UAE and Spain to strengthen economic partnership across new economy sectors, tourism, entrepreneurship, technology, renewable energy, and agriculture

H.E. Bin Touq: UAE and Spain share a common vision to foster high-value partnerships that drive sustainable economic growth

H.E. Abdulla bin Touq Al Marri, Minister of Economy, and H.E. Carlos Cuerpo, Minister of Economy, Trade, and Business of Spain, co-chaired the fifth session of the UAE-Spain Joint Economic Committee (JEC), held in Madrid on June 2–3, 2025. The meetings were attended by senior officials from both sides.

Agreement on action plan to boost bilateral economic cooperation

During the session, both governments agreed on an action plan outlining a joint economic cooperation program covering a range of priority sectors. The plan aims to deepen collaboration and coordination at the public and private sector levels in areas such as the new economy, tourism, renewable energy, infrastructure, and entrepreneurship. The goal is to enhance institutional alignment, stimulate mutual investment, and expand partnership opportunities in regional and global markets, thereby supporting the sustainable growth goals of both nations.

H.E. Bin Touq underscored the strategic and dynamic nature of the economic relationship between the UAE and Spain, highlighting their shared vision for deepening comprehensive bilateral cooperation. H.E. noted that the latest JEC session marks a significant milestone in the development of economic partnership between the two countries and contributes to establishing clear roadmaps for enhancing collaboration in future-focused sectors linked to the new economy, such as technology, renewable energy, logistics, and industry. These efforts align with the UAE’s strategic priorities and the objectives of the “We the UAE 2031” vision, which seeks to strengthen the country’s position as a leading, influential global economic hub.

Economic relations between the UAE and Spain are witnessing continued growth, with non-oil trade between the two countries reaching a record high of USD 3.3 billion in 2024, a 17 per cent increase compared to the previous year. This reflects the dynamic nature of trade exchange and the growing integration of their value chains. The UAE is also the largest Arab investor in Spain, with investments exceeding USD 7 billion, while Spanish investments in the UAE surpassed USD 408 million.

H.E. Bin Touq said: “Through this Committee, we aim to transform these promising indicators into tangible, results-driven initiatives across key sectors such as renewable energy, logistics, industry, and digital transformation, in addition to supporting SMEs, thereby enabling their expansion into international markets.”

Development of joint action plan focused on future economy

H.E. Bin Touq added: “During the meeting, we agreed on a comprehensive economic cooperation program for the next phase, involving both public and private sector entities from the UAE and Spain. This program will focus on future economy sectors with an aim to stimulate high-value investments, strengthen public-private communication channels, create new development opportunities. Ultimately, it will advance our economic ties to greater heights, contributing to solidifying both countries’ positions as influential economic powers in the Middle East and Europe.”

Expanded agenda

The Committee’s agenda featured in-depth discussions between representatives of government entities and business communities from both countries. Key topics included mechanisms to diversify bilateral trade, enhance the investment climate in sectors of mutual interest, and organize joint economic events to highlight promising trade and investment opportunities in both markets.

The two sides also explored avenues for cooperation across a range of priority economic areas, with a particular focus on the green and circular economies, agricultural technology, and food security. Discussions underscored the shared commitment to strengthening partnerships and expanding opportunities for sustainable mutual growth.

Expanding UAE–EU trade cooperation

The JEC session reviewed shared visions for enhancing cooperation between the UAE and Europe. Discussions focused on ways to boost trade flows and foster future partnerships between the UAE and Eurozone countries, emphasizing the importance of sustained coordination to promote the growth and long-term sustainability of both economies.

Both parties expressed strong support for the recently signed MoU between the Federation of UAE Chambers of Commerce and Industry and the Spanish Chamber of Commerce. This landmark agreement paves the way for the establishment of a UAE-Spain Joint Business Council, designed to strengthen economic ties by fostering direct communication between the private sectors of both countries. The Council will serve as a dynamic platform to strengthen trade relations, facilitate investment opportunities, and advance joint initiatives across key sectors of mutual interest.

