspirations and
views at international and regional level. They share
close working relationship at the UN, NAM and the
OIC. In the Palestinian conflict, both are committed
to a peaceful political settlement through creation
of a viable and democratic Palestinian state,”
he said.
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| Bilateral
trade |
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Razali said that the UAE has emerged
as one of the dominant economic powers in the Middle
East and its record performance is showing an upward
trend. Malaysia and the UAE are witnessing a flourishing
two-way trade.
The total trade has steadily increased for the last
five years with 2005 recording an increase to almost
Dh10 billion. A trade balance of Dh4.15 billion was
registered in Malaysia’s favour.
In 2005 Malaysia’s export to the UAE stood at
Dh7 billion. Main export items were gold and jewellery,
wood products (furniture and parts), palm oil, petroleum
products and electrical appliances.
Imports from the UAE also recorded a sharp increase
to Dh2.8 billion. The main import items were petroleum
products and chemicals.
The volume of trade continues to show an upward trend.
For January–October 2006, total trade was registered
at Dh9.4 billion with exports worth Dh6.5 billion while
imports from the UAE worth Dh2.86 billion. A trade balance
of Dh3.65 billion was registered in Malaysia’s
favour.
Razali said that to date there are 40 Malaysian companies
operating in the UAE and several more in the process
of registration. They are involved in various sectors
of industries, mainly from construction and engineering
to services and hotel management.
Among the major ones are IJM, Sunway Engineering, Zelan,
LFE, PECD, Ranhill, MRCB, Eversendai, LCL Interiors
and Alam Flora. Major projects undertaken by them are
– Emirates Flight Catering Centre, Fortune Tower
(IJM), Dubai International Financial Centre (DIFC),
Hotels in Palm Jumeirah (MRCB, Ranhill). LCL Interiors
won a major contract to design the interior of The Atlantis
Hotel in Palm Jumeirah in addition to various interior
design projects under contract. Together, their contracts
in total are worth almost Dh2 billion.
In Abu Dhabi, a consortium of four Malaysian construction
companies won Dh1.33 billion worth of contracts
to construct five tower blocks of mix development concept
for Tamouh Investment Company on Al Reem |sland. Others
are involved in construction sector in Sharjah, Fujairah
and Ras Al Khaimah.
“Slowly but surely, Malaysian companies are making
inroads to construction industries in the UAE,”
Razali commented.
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The thirteenth King of Malaysia Sultan
Mizan Zainal Abidin (C) takes part in an endurance equestrian
race in Abu Dhabi 05 January 2007. Malaysia, which has
an original political system under which its monarchs
are elected on a rotating basis every five years, got
Zainal Abidin, 44, as its second-youngest king ever
in December. The youthful sultan of oil-rich Terengganu
state is a keen rider who has represented his country
at international events. — AFP PHOTO
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Tourism
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According to the UAE official statistics,
about 30 per cent of its residents (both nationals and
expatriates) travelled abroad during summer vacation
and their favourite destinations are the US, Europe
and Australia. However, over the years, this trend has
shifted to the Far East and Malaysia in particular is
one of their favoured destinations.
“The Middle East is one of our top markets, but
in terms of tourism receipt, it is one of the top five.
For 2005, our figure recorded an increase to 147,700,
the number of tourists from the Middle East visited
Malaysia, with about 25,200 from the UAE. For January
to August 2006, the figure has already recorded an increase
to 150,670 tourists arrival from the region with about
30,140 from the UAE – an overall increase of 17
per cent,” the envoy said quoting statistics.
The trend was at its peak during the months of July
and August. In addition to the weather condition during
the period over here, tourists preferred Malaysia as
their vacation spot because of its attractive family
holiday package, value for money and visa free regulations.
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“I would also like to
congratulate Etihad Airways for deciding to extend
its extensive worldwide network by flying directly
to Malaysia beginning January 2007. Etihad will
fly six times weekly to Kuala Lumpur with its
first inaugural flight scheduled for January 15,
2007. This will be the first direct air link between
the two capitals and it will augur well for our
tourism industry specially with Visit Malaysia
Year 2007. We expect an even larger influx of
Middle East and particularly UAE tourists visiting
Malaysia next year. The direct air link will also
enhance people to people relations between the
two countries,” Razali said. |
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Malaysia has
opened a Malaysian Education Promotion Centre in Dubai
under the auspices of the embassy to promote education
facilities available in Malaysia for national and expatriate
students, he said.
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Malaysians in the UAE are still small minority compared
to the large expatriate population as a whole. There
are between 3,500 – 4000 Malaysians working
and residing in the UAE together with their families
and dependents. A majority of them are in Dubai. Most
of them are professionals in various fields, consultants,
pilots, doctors and nurses, managers, executives and
contractors.
“Over the coming years, we expect Malaysian
population to increase significantly due to economic
and commercial opportunities available in the country,”
the ambassador said.
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| By Mohammad Abdul
Qudoos |
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