Tuesday, February 23, 2010

UAE and Algeria to boost defence and industrial ties

Posted by newsonline at 11:14 AM 0 Comments

General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, yesterday concluded a successful visit to Algeria that resulted in a number of agreements and talks that is expected to widen bilateral ties between the UAE and Algeria.

The talks aimed at increased participation of the UAE companies in growing Algerian economy that wil help boost both the economies.

Officials from UAE companies and establishments in the defence sector, Tawazun Holding, First Gulf Bank, Maaber Holding and the Abu Dhabi Ship Building held meetings with Algerian counterparts for two days.

The Algerian officials expressed their keenness to make use of the UAE's experience in developing the economic and industrial sectors.

Khaldoun Al Mubarak, WAM's Executive Affairs director, said that Shaikh Mohammad's visit was very important and significant, especially as the cooperation between the two countries is vast especially in the industrial area, and that the two countries leaders laid down the practical foundations for the joint industrial collaboration.

Nasser Ahmad Al Suwaidi, head of Abu Dhabi's Planning and Economic Department said that the negotiations held by the delegation accompanying Shaikh Mohammad were fruitful and covered important economic and industrial aspects.

He said a number of vital projects were discussed in the area of energy, industry, and property development.

The economic delegation also discussed a number of projects with Algerian officials including opening a branch of the First Gulf Bank, a number of real estate projects.

The two sides also conducted extended bilateral meetings for the joint military industry committee, chaired by Lieutenant General Faris Mohammad Al Mazroui, and the Algerian Director of Military Industry, where discussions were centered on developing mutual cooperation in this area according to the needs of the Algerian side, for different kinds of weapons.

Saif Al Hajeri, CEO of the Economic Balance Program Bureau said the negotiations also led to the establishment of a joint economic committee to try out and observe the "Caracal Gun" which is manufactured by the International Caracal Company, affiliated to the bureau, through a visit by an Algerian delegation to the company's head quarters in Abu Dhabi, to reach a strategic agreement.

The two parties also agreed to hold meetings after the visit to the UAE military and technology industry factories to outline the needs of Algeria in this respect.

Yousuf Al Nouise, managing director of Maaber Holding said, his company will look for suitable location for mixed-use projects that will strengthen relations between the two countries.

Mohammad Salem Al Junaibi, General Director of the Abu Dhabi Ship Building Company also had productive talks with the Algerians who were keen on advancing cooperation in the area of ship building.

Abdul Hamid Saeed, the First Gulf Bank delegate member said the bank is ready to open a branch as soon as the Algerian Central Bank administrative procedures are complete.

The economic delegation also discussed a number of projects with Algerian officials including opening a branch of the First Gulf Bank, a number of real estate projects.

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