H.E. Al Zeyoudi and Scottish Minister of Business & Trade explore prospects for stronger trade & economic cooperation

Scotland accounts for a significant share of the UAE’s total non-oil trade with the UK

H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a bilateral meeting with H.E. Ivan McKee, Scottish Minister of Business, Trade, Tourism and Enterprise, to explore prospects for stronger economic and trade cooperation with Scotland.

The two ministers had previously held a meeting in Scotland in December 2022, after which, a joint work team was formed to follow up on the implementation of the initiatives and programs that were agreed upon. Subsequently, the joint work team initiated constructive consultations with stakeholders from both sides in areas of shared interest. These include clean and renewable energy, advanced technology and robotics, food security, industrial projects, and support for startup incubators under the UAE’s NextGenFDI initiative, thus enabling Scottish enterprises to benefit from it.

During the latest meeting, the ministers evaluated the progress made in the field of trade and investment cooperation between the two countries and agreed to continue supporting and catalyzing joint initiatives and projects. They also agreed to continue to hold meetings to follow up on the status of these projects and initiatives.

H.E. Al Zeyoudi affirmed that the UAE and UK are bound by strategic ties, strong economic relations and a diverse and sustainable partnership, thanks to the shared aspirations of both leaderships. He pointed out that Scotland is a key market that is replete with trade and investment opportunities within the UK. “We are keen to broaden the scope of trade and investment exchanges for the business communities of both sides, to generate more investments opportunities and support the establishment of productive economic and trade partnerships,” H.E. added.

The UK is one of the UAE’s most important global trading partners as the value of non-oil foreign trade between the two countries amounted to AED 36.7 billion (USD 10 billion) in 2022 with a 25 per cent year-over-year growth.

Furthermore, the meeting discussed joint investments by the UAE and Scotland in the fields of trade, agriculture, energy, tourism, technology and space, exchange of knowledge and experiences, and the incentives and enablers available to the business communities of both sides. These factors are set to boost trade and investment exchanges in the next stage, especially since Scotland accounted for 9 per cent of the UK's total exports to the UAE, as well as 5 per cent of the UK's total imports from the UAE in 2021. Scotland’s contribution to the UK's total merchandise trade with the UAE exceeded USD 520 million.

The value of the UAE’s imports from Scotland exceeded AED 1.4 billion (USD 388 million), while the country’s exports to Scotland totaled AED 485 million (USD 132 million) in 2021.

H.E. Al Zeyoudi also briefed the Scottish side on the advantages offered by the UAE’s trade and investment environment, thanks to the forward-looking economic and trade policies adopted by the country. These measures have also enhanced the UAE economy’s openness to the world, leading to the establishment of vital trade partnerships with strategic markets under the comprehensive economic partnership agreements (CEPA) program. It contributed to a significant spike in the UAE’s non-oil foreign trade, which totaled AED 2.2 trillion in 2022.