Dubai seen as launchpad for most of $25b Iraq reconstruction projects

DUBAI - Obaid Humaid Al Tayer, President of Dubai Chamber of Commerce & Industry, yesterday said most of the projects to rebuild Iraq would be launched from Dubai, and estimated that some $25 billion would be spent during the next five years to install the basic structure in the war-ravaged economy.

By A Staff Reporter

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Published: Sun 24 Aug 2003, 12:18 PM

Last updated: Wed 1 Apr 2015, 7:51 PM

Addressing a South Korean business delegation, the DCCI President called for the formation of a Korean Business Council in Dubai. He urged the delegation to convince Korean businessmen to coordinate with the chamber to establish the council within the framework of consolidating the bilateral relations.

"We are keen to develop our relations with South Korea, and we hope to create new common opportunities for cooperation and development in this region in the near future," he said.

The delegation's visit lasted for two days and covered Dubai and Abu Dhabi. The meeting was attended by Abdul Rahman Ghanim Al Mutaiwee, director-General of Dubai Chamber of Commerce & Industry and Fahad Al-Gergawi, Director of Trade and Business Development of the chamber.

During discussions, Al Tayer suggested forming a common committee composed of businessmen from South Korea and Dubai, and nominated Fahad Al-Gergawi to hold coordinate with the Korean Embassy for the necessary steps to form the council.

Al Tayer assured that Dubai has developed itself to be a free zone area, and that it plays an important role in serving the trade and economy in the region. He pointed out the investment opportunities, advanced services and distinguished infrastructure of Dubai, in addition to the several free zone areas like Internet City, Media City, Knowledge Village and the Oasis Project, amongst others.

He said that DCCI is happy to provide its services and expertise to Korean companies and businessmen. He also expressed hope that this visit would lead to further business meetings to chalk out common work plans.

Al Tayer said Dubai could benefit from the Korean experiment in promoting small and medium scale companies. "The small and medium scale companies will be very important for us in the future and I believe that both sides can coordinate to promote the cooperation in this respect."

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