Minister of Economy discusses new economic opportunities with Spanish Minister of Industry & Trade

Spain is currently the UAE’s sixth largest European trade partner 

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, met with H.E. María Reyes Maroto, Spanish Minister of Industry, Trade and Tourism, and her accompanying delegation, to discuss emerging partnership opportunities in the new economy. The partnership will entail collaboration in the fields of Fourth Industrial Revolution and AI, agricultural technology, information and communication technology and renewable energy, among others. The meeting took place in the presence of H.E. Abdulla Al Saleh, Undersecretary of the Ministry of Economy; and Iñigo de Palacio, Spain's Ambassador to the UAE; in addition to top level officials from both sides.

During the meeting, H.E. Bin Touq affirmed the solid mutual relations between UAE and Spain, adding that these relations are built on the principles of mutual understanding, as well as the commitment of the public and private sectors in both countries to promote collaboration and partnership in different sectors.

H.E Bin Touq then highlighted the rapid growth in the UAE – Spanish economic relations over the last years. He explained that Spain is currently the UAE’s sixth largest European partner, accounting for five per cent of UAE’s total non-oil trade with EU countries in 2021. Furthermore, Spain is one of the most significant markets for UAE’s businesses and investments, as the country has USD 4.3 billion worth of investments there.

H.E. Bin Touq said: “Our partnership with Spain covers various vital and future sectors, including the added-value sectors such as aviation, aircraft industry, logistic services, food industry, wholesale and retail trade, facilities, financial sectors, insurance, tourism, agriculture and others.”

“The trade and investment exchange between the UAE and Spain holds great prospects for development, in light of the qualitative changes happening to the UAE’s business environment. These include the setting of new regulatory frameworks, an array of incentives, and the launch of the ‘Projects of the 50’ initiatives, which are set to drive trade and investment activity in local markets, thereby making them more flexible and dynamic”, he continued.

He added: “We consider the Spanish business community a true partner in the UAE’s economic growth. Therefore, we are honoured to welcome the investments of the Spanish companies and affirm our commitment to providing them with all support needed for their continued success.”

H.E. María Reyes Maroto said: “Our official visit to the UAE saw various significant steps to promote strategic relations between both countries. This visit also opened up new opportunities for partnership and mutual investments that will enhance the UAE’s investments in the Spanish markets. This meeting also discussed prospects for the expansion of cooperation in priority sectors in line with the economic recovery plan announced by the Spanish government.”

The Spanish minister affirmed her government’s interest to promote their investments in the UAE’s markets, noting that the agreements made in this visit, such as the Agreement on Mutual Protection and Promotion of Investments, and the Memorandum of Understanding (MoU) between Abu Dhabi’s Mubadala Investment Company and the Spanish Financial Institution, would certainly offer more investment opportunities in both countries, which will best serve their mutual collaboration efforts.

The non-oil foreign trade between the two countries witnessed a rapid growth of 17 per cent in 2021 compared to 2020, with USD 2.6 billion worth of trade. The UAE’s non-oil export to Spain grew to reach USD 350 million in 2021, twice the value of 2020. These exports were of aluminium products since Spain is considered the second largest importer of UAE’s aluminium products.