BAKU, Azerbaijan, Nov. 11
By Klavdiya Romakayeva - Trend:
The Memorandum of Understanding was signed between Abu Dhabi Uzbek Investment Company, where Abu Dhabi Fund for Development (ADFD) holds a 75 percent stake, and Dubai Ports World Emirati multinational logistics company based in Dubai, United Arab Emirates, Trend reports referring to Dunyo information agency.
The memorandum was signed by Chairman of the Board of Directors at Abu Dhabi Uzbek Investment Company Rashed Alkaabi and Chief Executive and Managing Director at Dubai Ports World in the UAE Mohammed Al Muallem.
The deal aims to promote investment cooperation in Uzbekistan, especially in the transport and logistics sector, one of the priority sectors for Uzbekistan to boost trade, commerce, and quality of life in the country.
Director-General of the ADFD Al Suwaidi highlighted the strong ties between the UAE and Uzbekistan and expressed the keenness of the Fund to build on those relations through further economic cooperation that would enable Uzbekistan to achieve sustainable development.
He noted that the Fund's financing and investments in Uzbekistan amounted to about 380 million dirhams ($103.4 million), adding that the visit created an opportunity to discuss cooperation at length, especially at a time when the Fund had been looking to increase investment in various sectors and exploring possibilities to finance new infrastructure projects that would contribute to the country’s sustainable development.
Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov praised the impactful role played by the UAE through ADFD to enable developing countries to achieve sustainable development targets, including those of Uzbekistan through project financing and job creation in vital sectors.
Abu Dhabi Uzbek Investment Company, which was established in 2019 with a capital of $100 million, is looking into investment options and proposals in various sectors including tourism, agriculture, transport, and finance.
ADFD has already financed an 18.4 million dirhams ($5 million) infrastructure project in the Samarkand region, in addition to road maintenance projects worth 3.7 million dirhams ($1 million) in the Karakalpakstan Republic in Uzbekistan.
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