UAE’s foreign trade minister tapped to lead new Rorix firm

The manner in which government and corporate business mix in the UAE’s capital has earned it the name Abu Dhabi Inc. The latest example surfaced on Thursday with the appointment of Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, to serve as Executive Chairman of Rorix Holdings.

The Abu Dhabi-based company, a new subsidiary of state-owned International Holding Co., is being set up to capitalize on the series of free-trade agreements signed by the UAE with countries including India, Indonesia, Israel, Turkey, South Korea and Chile. More than a dozen others are in various stages of negotiation.

Over the past three years, Al Zeyoudi has been the chief negotiator and globe-trotting evangelist for the pacts, known as Comprehensive Economic Partnership Agreements, which are designed to reduce or eliminate import fees and other tariffs between participating nations. Now he will formally steer the financial services company established to channel profits from the trade relationships into the UAE’s $500 billion economy.

Framing the company’s mission, Al Zeyoudi said in a statement that Rorix will seek to “accelerate trade volumes, attract foreign investment, and build economic partnerships that drive sustainable growth” for a range of industries across the UAE.