Abu Dhabi -- The Department of Economic Development - Abu Dhabi (DED) and the National Bank of Abu Dhabi (NBAD) signed yesterday a cooperation agreement to produce strategic studies and plans that would stimulate business environment in the Emirate.

This partnership would lead to greater cooperation between two entities in joint economic activities, exchange of experience, and organizing conferences and forums to achieve economic goals.

The agreement was signed by Mohammed Omar Abdullah, Undersecretary of DED; and Saif Ali Al Shehhi, the Senior General Manager of the Domestic Banking Division of NBAD.

‘This agreement is inline with DED policy to establish close cooperation with its strategic partners, including NBAD, towards the creation of an advanced investment environment, by proposing legislation for regulating economic activity, preparation of studies and setting strategies for activating the role of the private sector,’ said Abdullah. ‘Our objective is to attract investors, encourage investment, utilise cross-promotion venues, seminars and conferences on both local and federal levels.’

Al Shehhi stressed the NBAD’s commitment to advance economic development in the UAE and the Emirate of Abu Dhabi, in particular, and to help to achieve sustainable development and make Abu Dhabi leading regional and global player.

‘NBAD is part of Abu Dhabi’s fabrics- we believe our successes are linked. To this end, NBAD is committed to supporting Abu Dhabi Vision 2030,’ he added. ‘We welcome this strategic partnership with DED because it compliments our different synergies to help us toward achieving our common objective of boosting Abu Dhabi’s profile and business environment.’

Haitham AlRefaie, the Head of Business Banking Group at NBAD, said: ‘Establishing business indicators and developing strategies would improve the business environment and Abu Dhabi’s global competitiveness, which are the essential elements in realising the dreams of Abu Dhabi Vision 2030.’