UAE- Tawazun set to unveil new projects 

(MENAFN - Emirates News Agency (WAM)) Tawazun, the investment company recently created by the Offset Program Bureau (OPB), is set to announce a package of new projects in defense, industry, and commercial sectors, according to Saif Mohamed Al Hajeri.

Al Hajeri, who is the Chief Executive Officer of Offset '&' Tawazun, made the remarks while addressing the Defense Industry Offset Association and Global Offset '&' Countertrade Association's Fall Conference, which ended today in Coeur d'Alene, Idaho, USA. Al Hajeri led a delegation from the Offset Ventures Unit to network with the other international delegates in attendance at the Conference.

"Tawazun was established to complement and facilitate the OPB's objectives of supporting economic diversification in the UAE, managing the country's defense industry, accelerating technology and knowledge-transfer, and creating lucrative job opportunities," Al Hajeri said.

He added that the company was preparing to announce a number of investment and industrial ventures during the upcoming IDEX 2009, to be held in Abu Dhabi this February.

Al Hajeri also outlined the main characteristics of the UAE economy, including diversity, excellent infrastructure, technological readiness, tax-free environment, free zones, and support by public institutions.

"The UAE is the most competitive economy in the region. It has been developing at a staggering pace to become the economic, commercial, and tourist hub of the Middle East." He underlined the myriad business opportunities offered to foreign investments, thanks to the UAE's economic stability, investor-friendly environment, unrestricted transfer of funds, and widespread use and penetration of information and communication technologies.

On why the UAE has opted to have an offset program in place, Al Hajeri noted that the program helps provide a balance between defense needs and economic strength, which is a vital contribution to the country's economic stability and growth.

"Since its inception, the OPB has facilitated the setting up of over 35 successful joint ventures, attracting foreign investments to the tune of AED 8 billion. It has also played an instrumental role in launching initial public offerings (IPOs) in the UAE by setting up four public joint stock companies, in which more than 300,000 UAE nationals are shareholders," Al Hajeri said.