In a strategic partnership with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), the Ministry of Finance (MoF) conducted two insightful workshops at the chambers of commerce in both Dubai and Abu Dhabi. These workshops, a part of the Ministry’s ongoing efforts to enrich the UAE’s business environment, brought together government officials, business leaders, and investors from the UAE’s vibrant private sector.
MIGA took the stage to present its comprehensive array of financial products and services, focusing on insurance solutions and guarantees designed to bolster credit access for entrepreneurs and lenders. The goal is to facilitate business establishment in emerging economies. The workshops also addressed concerns related to the valuation of investment products and the optimal capital procurement from financial institutions at the most competitive rates.
A key highlight of the workshop was a session titled ‘Applications of innovative products: Commercial financing products and the latest renewable energy solutions.’
Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, expressed his appreciation for MIGA’s efforts in raising awareness about the potential for establishing businesses in countries with emerging economies. He underscored the pivotal role played by MIGA in supporting the expansion of the UAE’s private sector on a global scale. MIGA introduces opportunities and facilitates access to studies and information regarding various types of guarantees against losses stemming from non-commercial risks. This, in turn, encourages entrepreneurs to explore emerging economies and gain insights into new market prospects, including those in high-risk or low-income nations.
Al Khoori also lauded MIGA’s endeavors to bolster small businesses, promote comprehensive and sustainable economic development, expand internet accessibility, create thousands of employment opportunities, and significantly reduce carbon emissions through supported projects.
He stated, “Chambers of Commerce play pivotal roles in empowering businesses, promoting trade, facilitating expansion, and contributing to economic growth. The collaboration with MIGA will pave the way for a long-term and fruitful partnership, especially when considering the crucial role that the chambers play in supporting expansion abroad from the UAE.”
Ethiopis Tafara, Vice President, Chief Risk, Legal and Sustainability Officer and Partnerships for the World Bank Group’s MIGA, expressed, “The workshops in Abu Dhabi and Dubai helped us collate a better understanding of the private sector’s needs and how to facilitate its efforts to enter emerging markets. We are keen to cooperate with, and provide guarantees to, the private sector in the UAE, which has become a major contributor to countries of the South where businessmen are productively establishing themselves. We always aim to support sustainable development initiatives in our partner countries.”
Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry, underlined the workshop’s pivotal role in advancing the local business community and enhancing the investment and economic landscape of Abu Dhabi. He emphasized that the workshop contributes to the growth of businesses, particularly Emirati companies seeking to invest in emerging markets.
He noted, “Hosting the ‘MIGA Promoting FDI’ workshop reflects the importance of investing in developing countries, which contributes to strengthening economic relations and supporting economic growth on a local and international level. The workshop comes as part of the Chamber’s commitment to support the members of the business community, raise their market awareness, and inform them about the opportunities and tools for advancing businesses and the potential challenges that they might face.”
“This step comes in line with the Emirate’s efforts to promote investment in emerging markets. As such, the investments of the Abu Dhabi Fund for Development totaled more than AED189 billion by the end of December 2022, benefiting 104 countries, according to its annual report 2022. This demonstrates the country’s forward-looking vision, which establishes its position as a role model for supporting comprehensive development,” he added.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, affirmed Dubai Chambers’ commitment to supporting the local business community and strengthening strategic partnerships between the public and private sectors. He expressed gratitude to the Ministry of Finance and MIGA for organizing the workshop, highlighting its role in enhancing Dubai’s dynamic business environment and contributing to the prosperity of communities in emerging markets worldwide.
The two workshops conducted by MIGA provided valuable insights into the agency’s projects in the Middle East, North Africa, and Sub-Saharan Africa. These projects encompassed various sectors, such as local national energy grids, off-grid renewable energy initiatives, agricultural raw material industries, water infrastructure, communications, hotels, and tourism. The countries benefiting from MIGA’s support included Senegal, the Democratic Republic of the Congo, Liberia, Iraq, Egypt, Jordan, and Ethiopia.
The discussions during the workshops delved into the key opportunities and challenges faced by businesses over the next five years in sectors like energy, communications, roads, water, financial services, and banking. Participants also explored the opportunities presented by emerging markets and the importance of formulating business decisions based on these discussions. Additionally, the sessions addressed the main risks and constraints encountered during project development and operation.
The workshops provided insights into the solutions offered by MIGA to mitigate the risks associated with private investment in emerging markets. Attendees gained a deeper understanding of risk mitigation methods and compared their applicability across different global regions. The dialogue emphasized the equitable distribution of risks and
