The central bank of the United Arab Emirates said on Monday that 90 percent of foreign speculative money had flowed out of the country. “The board discussed the current position of liquidity at banks and in the country in general, which resulted from the outflow of foreign, speculative hot money,” the board of the central bank said in a statement. “(The board) was assured that almost 90 percent of those funds have already flowed out of the country. The board instructed continuation of monitoring the situation closely, and was also assured that the central bank has the necessary tools to deal with the situation if so required.” Meanwhile, the Sharjah Chamber of Commerce and Industry (SCCI) expressed its commitment to encouraging more local, regional and foreign investments into Sharjah's special industrial zones during a recent meeting with the Emirates Industrial City (EIC) at the Chamber's offices. The session is one of several initiatives being undertaken by the SCCI to strengthen ties with its members and stakeholders and improve industrial and public sector relations. The EIC delegation, which included Director General Mohamed Nasser Al-Hazza and Governmental Relations Director Ghazi Al Talmasany, was received by SCCI Director General Hussein Mohammad Al Mahmoudi and Assistant Director General of Economic and International Affairs, Mohammed Ahmad Amin. The group exchanged ideas on incentives and facilities to further attract investments, and also discussed how EIC's impressive 8,000,000-sqm area could be promoted to various business sectors in Sharjah and across the UAE through SCCI's participation in various exhibitions and economic forums in the UAE and abroad. “Sharjah is emerging as a prime destination for investors in search of world-class industrial zones such as EIC. SCCI has been coordinating with local government to provide attractive incentives to lure both local and national investments into these major income-generating zones. Our efforts are being rewarded with increased investor inquiries and even recognition from international organizations that are highly impressed with our business-friendly environment,” said Al Mahmoudi. The authorities concerned drafted a plan to establish 11 industrial zones to boost the emirate's industrial development and attract investors and businessmen. This was immediately executed by SCCI as part of a broad effort to diversify Sharjah's economic activities towards growth sectors such as textiles, foodstuff, and basic non
