ZonesCorp Signs Memorandum of Understanding with Ministry of Economy

Abu Dhabi, 3 Feb. 2009 (WAM): The Higher Corporation for Specialized Economic Zones (ZonesCorp) today signed a Memorandum of Understanding (MoU) with the Ministry of Economy Abu Dhabi to increase cooperation through the exchange of electronic data and information.

The MoU was signed at ZonesCorp by H.E. Eng. Jaber Hareb Al Khaili, CEO of ZonesCorp, and H.E. Eng. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy both are seen in the picture here.

“This MoU opens the way to increased cooperation between ZonesCorp and the Ministry of Economy, reflecting our mutual interest to create one joint mechanism to provide the most efficient services to investors,” Al Khaili said. “We view this partnership as a step forward in our strategy to become a solid base for industrial investment and an active player in the development of the national economy.” The partnership aims to unify federal procedures for local industrial registration within one joint mechanism. It sets up a framework for a centralized database between the two entities that will electronically maintain all information and official documents related to the issuance of industrial licenses. The sharing of information will centralize all procedures and services, also ensuring the observance of all policies and regulations.

After signing the MoU, Al Shehhi commented, “The signing of this memorandum falls within the Ministry’s strategy to strengthen and develop the industrial sector’s performance in the UAE. The Ministry’s strategy for 2008 to 2010 emphasizes industrial sector development and the promotion of its competitive capabilities on par with international industries.

”This MoU represents a genuine sample of fruitful cooperation between the Federal Ministries and the local departments and authorities that help realize the government’s objectives for a safe investment environment, and, in turn, attracting more investors. Moreover, the agreement will eliminate repetition of work between the two institutions, resulting in a much higher level of efficiency for the two organizations.” ZonesCorp has appointed a liaison officer to coordinate between the two entities, assuming the responsibility of maintaining all official documents and developing a suitable organizational and financial framework for the project.