UAE, UK Strengthen Economic Ties Through Bilateral Meeting

Abu Dhabi, The Gulf Observer: Abdullah bin Touq Al Marri, Minister of Economy of the UAE, met with Greg Hands, British Minister of State for the Department for Business, Energy Industrial Strategy, to explore new avenues for enhancing economic and investment cooperation between the two nations. The meeting, held during a UAE delegation’s visit to the UK for Investopia London on January 31, 2024, aimed to foster deeper collaboration at both the governmental and private sector levels.

Bin Touq highlighted the exemplary strategic ties and exceptional economic partnership between the UAE and the UK, driven by visionary leadership in both countries. The UAE expressed its commitment to strengthening economic cooperation, particularly in emerging sectors that align with the future economy. The discussions centered on sectors pivotal for the transition towards economic expansion and investment, reflecting the shared visions and strategies of both nations.

The Minister emphasized the significance of the meeting in broadening the scope of existing cooperation, focusing on emerging economic sectors, and exploring new opportunities. The UAE’s strategic geographic location and the UK’s role as a promising economic hub for UAE businesses in Europe were highlighted.

The bilateral talks included discussions on facilitating dialogue between the UAE and British private sectors to identify new avenues for cooperation. Both nations explored diverse economic opportunities and the potential to provide more facilities and incentives to exporters and importers, supporting the growth and sustainability of their economies.

Bin Touq reiterated the UAE’s commitment to economic openness and building fruitful partnerships with strategic global markets. The nation’s role as a competitive economic hub, offering connectivity to over 400 cities worldwide and extensive shipping lines connecting 88 ports globally, was emphasized.

Additionally, a meeting was held between the Minister of Economy and Bim Afolami, Economic Secretary to the Treasury, focusing on strengthening cooperation in fintech, digital transformation, entrepreneurship, circular economy, financial services, and renewable energy. Discussions included sharing views on global entrepreneurship practices and supporting SMEs in both markets.

The exchange of experiences extended to the development of flexible economic policies, their role in promoting growth and sustainability, and the UAE’s advanced economic legislative system. Key legislative initiatives, such as granting 100% foreign ownership to companies, facilitating business establishment procedures, and promoting international partnerships, were highlighted. The UAE also showcased promising investment opportunities in tourism, family businesses, e-commerce, manufacturing, sustainable transport, and technology. The bilateral meeting marks a significant step toward reinforcing economic ties between the UAE and the UK.