The UAE Offset Program Bureau has officially been renamed as TAWAZUN Economic Council in a move timed to celebrate the organization’s 20th anniversary. The word ‘TAWAZUN’ - the Arabic word for balance – is specifically included in the new name to reflect the organization’s mandate of creating sustainable economic and social benefit for the United Arab Emirates and its people.

TAWAZUN Economic Council was established in 1992 to oversee implementation of the TAWAZUN Economic Program (formerly known as the ‘Offset Program’). With a mandate to facilitate joint ventures between local and international firms, the TAWAZUN Economic Program also invests in sustainable economic and social ventures in the country which are aligned to national imperatives and the country’s strategic economic master plan. Since its creation, it has helped attract direct foreign investment in the UAE, creating more than 40 joint venture organizations.