DED and the Isle of Man form partnership to promote economic development

The Department of Economic Development (DED) in Dubai and the Government of the Isle of Man have signed a memorandum of understanding (MoU) on economic, trade and technical co-operation.The agreement envisages joint projects and partnerships across key sectors including investment,finance,industries, services,education, scientific research and technology.

The MoU was signed by His Excellency Mr Sami Al Qamzi, Director General of DED; and Mr Colin Kniveton, Chief Executive of the Department of Economic Development in the Government of the Island of Man.

“Innovative partnerships are essential to attract strategic expertise and investment required to sustain growth. Dubai and Isle of Man have created a path-breaking partnership that will be a game-changer given the economic knowledge and resources we share between us,” commented Al Qamzi.

“As Dubai moves through the next level of its growth a dynamic exchange of up-to-date knowledge on the major enablers of economic development is of critical relevance. It will also help the Government of Dubai to stimulate growth through the appropriate policy response, which the Department of Economic Development is here to support,” added Al Qamzi.

It has also been agreed to establish a joint economic committee comprising representatives of both parties to monitor and guide the implementation of the MoU through regular meetings, proposals and reciprocal visits.

The two sides will encourage relevant specialised entities, companies and individuals to explore project opportunities in Dubai and the Isle of Man as well as the means of financing such projects, and also implement joint projects across a range of sectors.

The sectors identified for exchange of knowledge and expertise include trade, industry, construction, agriculture, transport, telecommunications, oil & gas exploration, tourism, financial services, investment, education, research and technology.

Together, Dubai and the Isle of Man will facilitate mutual visits by commercial delegations, scientists, technicians, students and trainees to promote exchange of expertise in key growth areas. The visits will also cover international fairs and exhibitions held in Dubai or the Isle of Man.