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UAE to guide private sector on investments

BETHLEHEM — The UAE's high profile participation in the Palestine Investment Conference (PIC), which opened here on Wednesday underlines its firm support for the Palestinian economic and development, a senior UAE official affirmed yesterday.

The UAE presence in the three-day international gathering will provide it with information on investment opportunities in Palestine which will also be passed to the private sector in the UAE so as to explore business opportunities and establish joint ventures with Palestinian investors, thus expanding outside the country, according to Mohammed Abdulaziz Alshihhi, undersecretary of the UAE Ministry of Economy (MOE), head of the UAE delegation to the PIC.

The UAE delegation comprises various representatives from the public and private sectors.

He maintained in an interview that the MoE would spur UAE businessmen to study investment potentials in Palestine so as to contribute to efforts aimed at improving the economic situation there.

The conference is expected to give Palestine a big boost to enter the regional and global economy, he said, noting that economic siege imposed under global misconception has stood as a major stumbling block before achievement of real investment opportunities.

Public and private sector in Palestine are required to join forces closely so as correct that situation through strengthening business relation between local companies and their Arab and foreign counterparts, he stressed.

Although Palestine is still facing diverse political and economic challenges on its way to make the aspired development but its land harbours many feasible and profitable ventures waiting for investors to grab them, he added.

The business environment is not fully utilised and the door is open for joint ventures that can stimulate more progress and improve socio-economic conditions, he explained.