UAE and UK discuss strengthening of economic partnership & expansion of trade & investment cooperation

H.E. Bin Touq: Both countries enjoy unique geographical locations and offer promising investment opportunities in new economy sectors

H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, met with Andrew Griffith, UK's Economic Secretary to the Treasury, to discuss the strengthening of existing economic partnership between the two sides. The meeting explored the means to enhance investment and trade cooperation and open up new channels for dialogue at the private sector level. It was also attended by Edward Andrew Beauchamp Hobart, Ambassador of the United Kingdom to the UAE; Simon Penney, British Consul General to Dubai and the Northern Emirates & Trade Commissioner for the Middle East; and a number of British government officials.

H.E. Bin Touq emphasized that the UAE and the UK present a model for economic partnership, built on the strong foundations of strategic and historical relations and the shared commitment of both leaderships to continually enhancing them.

He said: “The UK is a key economic destination and a promising trade partner of the UAE in the European continent. Both countries enjoy a unique geographical location and promising investment opportunities in new economy sectors, green finance, infrastructure, family businesses, circular economy, technology, financial services, renewable energy, and manufacturing. This is especially relevant since both sides share economic visions and strategies, with an aim to expand and invest in these vital sectors to drive sustainable economic development.”

He added: “The UAE’s investments in the UK continue to grow, spanning various trade sectors and activities. It reached nearly AED 29 billion by the end of 2021. Meanwhile, the UK’s investments in the UAE reached about AED 77 billion by the end of 2020, particularly since the UAE announced an investment of GBP 10 billion (USD 13.8 billion) in Britain in September 2021, following the signing of an MoU between Mubadala and the UK Office for Investment.

Apart from the means to promote economic and trade cooperation, the meeting also discussed the facilitation of dialogue between the UAE and British private sectors, in order to enable them to capitalize on emerging trade and investment opportunities in both markets. It was noted that offering more support and incentives for exporters and importers in the two markets will drive the growth of investment and trade exchanges. Besides, both sides agreed to exchange expertise in the fields of innovation, technology, entrepreneurship, and financial services, as well as offer new programs for SME growth in both markets.

H.E. Bin Touq briefed the British side on the initiatives and strategies launched by the country to support the transition to circular economy, including the UAE Circular Economy Policy 2031. It encompasses the development and implementation of 22 policies in four key sectors, sustainable transportation, manufacturing, infrastructure, and food. The policy contributes to enhancing the country’s attractiveness for investments in new economy fields.

The Minister of Economy also highlighted the comprehensive development of the economic legislation in the country, including the issuance and development of new legislation for cooperatives, trade transactions, trade registers, and family companies. These policies grant full foreign ownership of companies, facilitate the ease of doing business, and promote openness to the world by building international partnerships with targeted strategic markets. H.E. further highlighted promising investment opportunities in the UAE in the fields of tourism, family businesses, e-commerce, manufacturing, sustainable transport, and technology.

Moreover, he underlined the significance of the third edition of Investopia, which will be held in the UAE on 28 and 29 February 2024. It will bring together key decision makers, investors, academics, and media representatives from all over the world, dynamizing investments in future sectors and sustainable development.

In 2022, the value of non-oil trade between the two countries reached AED 37 billion, up 26 per cent from 2021. The UK is the UAE’s largest European trade partner as of 2022, accounting for more than 11 per cent of its total non-oil foreign trade with the continent. The UAE is also the UK’s number one Arab partner and 19^th largest globally, accounting for more than 30 per cent of its total trade with the Arab countries.