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Newsletter April 2012

NETWORKING NEW MARKETS

Greece and UAE Launch Joint Committee Meeting

UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan and his Greek counterpart Stavros Dimas opened the first meeting of the UAE-Greece Joint Committee.

The joint committee meeting will discuss ways to strengthen bilateral cooperation in commercial, financial, investment and judicial fields, as well as transport and energy. It will also review draft Memoranda of Understanding for cooperation in higher education, defense, tourism, archaeology and healthcare.

In his opening speech, Sheikh Abdullah thanked Minister Dimas for hosting the meeting and congratulated him on the formation of the new Greek government.

Sheikh Abdullah expressed UAE's keenness to strengthen ties with Greece, saying the committee's first meeting was a result of a sincere will to further bolster cooperation and coordination on different issues.

Sheikh Abdullah noted that the meeting coincided with the Economic Forum "which constitutes an opportunity for the interested parties in the government and private sectors to exchange views and to identify investment potentials in Greece."He also emphasised the importance of enhancing the economic partnership between the two countries by increasing the size of direct investments and by finalising ratification of the agreement on the avoidance of double taxation. The UAE ratified the agreement on June 27, 2010.

For his part, Minister Dimas welcomed Sheikh Abdullah and his accompanying delegation. The Greek Foreign Minister said that the meeting was a "major effort to further develop not only political relations - which are at an excellent level - but also our economic relations, which are developing and have a lot of room for further growth.”

At the end of the meeting, the UAE and Greek foreign ministers attended a signing ceremony for a Memorandum of Understanding on cooperation between the two countries in financial markets. The MoU entails exchange of expertise and best practices in the regulation of financial markets.

The MoU was signed by Abdullah Al Turaifi, Chief Executive Officer of the Securities and Commodities Authority (SCA) and Konstantinos Botopoulos, Chairman of the Hellenic Capital Market Commission