Expansion into foreign markets is a strategic priority for both nations

The UAE and Spain emphasized the critical importance of deepening collaboration in international markets, particularly in Africa and Latin America, through launching joint investment initiatives in high-potential sectors such as infrastructure, energy, digital transformation, and logistics. The UAE has emerged as a global leader in trade and logistics, driven by its cutting-edge infrastructure and advanced transport networks spanning maritime, air, and land routes. Renowned for their operational excellence, efficiency, and security, these systems ensure the seamless movement of goods around the world. Furthermore, the UAE has reinforced its pivotal role in facilitating global trade by developing state-of-the-art trade corridors that adhere to the highest international standards.

Collaboration in Investment, AI, and entrepreneurship

Both parties explored strategic mechanisms to boost bilateral investment flows, with particular focus on high-growth sectors including healthcare, renewable energy, nuclear energy, advanced technology, and industrial innovation. They underscored the need to streamline market access for investors while fostering mutual trust - key drivers for increasing FDI flows between the UAE and Spain. This cooperation holds particular significance given the strong trade ties between the two nations as the UAE stands as Spain’s third-largest Arab trading partner, while Spain ranks as the sixth-largest EU trading partner for the UAE.

The meeting also explored avenues to strengthen collaboration in cutting-edge technology fields, including AI, quantum computing, robotics, advanced materials, and healthcare. Both parties emphasized the importance of fostering joint research initiatives with direct industrial applications, laying the groundwork for a comprehensive bilateral innovation partnership.

The two parties reaffirmed their commitment to fostering mutual economic growth by developing high-impact joint initiatives to empower small and medium-sized enterprises, creating seamless pathways for SME expansion and cross-border market entry, establishing tailored funding mechanisms to accelerate business growth, and cultivating strategic private-sector alliances between both nations.

Cooperation in tourism

During the JEC discussions, both sides highlighted the remarkable growth in bilateral tourism flows in 2024. The UAE welcomed approximately 150,231 Spanish hotel guests, marking a significant increase from 131,673 in 2023. To accommodate this rising demand, UAE national carriers now operate 192 monthly flights to various Spanish cities, further strengthening connectivity between the two nations.

The UAE and Spain also agreed to accelerate cooperation between their respective tourism authorities, with the aim of increasing tourist exchanges and launching joint promotional campaigns that highlight the unique cultural and tourism offerings of both nations. As leading global destinations, both countries are renowned for their world-class attractions, rich heritage, and competitive tourism infrastructure.

UAE-Spanish business forum

Held on the sidelines of the fifth JEC session, the UAE-Spanish Business Forum brought together key representatives from the public and private sectors of both nations. Participants explored the remarkable growth in UAE-Spain economic relations, emphasizing their pivotal role in deepening collaboration across strategic sectors. The forum served as a dynamic platform to advance cooperation, fostering greater coordination and understanding in high-potential investment fields. Discussions also focused on innovative mechanisms to streamline direct engagement between business communities and expand partnerships between Emirati and Spanish companies.

The forum emphasized the significant growth in UAE-Spain trade and investment ties, while showcasing the UAE’s highly attractive investment landscape - characterized by 100% foreign ownership, seamless digital business setup across 2,000+ economic sectors, and access to over 40 free zones offering tax exemptions and world-class infrastructure. Further enhancing its appeal, the UAE provides competitive long-term residency visas (5–10 years) for investors, entrepreneurs, and skilled professionals, reinforcing its position as a global hub for business and innovation.

Furthermore, H.E. Bin Touq called on Spanish investors to leverage the UAE's dynamic business ecosystem, highlighting its openness, diversity, and advanced technological infrastructure, further supported by progressive legislation designed to foster growth. He noted that more than 3,000 business licenses held fully or partially by Spanish nationals in the UAE serve as a clear testament to the strength of the economic partnership between the two countries and the strong confidence in the UAE’s investor-friendly environment.