UAE and Uzbekistan reviewed business ties between the two countries and signed a Memorandum of Understanding (MoU) target to promote investment cooperation in Uzbekistan, specially in the transport and logistics sector.

The MoU was signed between the Abu Dhabi Uzbek Investment Company, where the Abu Dhabi Fund for Development (ADFD) holds a 75% shares, and Dubai Ports World.

The signatories present were Rashed Alkaabi, Chairman of the Board of Directors at Abu Dhabi Uzbek Investment Company; and Mohammed Al Muallem, Chief Executive and Managing Director, DP World – UAE.

The deal target to promote investment cooperation in Uzbekistan, and especially in the transport and logistics sector, one of the priority sectors for Uzbekistan to boost trade, commerce and quality of life in the country.

Along with the MoU signing, Director General of ADFD Mohammad Saif Al Suwaidi, held a meeting with Sardar Omar Zakov, Deputy Prime Minister and Minister of Investment and Foreign Trade of Uzbekistan. The meeting was attended by officials from both sides.

The discussions focused on the relations between the UAE and Uzbekistan and opportunities to grow bilateral economic cooperation particularly through ADFD, a leading financial institution of the UAE.

Mohammad Saif Al Suwaidi highlighted the strong ties between the UAE and Uzbekistan and expressed the keenness of the fund to build on those relations through further economic cooperation that would enable Uzbekistan to achieve sustainable development.

He noted that the fund’s financing and investments in Uzbekistan amounted to about AED380 million ($103.4 million), adding that the visit created an opportunity to discuss cooperation at length, and specially at a time when the Fund had been looking to increase investment in various sectors and exploring possibilities to finance new infrastructure projects that would contribute to the country’s sustainable development.

Zakov praised the impactful role played by the UAE through ADFD to enable developing countries to achieve sustainable-development targets, including those of Uzbekistan through project financing and job creation in crucial sectors.

Abu Dhabi Uzbek Investment Company, which was established in 2019 with a capital of $100 million, is looking at investment options and offers in various sectors including transport, tourism, agriculture and finance. The company has joined hands with local banks to finance small and medium enterprises.

Meanwhile Samarkand Tourism Investments Company was incorporated with Abu Dhabi Uzbek Investment Company holding a 75% shares in it. The firm is planning to build a five-star hotel in Samarkand as part of an effort to hike the tourism and hospitality sector.

Abu Dhabi Fund has earlier financed an AED18.4 million infrastructure project in Samarkand, in addition to road maintenance projects worth AED3.7 million in the Karakalpakstan region.