Kazakh Minister of Industry honors Al Kaabi with the Kazakh President's Ceremonial Medallion

The honoring ceremony came during the visit of the Kazakh Minister of Industry and New Technologies to Abu Dhabi. Al Kaabi received the minister, along with Askar Mussinov, Kazakh Ambassador to the UAE, Mohammed Hilal Al Muhairi, Director General of ADCCI, and Mr.Mohammed Al Nuaimi, Executive Director of the Business and Communication Sector of the ADCCI, WAM/TF reports.

The minister praised the efforts of Al Kaabi in developing the investment and economic relations between the companies and establishments of the private sector in the Emirate of Abu Dhabi with financial and investment companies in Kazakhstan. He pointed to the role of the ADCCI in pushing the economic and investment relations between the two sides forward.

Issekeshev also praised the role of the Emirati companies and establishments in developing the comprehensive economic development in Kazakhstan and investments, which covers different pivotal economic sectors and which his government works on developing.

During the visit, the two sides discussed the means of developing the bilateral cooperation between the Emirati companies operating in the Emirate of Abu Dhabi with their counterparts in Kazakhstan, especially in the sectors of real estate and infrastructure, which the Emirati companies have long experience that can be taken advantage of in developing projects in the Republic of Kazakhstan, WAM reports.

The two sides also discussed preparations to send a specialized visiting delegation in real state development, contracting and construction materials from the UAE to visit Kazakhstan next June. ADCCI will prepare for this visit with the coordination of the Kazakh Embassy in Abu Dhabi and the related authorities in Kazakhstan.

From his part, Al Kaabi stressed that the UAE-Kazakh economic relations witnessed huge development thanks to the friendly relations between the leaders and peoples of the two countries. He said that the exchanged visits between His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and His Highness Nursultan Nazarbayev, President of the Kazakh Republic, had the biggest effect on developing the bilateral relations and elevating them to the highest levels.

Al Kaabi said that the friendly relations between the two countries provided a proper business environment for the initiatives of the private sector which were spotted in a number of real estate, tourism and productive projects in addition to what Kazakhstan provides of motives for foreign investors that opened the door wide open in front of the Emirati private sector to invest in many fields including projects in infrastructure, and projects related to investments in natural, oil and mineral resources which are available for foreign investors now.

Al Kaabi noted that within the efforts of the related authorities in the two countries, a number of joint investment projects were inaugurated such as "Al Falah" Investment Fund to invest in energy and other sectors in the Kazakh Republic and the region of Caspian Sea, in addition to other property projects such as Abu Dhabi Plaza which will be raised in the heart of the Kazakh Capital Astana, and Ectao City Project which overlooks the Caspian Sea beaches. He remarked that a number UAE companies are looking forward to execute a number of agriculture projects in Kazakhstan within their frame of developing stable nutrition resources.

Al Kaabi also stressed that the wise leadership of the UAE works on establishing constructive cooperation between the Emirate of Abu Dhabi and Kazakhstan through encouraging the establishments of the private sector and investment authorities in the two countries to start bilateral investment projects and take advantage of the investment opportunities available in the two countries.

A recent report issued by the ADCCI shows that the UAE investments in the Kazakh Republic covers a number of vital sectors including ports, oil, gas, aviation, banking and property development sectors.

The National Statistics Center also showed that the trade volume between the two countries recorded AED 1.4 billion by the end of 2010.