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UAE, UK discuss tighter trade ties

Thursday, 1 June 2023 07:15

By ARN News Staff

WAM

A meeting discussing new opportunities to build on deep UAE-UK historical economic ties has been held between top officials at the Dubai International Financial Centre.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and Andrew Griffith, UK’s Economic Secretary to the Treasury, reviewed commercial and trade partnerships between the two countries in a wide range of sectors and discussed new opportunities.

Sheikh Maktoum said the UAE is keen to promote global economic cooperation to raise sustainable economic growth and navigate worldwide challenges.

The meeting examined prospects for greater cooperation and knowledge exchange in fintech, renewable energy, space industry, software, e-commerce, logistics, the green and circular economy and agricultural technology.

Sheikh Maktoum said that as a pivotal global commercial and trading hub, Dubai continues to serve as a catalyst for the growth of UK-UAE economic ties. Dubai’s strategic initiatives to foster innovation, enterprise and talent offer significant new growth and investment opportunities for the UK business community. He noted that the UK continues to be one of Dubai’s largest trading partners and a key destination for the emirate’s foreign investments.

Non-oil trade between the UAE and the UK amounted to nearly AED37 billion in 2022, up 26 per cent from 2021. The UK is the UAE’s fourth largest European trading partner as of 2022 while the UAE is the UK’s number one Arab trade partner.

The UAE accounts for nearly 30 per cent of the UK's total trade with Arab countries. The UK is also one of the top source countries for FDI capital inflows into Dubai, which in 2022 retained its No. 1 spot globally for attracting Greenfield FDI projects.

The meeting was attended by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, Helal Al Marri, Director-General of Dubai's Department of Economy and Tourism; and Essa Kazim, Governor of the Dubai International Financial Centre.

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