OREANDA-NEWS. On October 22, 2008, the government of Uzbekistan, the Reconstruction and development fund of Uzbekistan and the Dubai Holding company signed an agreement on creation of a joint investment company UzEmirateHolding, reported the Official website www.investuzbekistan.uz.

The document was signed during the visit of the UAE minister for Cabinet of Ministers issues and chairman of Dubai Holding Muhammad Abdulla Al-Gargavi to Tashkent.

The charter capital of the company, set up under the patronage of the President of Uzbekistan and the Ruler of Dubai Emirate, comprises USD 1.25 billion. Of that figure, 80% will be provided by Dubai Holding, and 20% by the Reconstruction and development fund of Uzbekistan. The company, headquartered in Tashkent, will conduct financial activities in the country and abroad, and will assist attraction of direct foreign investments in Uzbekistan.

The relations between Uzbekistan and the UAE are developing dynamically in all spheres. More than 70 joint ventures have been founded in the country with participation of the UAE investments, which operate in the fields of production of foodstuffs, electronics, textile, construction materials and provide transport services. Over 20 companies of the UAE have opened representative offices in Uzbekistan.

The activities of the Reconstruction and development fund of Uzbekistan, created in 2006 on the initiative of the President, cover implementation of projects of modernization and technical re-equipment of the economic sectors. The fund is currently participating in the development and implementation of investment projects in the oil and gas, chemical and power sectors. It effectively cooperates with various foreign financial institutions.

Dubai Holding is one of the largest companies of the United Arab Emirates. The holding unites seven large companies operating in the fields of high technologies, telecommunications, energy, industry, realty, finances and tourism.