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Sun 15 Feb 2015 04:54 PM

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New strategic cooperation to boost regional SMEs

A deal between the Arab Monetary Fund (AMF) and the Dubai Economic Council aims at enhancing strategic cooperation and boosting the region’s SME sector.

New strategic cooperation to boost regional SMEs

Boosting the SME sector, research, and monetary data exchange are the foundations of the newly-established strategic cooperation between the Arab Monetary Fund (AMF) and the Dubai Economic Council.

H.E. Dr. Abdulrahman A. Al Hamidy, Director General and Chairman of the Board of the Arab Monetary Fund, and H.E. Hani Rashid Al Hamli, Secretary General of the Dubai Economic Council, recently signed the memorandum of understanding (MOU) due to their common interests on many of the economic and financial policies issues pertaining to the UAE, the Gulf and other Arab economies.

Speaking on the occasion, Dr. Al Hamidy said that the UAE's diversification strategy, advocated by the UAE since its inception in 1971, contributed significantly to promoting economic growth rates and enabling the country to cope with the global economic changes.

"Dubai has become a 'model' for other emerging economies, which relies on the creativity, innovation, and continuous initiatives to realise high rankings on the global economy map,” he added.

In addition to providing technical advice to decision makers in the UAE and other Arab countries, the strategic cooperation will include research, advice, financial and monetary data exchange at the micro and macro levels, mutual capacity development, and exchange of experiences.

According to the deal, the two parties will have a joint agenda that will include economic policy research projects, training programmes, and the exchange of economic and technical advice, it said.

The Arab Monetary Fund (AMF) is a regional Arab organisation, founded in 1976, to improve Arab monetary cooperation, encourage the development of Arab financial markets, and facilitate and promote trade between member states.

"The Fund's programmes over the past four decades have supported the reform programs of its embers, hence contributed to strengthening their financial, economic and monetary policies that help sustaining economic growth and create productive employment, which ultimately achieves a rapid pace of Arab economic integration,” said Al Hamli.

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