OREANDA-NEWS. On October 22, 2008 President of Uzbekistan Islam Karimov received UAE minister for Cabinet of Ministers issues and chairman of Dubai Holding Muhammad Abdulla Al-Gargavi at Oqsaroy residence, reported the Official website www.investuzbekistan.uz.

“We highly value the dynamically developing bilateral relations,” Islam Karimov said. “The visit of the delegation of Uzbekistan to the United Arab Emirates this March was very fruitful. The agreements reached during the visit are currently being implemented.”

During that visit, the two states signed a number of documents covering areas like security, tourism, environment, science, securities market, as well as investment, economic and technical cooperation.

In the UAE, President Islam Karimov held talks with Vice President, Prime minister and Ruler of Dubai Emirate Sheikh Muhammad bin Rashid Al-Maktum, and they discussed a wide range of issues related to bilateral relations. Among those issues was cooperation between Uzbekistan and the Dubai Holding.

The head of the holding visited Uzbekistan in June this year, and the sides reached an agreement on establishment of cooperation between the Uzbekistan Reconstruction and development fund and the Dubai Holding. During the present visit, the government and the Reconstruction and development fund of Uzbekistan, as well as Dubai Holding signed an agreement on creation of a joint investment company UzEmirateHolding.

The charter capital of the company, set up under the patronage of the President of Uzbekistan and the Ruler of Dubai Emirate, comprises USD 1.25 billion. Of that figure, 80% will be provided by Dubai Holding, and 20% by the Reconstruction and development fund of Uzbekistan. The new company, headquartered in Tashkent, will assist attraction of direct foreign investments in Uzbekistan.

The volume of trade turnover between Uzbekistan and the UAE made up USD 93.1 million in 2007. More than 70 joint ventures have been founded in the country with participation of the UAE investments, which operate in the fields of production of foodstuffs, electronics, textile, construction materials and provide transport services.

Muhammad Abdulla Al-Gargavi said his country attached a great importance to development of trade-economic and investment cooperation with Uzbekistan.

During the talks, the sides also exchanged views on the further expansion of cooperation between Uzbekistan and the United Arab Emirates.