The Ministry of Economy (MoE) signed a three-year Memorandum of Understanding (MoU) on Wednesday with the Government of Umm Al-Quwain (UAQ).
According to the MoU, Ministry of Economy will conduct a 3-month survey to assess the economic position of the emirate, identify its needs for economic development, growth and diversification and the creation of new jobs for nationals.
The MoU was signed by MoE’s Undersecretary Mohammed Abdulaziz Al-Shehhi and Director of Umm Al-Quwain’s Emiri Court Nasser Saeed Al-Tallai, in presence of Minister of Economy Sultan Bin Saeed Al-Mansouri, Sheikh Saud Bin Rashid Al Mu’alla, Supreme Council member and ruler of Umm al-Quwain and senior officials.
The study will identify national human resources and provide recommendations to federal departments to set up new projects in the emirate. A comprehensive development strategy for the emirate and key performance indices will be drawn up by the Ministry’s teams, which will be formed within three weeks.
The United Nations Development Programme (UNDP) will implement the said strategy to develop services provided by the government, enhance the business environment to attract national and foreign investments to sectors such as industry, health, services, tourism and education as well as to define mechanisms to develop the emirate’s economic sectors and drive diversification of income.
According to the MoU, the Government of UAQ will provide all facilities to the Ministry’s team of experts and advisors during their work with the emirate’s departments.
The MoU also provides for collaboration between the Ministry and the emirate on Small and Medium Enterprises (SMEs) as the Ministry will encourage the national companies to show their commitment corporate social responsibility through launching development projects in the emirate in support of the national SME owners and the process of social, educational and healthcare development.
His Highness Sheikh Saud Bin Rashid Al Mu’alla, Supreme Council member and Ruler of Umm al-Quwain said the MoU reflects full co-ordination and integration between the federal government and local governments to add boost to the federation.
Al-Mansouri said: “We are proud to contribute to backing Umm Al-Quwain’s development strategy and to identifying its future trends through adding a boost to its promising sectors such as tourism, industry, services, education, healthcare and SMEs in line with the goals of the federal government’s strategy 2011-2013 for sustainable and balanced development nation-wide as well as in realisation of the UAE Vision 2021.”
The MoU opens up new venues of co-operation and co-ordination in service of the national economy and the process of development in Umm Al-Quwain and all other emirates and is in line with the UAE’s Vision 2021, the masterplan, which aims to transform the UAE into one of the world’s best nations, according to Sheikh Saud.
From Gulf Today