Ajman Economic Committee reviews investment projects

Media In / Ajman 25-02-2019 / WAM
The Standing Committee for Economic Development of the Executive Council in Ajman reviewed during the second session of this year a number of investment projects at the level of the state in general and the Emirate of Ajman in particular.
The meeting was chaired by Mr. Abdullah Al Muwaijee, Chairman of the Committee and attended by the members of the Committee, namely Ali Issa Al Nuaimi, Saleh Al Jazeeri, Salim Al Suwaidi, Fatima Salem and Khawla Al Yasi, Rapporteur of the Committee.
The members of the Committee were briefed on the executive summary of the Ajman Business Climate Confidence Survey presented by the Department of Economic Development in Ajman. The sample included 381 small, medium and large companies based on the relative weights of the sectors in the GDP of the Emirate. “Manufacturing, Construction, Wholesale Retail, real estate and business services, transport and storage, restaurants and hotels. “The study showed that 20% of the companies participating in the survey were exporting companies. The study also showed that the total expected index of confidence in the business climate for the first half 2019 by 18 points compared to the same index for the second half 2018, indicating a more optimistic outlook than in the previous half, driven by positive expectations of recovery of global and domestic economic performance, and further growth in sectors such as tourism and real estate. The results of the study indicated that most enterprises expect And 56% of business owners expect that there will be no negative impact on the value added tax (VAT) on their businesses in the Emirate of Ajman during the first half of 2019.
The study recommended improving the investment environment by continuing efforts to facilitate government procedures and regulations to stimulate existing enterprises and attract new investments, while considering the incentive policies for products and services provided and taking into account the policy of supporting national SMEs.
The meeting reviewed the Ajman Center for Conciliation and Commercial Arbitration of the Ajman Chamber of Commerce and Industry and the objectives of the Center by providing flexible and neutral mechanisms to resolve and settle disputes easily and at the lowest cost. The establishment of bilateral relations and partnerships with local and international bodies and institutions related to the field of arbitration and the dissemination of arbitration culture between the two laws And the businessmen through seminars, courses and training programs. The center also aims firstly to cooperate with various departments and government agencies and to conclude joint cooperation agreements to spread the culture of arbitration and encourage investors to resort to Wise as an option in contracts and the adoption of arbitration as a means of resolving disputes as well as promoting the Center.
The committee discussed the proposal to establish a fund to finance entrepreneurs in the Emirate of Ajman and provide the necessary support from technical consultations, training, evaluation, marketing and follow-up with the aim of developing the available investment opportunities and providing financial support, services, facilities, technical assistance and information to support the affiliated projects and supporting them for a sufficient period of time to qualify these projects and owners for an independent start in Labor market.
He also briefed the audience on the plans of the Union Train project and the stages of its implementation and the importance of the national project in linking the UAE and the role of the project in linking the GCC countries. The attendees were acquainted with the first stage of the project from the railway network linking Shah and Habshan in the port of Ruwais with a length of 264 km , With the second phase to include 628 km to link the UAE and the third phase with a length of 279 km.
The attendees appreciated the efforts exerted by Etihad Airways in implementing the giant project with the latest methods and adopting international standards. They stressed the vital role of the Union train on the social and economic levels by providing a means of transport to transport passengers and goods at lower costs and higher quality. On the other hand.
The attendees recommended the importance of motivating young entrepreneurs to start small, sustainable and creative projects with competitive edge.