From right to left: His Excellency Mr Sami Al Qamzi, Director General, Department of Economic Development, and Mr. Khaled Al-Aboodi, CEO & General Manager of Islamic Corporation for the Development of the Private Sector, signing the MoU at DED headquarters in Deira.

Dubai, December 23, 2008: The Dubai Department of Economic Development (DED) Dubai Department of Economic Development (DED) and The Islamic Corporation for the Development of the Private Sector (ICD) Islamic Corporation for the Development of the Private Sector (ICD) today signed a Memorandum of Understanding (MoU) to further develop business sectors in Dubai.

His Excellency Mr Sami Al Qamzi, Director General, DED DED , and Mr. Khaled Al-Aboodi, CEO & General Manager of ICD ICD , signed the MoU. Officials from both sides attended the signing ceremony held at DED DED headquarters in Deira.

As per the MoU, DED DED will enhance co-operation with ICD ICD on its project finance, undertake joint studies, programmes and initiatives as well as exchange of information. ICD ICD , with its broad reach, expertise and financial resources, will positively contribute towards supporting developmental projects in Dubai.

"The MoU will contribute to establishing a strong working relationship between DED DED and ICD ICD to allow for greater cooperation between both institutions and catalyse joint efforts to support strategic business sectors in Dubai. This MoU comes in line with DED DED 's strategic objective to consolidate the performance of the economy especially in the fields of financial services and logistics," said Al Qamzi.

" ICD ICD is a key international financial institution and we welcome their role in providing greater support to the private sector in Dubai and the UAE. The DED DED will work with the ICD ICD in the implementation of projects and programmes related to our key industries. This agreement is another example of our commitment to the development and progress of Dubai," added Al Qamzi.

The Islamic Corporation for the Development of the Private Sector (ICD) Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, affiliated with the Islamic Development Bank (IDB) Islamic Development Bank (IDB) Group, and was established by the IDB IDB Board of Governors during their 24th annual meeting held in Jeddah in Rajab 1420H (November 1999).

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About Department of Economic Development ( DED DED ): The Department of Economic Development ( DED DED ) was established in March 1992, with the objective to organise, regulate and boost trade and industry within the Emirate of Dubai. The DED DED has moulded its mission of building a futuristic establishment, in accordance with the vision of the Government of Dubai and in the light of globalisation and the requirements of a digital economy. One of its key functions is to encourage local and foreign investments in commercial and industrial projects, and create the appropriate environment for investors.

The DED DED 's other functions comprise a wide range of regulatory activities including the preparation and maintenance of a commercial register and the supervision of all organisations. The DED DED is responsible for regulating the affairs of commercial agents and brokers and commercial advertising offices, in addition to overseeing and controlling the insurance industry in the Emirate. Examining the participation of the government in the private sector and representing the government in companies where it has a stake, also comes under the purview of the DED DED .

For further information, please contact: Nedal Alasaad/Nafisa Marzouki ASDA'A Burson-Marsteller Email: n.alasaad@asdaa.com, n.marzouki@asdaa.com

© Press Release 2008 from ASDA'A Public Relations & omar 1.1:zy